FORM Options History — September 2025

In September 2025, FORM traded between $28.23 and $37.77. ATM implied volatility averaged 48.1%, placing in the 28.9% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded above realized volatility by 4.7% (HV 20d: 43.4%). Max pain ranged from $30.00 to $35.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 21 of 21 days. Put/call ratio averaged 0.74.

Notable Days

  • 2025-09-22: Highest Volume — 1,568 contracts
  • 2025-09-08: Largest IV spike — 8.9% change
  • 2025-09-25: Highest IV Rank — 38.7%
  • 2025-09-25: Largest Expected Move — 15.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$32.62$28.23$37.77$28.38$36.24
Max Pain$34.52$30.00$35.00$30.00$35.00
ATM IV48.1%44.6%53.9%45.0%50.5%
Expected Move13.7%12.9%15.5%12.9%14.5%
HV 20d43.4%30.5%55.4%41.2%53.2%
HV 60d55.1%51.8%59.0%54.3%58.1%
IV Rank28.9%23.1%38.7%23.7%32.9%
IV Percentile33.5%18.3%56.7%19.8%43.7%
Term Structure5.9%0.4%11.8%0.8%11.8%
VWIV47.5%41.6%53.3%43.0%45.5%
Skew 25d3.1%-7.3%10.2%10.2%-7.3%
Skew 10d8.7%-17.0%22.9%20.6%-7.5%
Call IV 25d46.7%41.5%52.4%41.5%51.3%
Put IV 25d49.8%44.0%54.2%51.7%44.0%
Bid-Ask Spread %70.7644.5085.2571.6554.77
Gamma HHI0.390.320.600.330.35
Net GEX110.4K31.0K255.0K31.0K255.0K
Net DEX-2.3M-5.4M-59.6K-59.6K-5.4M
Net VEX-11.9K-21.5K-6.3K-6.3K-21.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.740.024.380.760.09
Total Volume329.762211,56824151
Total OI3,558.5712,6005,6342,6005,634

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$28.38$30.0045.0%12.9%41.2%23.7%43.0%10.2%0.8%31.0K-59.6K-6.3K0.7671.65N/AN/A1371042,031569
2025-09-03$28.23$30.0045.0%12.9%41.2%23.7%53.3%7.1%0.4%31.4K-137.3K-6.3K0.1381.30N/AN/A3242,091545
2025-09-04$28.94$35.0045.3%13.0%37.6%24.1%0.0%5.0%4.0%38.6K-340.3K-6.8K0.0578.84N/AN/A2012,115548
2025-09-05$29.38$35.0044.6%12.9%37.9%23.1%44.0%4.4%3.4%43.6K-494.2K-7.3K0.0376.25N/AN/A23862,107549
2025-09-08$29.66$35.0048.6%12.9%37.4%29.8%0.0%5.5%4.8%51.3K-580.1K-7.2K0.9783.46N/AN/A29282,210548
2025-09-09$29.39$35.0045.1%12.9%37.4%23.9%41.6%5.8%5.2%49.8K-479.4K-7.1K1.8778.83N/AN/A53992,208556
2025-09-10$29.47$35.0045.1%12.9%34.0%23.9%45.2%3.1%4.4%46.7K-366.9K-7.4K0.2381.47N/AN/A65152,213664
2025-09-11$30.57$35.0045.1%12.9%34.9%24.0%41.8%4.0%4.6%60.8K-833.6K-8.1K2.8382.28N/AN/A651842,229674
2025-09-12$30.43$35.0044.9%12.9%34.7%23.6%45.0%4.5%4.5%56.1K-359.6K-7.9K4.3868.27N/AN/A8352,192784
2025-09-15$30.80$35.0046.6%13.4%30.5%26.4%47.4%4.5%4.2%62.5K-546.3K-8.2K3.0058.88N/AN/A15452,200787
2025-09-16$31.77$35.0050.2%14.4%31.8%32.4%46.2%5.4%2.0%67.6K-947.1K-8.6K0.1149.48N/AN/A431462,199773
2025-09-17$31.79$35.0048.5%13.9%31.6%29.6%46.4%0.9%3.6%87.9K-1.2M-9.5K0.2655.47N/AN/A131342,474814
2025-09-18$35.97$35.0048.6%13.9%51.3%29.8%48.1%4.2%6.3%123.6K-3.8M-12.5K0.1672.46N/AN/A431672,546793
2025-09-19$35.52$35.0046.9%13.4%51.6%26.9%47.1%3.2%7.7%130.9K-3.5M-12.6K0.0568.33N/AN/A18092,599826
2025-09-22$37.77$35.0050.4%14.5%52.3%32.8%50.4%0.6%10.0%119.1K-4.4M-13.0K0.1180.17N/AN/A1,4101582,457734
2025-09-23$37.12$35.0052.9%15.2%53.1%37.0%51.9%-2.4%8.8%185.0K-5.3M-17.8K0.0285.25N/AN/A1,136213,569761
2025-09-24$36.44$35.0051.9%14.9%54.2%35.3%51.8%1.5%9.3%205.9K-5.1M-19.0K0.2479.90N/AN/A346833,910780
2025-09-25$35.66$35.0053.9%15.5%55.0%38.7%53.0%1.8%7.6%199.7K-4.5M-19.6K0.1185.24N/AN/A697754,111846
2025-09-26$35.39$35.0049.8%14.3%55.4%31.7%51.0%1.2%10.3%222.3K-4.6M-21.4K0.0944.50N/AN/A246234,616881
2025-09-29$36.15$35.0050.6%14.5%54.9%33.0%50.0%1.6%10.7%248.7K-5.2M-21.5K0.0949.08N/AN/A153144,686901
2025-09-30$36.24$35.0050.5%14.5%53.2%32.9%45.5%-7.3%11.8%255.0K-5.4M-21.5K0.0954.77N/AN/A4744,727907