FORM Options History — October 2025

In October 2025, FORM traded between $38.20 and $60.84. ATM implied volatility averaged 63.7%, placing in the 55.0% IV rank vs the trailing year. The 30-day expected move averaged 19.1%. IV traded below realized volatility by 3.8% (HV 20d: 67.5%). Max pain ranged from $30.00 to $40.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 3 of 23 days. Put/call ratio averaged 0.27.

Notable Days

  • 2025-10-30: Highest Volume — 5,458 contracts
  • 2025-10-30: Largest IV drop — 37.4% change
  • 2025-10-29: Highest IV Rank — 97.1%
  • 2025-10-29: Largest Expected Move — 25.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$42.83$38.20$60.84$38.81$54.71
Max Pain$35.43$30.00$40.00$35.00$40.00
ATM IV63.7%50.5%88.8%52.8%60.5%
Expected Move19.1%15.2%25.5%15.2%17.3%
HV 20d67.5%56.3%117.7%56.4%117.7%
HV 60d62.3%51.7%77.7%59.3%77.7%
IV Rank55.0%33.0%97.1%36.9%49.6%
IV Percentile72.3%41.3%98.8%52.8%69.0%
Term Structure-6.2%-34.4%9.3%8.9%-5.1%
VWIV67.6%52.7%90.3%52.7%59.8%
Skew 25d1.3%-5.0%8.5%4.9%0.5%
Skew 10d1.3%-8.4%11.4%0.5%1.6%
Call IV 25d67.5%50.5%90.1%50.5%59.7%
Put IV 25d68.8%52.1%91.2%55.3%60.2%
Bid-Ask Spread %59.9441.6778.8559.5078.85
Gamma HHI0.300.220.420.340.22
Net GEX255.9K119.7K417.8K285.9K417.8K
Net DEX-11.2M-32.4M-5.8M-8.5M-23.9M
Net VEX-24.8K-37.5K-20.5K-23.3K-35.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.270.001.730.200.98
Total Volume945.696755,458862518
Total OI6,279.4353,67310,0095,62910,009

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-10-01$38.81$35.0052.8%15.2%56.4%36.9%52.7%4.9%8.9%285.9K-8.5M-23.3K0.2059.50N/AN/A7171454,722907
2025-10-02$39.43$35.0054.4%15.6%56.3%39.5%54.4%-0.4%9.3%311.7K-9.5M-25.2K0.0841.83N/AN/A658545,043866
2025-10-03$39.61$35.0052.9%15.2%56.4%36.9%53.1%-1.4%7.5%347.1K-10.4M-27.9K0.0345.73N/AN/A385135,435881
2025-10-06$42.46$30.0055.3%18.4%59.6%41.0%64.2%0.3%-5.1%357.7K-14.9M-28.6K0.2154.65N/AN/A8121695,692890
2025-10-07$38.75$35.0054.7%18.8%70.6%39.9%66.4%1.1%-6.3%369.7K-9.8M-28.9K0.0541.67N/AN/A1,420746,1451,018
2025-10-08$38.20$35.0053.6%18.9%71.3%38.1%66.8%0.7%-6.0%366.5K-8.9M-28.6K0.0954.42N/AN/A657606,6751,074
2025-10-09$38.24$35.0050.5%18.9%70.8%33.0%68.1%-0.1%-4.5%351.3K-8.8M-27.3K0.0052.87N/AN/A80536,6781,108
2025-10-10$38.20$35.0059.4%20.2%70.7%47.8%70.2%0.4%-9.8%346.4K-9.0M-26.0K0.0263.41N/AN/A1,056176,4121,108
2025-10-13$40.15$35.0061.9%19.5%72.0%52.0%68.9%1.1%-4.1%362.3K-10.6M-22.0K0.0153.94N/AN/A29045,8921,100
2025-10-14$40.41$35.0063.6%19.5%71.7%54.9%68.6%3.7%-5.7%357.5K-10.7M-21.3K0.0165.35N/AN/A15815,9111,101
2025-10-15$42.11$35.0069.2%19.8%72.3%64.2%67.4%8.5%-5.7%119.7K-13.2M-21.2K0.0262.68N/AN/A30776,0131,102
2025-10-16$42.27$35.0070.4%20.2%59.7%66.3%68.3%2.3%-6.8%191.5K-13.4M-21.9K0.0255.77N/AN/A27356,0731,106
2025-10-17$42.01$35.0068.5%19.7%59.4%63.1%69.5%2.2%-2.6%123.3K-13.4M-21.5K0.0758.82N/AN/A9776,1361,105
2025-10-20$44.07$35.0068.3%19.6%58.0%62.7%69.8%3.2%-6.8%136.8K-7.0M-21.8K0.2362.78N/AN/A188432,978695
2025-10-21$43.50$35.0069.2%19.9%57.8%64.3%70.0%-5.0%-10.5%143.8K-6.9M-21.5K0.3267.03N/AN/A57183,069725
2025-10-22$41.63$35.0070.5%20.2%60.0%66.4%71.9%-0.3%-7.4%133.0K-5.8M-21.1K0.3955.25N/AN/A140553,106736
2025-10-23$42.72$35.0072.1%20.7%59.4%69.0%73.2%1.7%-14.7%139.9K-6.7M-21.7K0.0267.32N/AN/A22153,146755
2025-10-24$43.48$35.0066.9%19.2%59.1%60.4%73.0%2.2%-11.6%152.4K-7.1M-22.6K0.1565.73N/AN/A220333,242759
2025-10-27$43.72$35.0071.0%20.4%59.0%67.3%71.7%-1.1%-10.0%154.0K-7.4M-22.5K0.2873.16N/AN/A260743,281783
2025-10-28$42.60$35.0074.3%21.3%60.3%72.8%81.3%3.1%-8.9%148.7K-6.8M-22.6K1.7370.51N/AN/A1,0101,7493,342857
2025-10-29$47.26$40.0088.8%25.5%66.0%97.1%90.3%1.1%-34.4%214.0K-12.0M-37.5K1.0063.89N/AN/A1,7521,7565,3212,484
2025-10-30$60.84$40.0055.6%16.0%108.6%41.5%55.2%1.7%-1.2%355.1K-32.4M-20.5K0.2463.41N/AN/A4,4041,0546,0072,939
2025-10-31$54.71$40.0060.5%17.3%117.7%49.6%59.8%0.5%-5.1%417.8K-23.9M-35.2K0.9878.85N/AN/A2622566,4333,576