FORM Options History — May 2025

In May 2025, FORM traded between $29.27 and $33.44. ATM implied volatility averaged 48.7%, placing in the 34.8% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded below realized volatility by 14.7% (HV 20d: 63.4%). Max pain ranged from $25.00 to $30.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 0.91.

Notable Days

  • 2025-05-28: Highest Volume — 566 contracts
  • 2025-05-12: Largest IV drop — 18.0% change
  • 2025-05-05: Highest IV Rank — 45.4%
  • 2025-05-01: Largest Expected Move — 15.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$31.05$29.27$33.44$29.27$30.01
Max Pain$29.52$25.00$30.00$25.00$30.00
ATM IV48.7%42.5%53.9%52.5%47.4%
Expected Move13.7%12.2%15.1%15.1%13.6%
HV 20d63.4%41.3%124.1%124.1%43.9%
HV 60d78.7%77.5%80.3%80.3%79.1%
IV Rank34.8%27.2%45.4%43.4%29.1%
IV Percentile37.3%21.8%51.6%48.0%32.1%
Term Structure2.9%-3.7%6.9%-3.7%3.3%
VWIV48.6%37.9%81.1%53.8%49.0%
Skew 25d5.3%-2.1%10.4%7.1%5.4%
Skew 10d10.9%-8.0%24.0%10.2%9.1%
Call IV 25d45.6%41.6%54.0%54.0%46.9%
Put IV 25d50.9%42.3%61.1%61.1%52.4%
Bid-Ask Spread %57.0937.5773.5568.5340.55
Gamma HHI0.240.170.400.230.40
Net GEX44.9K-22.4K70.7K63.6K-22.4K
Net DEX-1.5M-3.5M368.7K-1.3M368.7K
Net VEX-14.6K-16.0K-13.6K-14.0K-13.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.910.0010.102.430.41
Total Volume93.429556637752
Total OI4,880.5244,2225,3164,7885,316

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$29.27$25.0052.5%15.1%124.1%43.4%53.8%7.1%-3.7%63.6K-1.3M-14.0K2.4368.53N/AN/A1102673,7121,076
2025-05-02$30.23$25.0050.7%14.5%115.4%40.6%50.6%7.2%-2.1%63.0K-1.6M-16.0K0.4050.90N/AN/A63253,7641,291
2025-05-05$30.08$30.0053.9%14.4%113.7%45.4%50.0%4.4%3.2%60.5K-1.5M-15.6K0.0060.70N/AN/A603,7471,280
2025-05-06$29.61$30.0053.4%14.3%114.0%44.6%50.2%7.1%2.5%57.1K-1.1M-14.8K1.2964.39N/AN/A793,7531,279
2025-05-07$29.51$30.0052.8%14.5%111.1%43.7%0.0%10.4%1.6%57.9K-1.1M-14.6K1.5072.19N/AN/A233,7571,279
2025-05-08$30.23$30.0053.7%14.0%68.9%45.1%51.1%6.2%2.6%62.0K-1.5M-15.0K0.1562.93N/AN/A2743,7391,277
2025-05-09$29.75$30.0051.9%14.0%46.7%42.4%53.6%4.5%1.0%61.3K-1.2M-14.4K0.7568.23N/AN/A433,7351,280
2025-05-12$32.13$30.0042.5%13.6%50.1%28.4%44.3%4.1%2.1%63.5K-2.6M-15.0K0.1759.30N/AN/A1833,7381,282
2025-05-13$32.58$30.0048.4%12.2%50.0%37.2%46.3%6.7%4.3%43.9K-3.0M-14.9K0.2170.23N/AN/A2963,7431,290
2025-05-14$33.44$30.0043.0%12.3%49.4%29.2%44.4%5.6%4.5%70.7K-3.5M-15.4K0.0363.91N/AN/A6623,7481,295
2025-05-15$32.80$30.0045.0%12.9%45.7%32.1%81.1%4.8%3.7%38.3K-3.1M-15.0K0.0573.55N/AN/A1913,7641,296
2025-05-16$32.10$30.0046.4%13.3%47.1%34.3%45.9%4.1%4.1%33.8K-2.8M-14.4K0.3071.75N/AN/A50153,7721,295
2025-05-19$31.85$30.0046.8%13.4%45.2%28.1%43.4%5.2%3.6%31.8K-1.1M-14.0K0.1544.91N/AN/A222333,1391,083
2025-05-20$31.80$30.0046.6%13.4%45.4%27.8%43.1%6.5%4.7%47.2K-1.2M-14.5K0.1346.73N/AN/A1523,3541,113
2025-05-21$31.38$30.0048.5%13.9%43.3%30.9%46.2%7.6%3.9%43.7K-1.0M-14.3K0.1348.58N/AN/A813,3691,114
2025-05-22$30.95$30.0047.1%13.5%41.3%28.6%37.9%5.4%4.6%41.1K-875.5K-13.9K0.1747.37N/AN/A93163,3761,115
2025-05-23$30.48$30.0049.0%14.0%41.8%31.6%40.7%7.9%4.1%37.5K-643.1K-13.6K0.2449.34N/AN/A74183,4661,131
2025-05-27$31.92$30.0049.8%14.3%44.2%33.0%47.2%4.0%2.1%53.5K-1.3M-14.3K0.5946.06N/AN/A68403,5141,145
2025-05-28$30.99$30.0046.8%13.4%45.3%28.0%47.9%-2.1%6.9%42.3K-860.4K-13.7K10.1037.57N/AN/A515153,5721,180
2025-05-29$31.02$30.0046.3%13.3%45.1%27.2%45.9%-1.6%4.7%-7.6K-336.0K-15.1K0.0051.21N/AN/A1503,6201,692
2025-05-30$30.01$30.0047.4%13.6%43.9%29.1%49.0%5.4%3.3%-22.4K368.7K-13.9K0.4140.55N/AN/A37153,6241,692