FORM Options History — November 2025

In November 2025, FORM traded between $48.73 and $55.48. ATM implied volatility averaged 59.2%, placing in the 47.4% IV rank vs the trailing year. The 30-day expected move averaged 16.7%. IV traded below realized volatility by 54.3% (HV 20d: 113.4%). Max pain ranged from $40.00 to $45.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 0.67.

Notable Days

  • 2025-11-12: Highest Volume — 589 contracts
  • 2025-11-14: Largest IV drop — 11.1% change
  • 2025-11-21: Highest IV Rank — 55.5%
  • 2025-11-21: Largest Expected Move — 18.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$52.01$48.73$55.48$55.31$54.59
Max Pain$40.79$40.00$45.00$45.00$40.00
ATM IV59.2%53.9%64.0%55.6%54.8%
Expected Move16.7%15.4%18.3%15.9%15.7%
HV 20d113.4%64.3%117.8%116.0%64.3%
HV 60d80.1%77.7%80.8%77.7%80.6%
IV Rank47.4%38.7%55.5%41.4%40.2%
IV Percentile66.3%52.4%77.0%58.3%54.4%
Term Structure-2.7%-10.5%8.1%-2.6%-10.5%
VWIV57.3%42.2%67.4%62.6%47.6%
Skew 25d3.9%-2.7%13.9%0.1%13.9%
Skew 10d2.9%-7.9%11.2%-0.9%6.7%
Call IV 25d57.5%54.1%62.0%56.6%55.2%
Put IV 25d61.4%53.6%70.4%56.7%69.1%
Bid-Ask Spread %81.3649.9995.9561.5295.95
Gamma HHI0.270.180.430.230.22
Net GEX374.5K113.1K486.0K431.7K152.1K
Net DEX-16.2M-24.0M-7.6M-23.6M-10.1M
Net VEX-26.1K-35.1K-18.3K-34.9K-19.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.670.023.360.240.04
Total Volume203.3162858924128
Total OI9,045.2633,71310,61010,1774,054

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$55.31$45.0055.6%15.9%116.0%41.4%62.6%0.1%-2.6%431.7K-23.6M-34.9K0.2461.52N/AN/A195466,4443,733
2025-11-04$51.92$45.0058.8%16.8%113.0%46.8%61.8%5.1%-2.3%394.5K-18.4M-35.1K1.1167.31N/AN/A1441606,4223,746
2025-11-05$55.48$45.0058.2%16.7%113.9%45.8%60.2%0.5%-4.0%446.2K-24.0M-30.6K0.7949.99N/AN/A91726,3603,754
2025-11-06$54.41$40.0056.0%15.4%114.5%42.2%55.6%3.5%-0.7%465.6K-22.4M-31.6K1.1778.87N/AN/A48566,4673,808
2025-11-07$51.94$40.0058.6%15.8%116.6%46.5%56.0%3.8%-1.2%438.5K-18.7M-31.9K3.3678.73N/AN/A561886,4763,810
2025-11-10$53.80$40.0060.6%15.9%116.2%49.9%55.3%3.5%-4.1%486.0K-22.3M-28.7K0.1784.75N/AN/A265456,4693,913
2025-11-11$51.95$40.0063.6%16.0%117.5%54.8%54.5%0.6%0.7%464.8K-18.8M-29.9K0.0381.81N/AN/A3016,5433,929
2025-11-12$51.86$40.0060.9%17.5%117.1%50.3%56.7%2.7%-9.9%482.7K-18.9M-28.4K0.0883.08N/AN/A545446,5543,930
2025-11-13$50.55$40.0063.7%18.3%117.8%55.0%64.7%3.6%-2.6%436.0K-16.1M-28.9K0.4587.54N/AN/A176806,5983,974
2025-11-14$50.11$40.0056.6%16.2%117.8%43.2%42.2%1.9%-4.7%450.3K-15.5M-27.2K3.0080.16N/AN/A401206,5863,955
2025-11-17$48.95$40.0061.2%17.5%117.4%50.8%60.0%7.8%-1.8%421.6K-13.9M-24.8K0.1090.67N/AN/A200206,6183,992
2025-11-18$48.73$40.0061.3%17.6%117.2%51.0%61.4%5.3%-2.6%425.6K-13.6M-23.6K0.7284.31N/AN/A78566,6063,984
2025-11-19$50.50$40.0059.2%17.0%116.2%47.5%61.5%3.3%0.6%454.1K-16.0M-23.7K0.2786.98N/AN/A70196,6163,993
2025-11-20$48.94$40.0063.0%18.1%116.9%53.8%62.5%3.8%-3.4%370.8K-14.4M-21.0K0.9691.82N/AN/A1131086,6153,986
2025-11-21$49.69$40.0064.0%18.3%116.9%55.5%67.4%12.0%-4.8%409.9K-15.1M-19.5K0.0280.53N/AN/A17746,5923,906
2025-11-24$51.53$40.0059.7%17.1%117.3%48.3%58.1%3.5%-2.7%113.1K-7.6M-19.5K0.2081.80N/AN/A138272,4791,234
2025-11-25$53.23$40.0054.2%15.5%116.9%39.1%55.2%2.9%-2.5%128.0K-8.5M-18.5K0.0685.04N/AN/A272172,5321,255
2025-11-26$54.78$40.0053.9%15.5%112.0%38.7%45.2%-2.7%8.1%144.7K-9.7M-18.3K0.0694.90N/AN/A12772,6621,265
2025-11-28$54.59$40.0054.8%15.7%64.3%40.2%47.6%13.9%-10.5%152.1K-10.1M-19.3K0.0495.95N/AN/A2712,7851,269