FORM Options History — August 2025

In August 2025, FORM traded between $27.72 and $30.40. ATM implied volatility averaged 45.1%, placing in the 24.0% IV rank vs the trailing year. The 30-day expected move averaged 12.7%. IV traded below realized volatility by 26.6% (HV 20d: 71.7%). Max pain ranged from $25.00 to $35.00. Net GEX was positive for 11 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 1.60.

Notable Days

  • 2025-08-12: Highest Volume — 738 contracts
  • 2025-08-12: Largest IV drop — 11.4% change
  • 2025-08-06: Highest IV Rank — 33.5%
  • 2025-08-01: Largest Expected Move — 13.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$28.92$27.72$30.40$28.66$29.13
Max Pain$28.33$25.00$35.00$35.00$30.00
ATM IV45.1%42.0%50.8%48.0%43.5%
Expected Move12.7%12.4%13.8%13.8%12.5%
HV 20d71.7%40.6%78.8%72.9%40.8%
HV 60d55.0%53.7%56.3%55.5%54.1%
IV Rank24.0%18.6%33.5%28.8%21.3%
IV Percentile17.9%7.5%41.3%27.4%11.5%
Term Structure0.4%-1.4%1.3%-1.4%1.3%
VWIV45.7%40.7%53.0%47.9%43.9%
Skew 25d5.3%2.3%13.2%6.5%9.2%
Skew 10d6.5%-14.7%22.2%9.0%15.5%
Call IV 25d42.8%35.2%47.9%47.9%38.6%
Put IV 25d48.1%46.1%54.4%54.4%47.8%
Bid-Ask Spread %64.6849.6482.7782.7764.03
Gamma HHI0.510.350.780.590.38
Net GEX-3.9K-80.8K40.0K-31.1K35.5K
Net DEX686.2K-489.6K2.1M1.1M-228.3K
Net VEX-6.4K-8.2K-5.2K-6.2K-6.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.600.0016.380.020.08
Total Volume150.2381173858162
Total OI2,650.5242,2263,5552,5162,485

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-08-01$28.66$35.0048.0%13.8%72.9%28.8%47.9%6.5%-1.4%-31.1K1.1M-6.2K0.0282.77N/AN/A5711,563953
2025-08-04$29.24$25.0048.8%12.9%73.1%30.0%49.1%4.5%-0.5%-38.6K1.0M-6.0K0.1967.27N/AN/A112211,538952
2025-08-05$29.38$25.0048.7%12.9%71.5%29.9%45.8%4.9%0.3%-38.9K998.5K-6.5K16.3867.43N/AN/A264261,586973
2025-08-06$27.88$25.0050.8%12.9%73.1%33.5%48.0%2.8%0.1%-26.7K1.8M-5.3K0.5171.49N/AN/A53271,5871,090
2025-08-07$27.91$25.0047.8%12.7%71.8%28.4%45.5%3.0%1.0%-24.7K1.8M-5.3K0.0970.60N/AN/A6661,6281,104
2025-08-08$28.50$25.0043.4%12.6%72.8%21.0%46.8%3.7%0.4%-35.4K1.6M-5.6K3.5171.67N/AN/A451581,6461,106
2025-08-11$28.24$25.0047.3%12.7%72.4%27.7%45.2%4.2%-0.1%-37.4K2.1M-5.2K0.5972.56N/AN/A34201,6311,259
2025-08-12$29.50$25.0042.0%12.5%74.7%18.6%40.7%5.5%0.3%-80.8K1.7M-5.7K0.3777.36N/AN/A5382001,6331,262
2025-08-13$30.40$25.0044.0%12.6%75.9%22.0%43.5%3.9%-0.1%-50.2K1.4M-8.2K7.4175.56N/AN/A513782,1371,418
2025-08-14$30.11$30.0044.1%12.6%75.1%22.2%44.2%4.7%0.6%-80.4K991.2K-7.7K0.2474.40N/AN/A2152,1321,216
2025-08-15$28.80$30.0043.7%12.5%76.0%21.5%43.7%2.5%0.9%26.3K2.0M-6.4K0.9271.13N/AN/A39362,1411,213
2025-08-18$28.63$30.0043.8%12.5%75.7%21.7%44.4%2.3%0.5%25.5K-34.9K-6.4K0.0449.64N/AN/A13151,712514
2025-08-19$28.45$30.0043.9%12.6%75.7%21.9%43.9%10.1%-0.4%30.0K-45.0K-6.5K0.0051.25N/AN/A3601,820519
2025-08-20$27.92$30.0043.9%12.6%75.5%21.9%44.2%5.6%0.3%26.0K90.6K-5.9K0.1452.54N/AN/A3551,844519
2025-08-21$27.72$30.0044.1%12.6%75.5%22.2%46.1%5.2%0.5%26.8K-82.6K-6.0K0.1051.86N/AN/A1011,875472
2025-08-22$29.31$30.0044.0%12.6%78.8%22.0%44.0%2.8%0.6%39.5K-489.6K-7.4K1.5550.19N/AN/A671041,877472
2025-08-25$29.25$30.0044.4%12.7%78.0%22.7%46.8%13.2%0.8%35.8K-247.1K-6.7K0.3162.53N/AN/A68211,859511
2025-08-26$29.56$30.0044.4%12.7%78.3%22.8%44.3%5.3%0.8%39.6K-402.6K-7.2K0.8460.07N/AN/A55461,911531
2025-08-27$29.30$30.0044.3%12.7%78.3%22.5%53.0%5.8%0.5%37.2K-281.4K-7.1K0.2456.86N/AN/A3891,916559
2025-08-28$29.52$30.0043.3%12.4%40.6%20.9%49.5%5.3%1.0%40.0K-372.8K-7.2K0.0857.03N/AN/A3931,932565
2025-08-29$29.13$30.0043.5%12.5%40.8%21.3%43.9%9.2%1.3%35.5K-228.3K-6.9K0.0864.03N/AN/A150121,918567