FORM Options History — December 2025

In December 2025, FORM traded between $53.71 and $59.55. ATM implied volatility averaged 49.8%, placing in the 21.5% IV rank vs the trailing year. The 30-day expected move averaged 14.1%. IV traded above realized volatility by 10.4% (HV 20d: 39.4%). Max pain ranged from $35.00 to $40.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 22 of 22 days. Put/call ratio averaged 1.41.

Notable Days

  • 2025-12-16: Highest Volume — 351 contracts
  • 2025-12-04: Largest IV spike — 20.9% change
  • 2025-12-04: Highest IV Rank — 49.1%
  • 2025-12-05: Largest Expected Move — 15.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$57.02$53.71$59.55$54.69$55.79
Max Pain$35.68$35.00$40.00$40.00$35.00
ATM IV49.8%42.0%60.2%52.4%42.1%
Expected Move14.1%12.0%15.6%15.0%12.1%
HV 20d39.4%33.0%52.8%52.2%36.2%
HV 60d78.6%75.8%80.7%80.6%75.8%
IV Rank21.5%0.1%49.1%36.1%0.3%
IV Percentile31.6%0.4%68.7%44.4%0.8%
Term Structure7.9%0.2%20.8%1.0%20.8%
VWIV49.2%35.1%60.1%54.3%41.8%
Skew 25d2.6%-6.0%12.8%5.3%7.2%
Skew 10d4.7%-4.8%24.5%2.5%11.7%
Call IV 25d50.0%39.1%57.6%52.3%44.6%
Put IV 25d52.7%44.8%60.2%57.7%51.8%
Bid-Ask Spread %90.8878.88104.1287.2889.00
Gamma HHI0.230.180.370.230.22
Net GEX127.0K60.7K205.3K156.6K90.6K
Net DEX-9.7M-12.3M-6.9M-10.3M-7.3M
Net VEX-16.1K-18.8K-14.2K-18.8K-15.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.410.0026.380.360.13
Total Volume123.90993512109
Total OI3,856.2732,7074,5704,0603,313

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$54.69$40.0052.4%15.0%52.2%36.1%54.3%5.3%1.0%156.6K-10.3M-18.8K0.3687.28N/AN/A154562,7901,270
2025-12-02$56.08$40.0050.6%14.5%52.8%33.2%54.7%2.5%1.0%134.8K-10.8M-18.2K0.0595.39N/AN/A7642,7081,303
2025-12-03$57.54$40.0049.8%14.3%47.7%31.7%60.1%6.5%3.5%137.3K-11.5M-17.7K0.0988.82N/AN/A7972,7181,303
2025-12-04$57.32$35.0060.2%14.7%41.9%49.1%54.6%1.6%4.9%130.1K-11.4M-17.1K0.3678.88N/AN/A183652,6951,312
2025-12-05$57.06$35.0052.5%15.6%41.3%35.3%52.7%0.8%0.2%148.8K-11.4M-17.4K0.0285.65N/AN/A13132,7831,377
2025-12-08$57.97$35.0059.0%14.5%37.2%46.4%57.0%0.9%3.3%144.4K-11.6M-15.6K26.3886.28N/AN/A82112,6991,378
2025-12-09$58.16$35.0048.3%14.4%35.5%28.1%50.4%0.1%3.2%142.7K-11.7M-15.3K0.7287.23N/AN/A40292,6991,379
2025-12-10$59.55$35.0051.7%14.8%33.0%33.9%54.2%4.3%5.5%143.4K-12.3M-15.9K0.1393.38N/AN/A89122,7071,395
2025-12-11$58.08$35.0054.3%15.6%34.8%28.6%49.2%-0.2%5.6%205.3K-12.1M-15.9K0.1987.85N/AN/A3263,1561,406
2025-12-12$55.44$35.0050.1%14.4%37.9%20.4%49.5%3.1%9.3%160.6K-10.2M-15.3K0.5281.21N/AN/A73383,1391,407
2025-12-15$56.27$35.0051.2%14.7%37.8%19.0%51.5%-6.0%1.1%161.7K-10.5M-15.3K0.0393.39N/AN/A6423,1321,438
2025-12-16$56.31$35.0047.7%13.7%36.2%11.7%46.0%-4.3%8.5%162.1K-9.7M-14.2K0.1195.94N/AN/A317342,9901,439
2025-12-17$53.71$35.0049.9%14.3%40.9%16.3%51.4%5.8%9.1%144.9K-8.2M-16.3K0.0391.09N/AN/A22572,9891,471
2025-12-18$55.67$35.0048.9%14.0%40.9%14.3%43.6%2.1%11.5%166.4K-9.1M-16.1K0.0087.97N/AN/A2702,9971,476
2025-12-19$57.09$35.0042.0%12.0%39.2%0.1%48.2%0.5%15.6%60.7K-10.0M-15.3K0.2892.34N/AN/A75213,0051,471
2025-12-22$58.09$35.0044.0%12.6%39.2%4.2%45.9%1.8%12.4%64.8K-6.9M-15.7K0.0090.77N/AN/A16701,720987
2025-12-23$58.42$35.0045.3%13.0%37.8%6.9%42.0%-2.6%12.5%92.3K-7.9M-15.0K0.8798.37N/AN/A15131,925987
2025-12-24$58.21$35.0045.8%13.1%36.6%7.8%47.0%-0.8%12.5%86.3K-7.8M-16.1K0.0095.54N/AN/A1001,9411,000
2025-12-26$58.00$35.0050.7%14.5%35.5%18.0%35.1%6.0%5.5%85.6K-7.9M-15.8K0.0097.31N/AN/A1801,9481,000
2025-12-29$57.58$35.0047.5%13.6%35.6%11.4%55.1%10.9%18.2%87.1K-7.6M-16.1K0.7791.48N/AN/A70541,9541,000
2025-12-30$57.39$35.0051.6%14.8%35.7%19.9%38.3%12.8%8.0%87.1K-7.7M-16.1K0.00104.12N/AN/A30201,9791,052
2025-12-31$55.79$35.0042.1%12.1%36.2%0.3%41.8%7.2%20.8%90.6K-7.3M-15.7K0.1389.00N/AN/A812,2611,052