FORM Options History — July 2025

In July 2025, FORM traded between $28.37 and $36.55. ATM implied volatility averaged 57.4%, placing in the 44.4% IV rank vs the trailing year. The 30-day expected move averaged 16.6%. IV traded above realized volatility by 17.4% (HV 20d: 40.0%). Max pain ranged from $30.00 to $35.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 2 of 22 days. Put/call ratio averaged 0.53.

Notable Days

  • 2025-07-31: Highest Volume — 552 contracts
  • 2025-07-31: Largest IV drop — 24.1% change
  • 2025-07-29: Highest IV Rank — 59.1%
  • 2025-07-29: Largest Expected Move — 19.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$34.90$28.37$36.55$35.00$28.37
Max Pain$30.23$30.00$35.00$30.00$35.00
ATM IV57.4%46.4%66.1%47.3%49.9%
Expected Move16.6%13.6%19.0%13.6%14.3%
HV 20d40.0%34.5%72.5%41.7%72.5%
HV 60d49.0%39.8%74.0%74.0%55.5%
IV Rank44.4%26.1%59.1%27.7%32.0%
IV Percentile55.5%21.4%72.6%25.8%36.9%
Term Structure-7.5%-14.7%8.8%8.8%-4.4%
VWIV57.5%39.0%67.0%39.0%49.7%
Skew 25d4.7%1.6%7.7%1.6%5.6%
Skew 10d8.0%-1.5%24.8%2.7%9.5%
Call IV 25d55.6%43.7%64.3%46.7%47.0%
Put IV 25d60.2%45.8%70.1%48.2%52.6%
Bid-Ask Spread %64.1239.3579.1561.3839.35
Gamma HHI0.480.210.940.410.62
Net GEX147.8K-31.3K1.1M116.1K-31.3K
Net DEX-2.6M-4.9M1.5M-3.7M1.5M
Net VEX-10.2K-13.5K-5.8K-13.3K-5.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.530.002.890.182.35
Total Volume112.727755226552
Total OI4,154.9551,6905,6505,6192,502

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-07-01$35.00$30.0047.3%13.6%41.7%27.7%39.0%1.6%8.8%116.1K-3.7M-13.3K0.1861.38N/AN/A2244,0861,533
2025-07-02$36.43$30.0048.0%13.8%42.3%28.7%47.5%2.1%7.5%134.2K-4.8M-13.5K0.0252.70N/AN/A6414,0901,535
2025-07-03$36.05$30.0046.4%15.6%41.0%26.1%59.3%3.2%-6.9%133.1K-4.5M-13.2K0.0270.16N/AN/A6214,0791,536
2025-07-07$34.73$30.0055.2%16.7%43.7%40.8%59.9%4.4%-8.6%111.7K-3.3M-12.3K0.3763.85N/AN/A27104,0601,537
2025-07-08$35.95$30.0052.9%16.0%44.9%36.9%57.4%4.3%-7.3%136.8K-4.3M-11.8K0.2766.10N/AN/A2674,0551,546
2025-07-09$35.59$30.0057.8%16.6%40.5%45.2%57.7%5.1%-4.7%135.5K-4.0M-11.5K0.1375.58N/AN/A814,0431,553
2025-07-10$36.55$30.0057.9%16.6%40.2%45.3%58.0%6.6%-9.0%183.0K-4.9M-10.9K0.1768.08N/AN/A614,0451,554
2025-07-11$36.03$30.0056.7%16.3%40.6%43.3%54.8%3.3%-7.3%166.1K-4.5M-10.7K1.5267.69N/AN/A29444,0431,555
2025-07-14$34.84$30.0058.0%16.6%40.8%45.4%58.4%4.7%-9.3%200.2K-3.2M-10.2K0.2967.99N/AN/A3194,0431,599
2025-07-15$35.11$30.0057.3%16.4%40.3%44.3%58.3%4.3%-8.5%209.5K-3.5M-10.0K0.3368.95N/AN/A934,0451,602
2025-07-16$35.07$30.0058.9%16.9%37.9%47.0%56.5%5.1%-9.6%208.6K-3.4M-9.5K0.0170.24N/AN/A30444,0471,603
2025-07-17$35.88$30.0058.9%16.9%36.0%47.0%58.7%5.0%-7.6%249.3K-4.4M-9.4K0.0367.37N/AN/A3613,9191,607
2025-07-18$35.15$30.0058.6%16.8%36.5%46.4%57.3%5.3%-5.1%1.1M-3.7M-8.8K0.0268.11N/AN/A10523,9331,607
2025-07-21$35.53$30.0059.6%17.1%35.8%48.2%56.2%6.9%-8.7%17.8K-664.8K-8.6K0.0159.91N/AN/A25231,056634
2025-07-22$35.25$30.0061.2%17.5%36.0%50.8%60.7%4.6%-10.8%29.4K-792.2K-9.1K0.1768.39N/AN/A132221,258634
2025-07-23$34.27$30.0061.9%17.7%34.5%52.0%60.0%4.8%-10.3%25.6K-620.2K-9.2K0.5460.42N/AN/A39211,355653
2025-07-24$33.85$30.0060.3%17.3%34.7%49.4%58.8%4.1%-10.5%23.2K-554.5K-9.1K0.0060.54N/AN/A2701,392674
2025-07-25$34.18$30.0059.7%17.1%34.5%48.4%59.6%5.3%-9.6%25.3K-604.6K-9.3K0.3961.06N/AN/A54211,402674
2025-07-28$34.92$30.0063.7%18.3%35.4%55.1%63.4%4.8%-13.1%31.8K-839.8K-9.2K1.6360.18N/AN/A16261,415673
2025-07-29$34.78$30.0066.1%19.0%35.2%59.1%66.4%7.7%-14.6%31.1K-814.5K-9.3K0.2753.35N/AN/A37101,425676
2025-07-30$34.20$30.0065.8%18.9%35.3%58.5%67.0%3.9%-14.7%25.9K-661.7K-8.9K2.8979.15N/AN/A1163351,445686
2025-07-31$28.37$35.0049.9%14.3%72.5%32.0%49.7%5.6%-4.4%-31.3K1.5M-5.8K2.3539.35N/AN/A1653871,517985