FORM Options History — January 2026

In January 2026, FORM traded between $59.52 and $82.66. ATM implied volatility averaged 67.7%, placing in the 53.0% IV rank vs the trailing year. The 30-day expected move averaged 21.0%. IV traded above realized volatility by 15.1% (HV 20d: 52.6%). Max pain ranged from $35.00 to $65.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 1 of 20 days. Put/call ratio averaged 0.35.

Notable Days

  • 2026-01-30: Highest Volume — 855 contracts
  • 2026-01-12: Largest IV spike — 31.8% change
  • 2026-01-30: Highest IV Rank — 93.9%
  • 2026-01-30: Largest Expected Move — 25.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$71.66$59.52$82.66$59.52$70.44
Max Pain$52.25$35.00$65.00$35.00$65.00
ATM IV67.7%42.6%87.6%42.6%87.6%
Expected Move21.0%12.2%25.1%12.2%25.1%
HV 20d52.6%42.1%64.8%42.1%64.8%
HV 60d72.3%51.8%78.9%74.1%52.4%
IV Rank53.0%1.3%93.9%1.3%93.9%
IV Percentile69.9%1.6%98.4%1.6%98.4%
Term Structure-9.6%-19.3%19.2%19.2%-17.8%
VWIV72.6%33.0%88.8%33.0%85.1%
Skew 25d3.5%-7.4%16.6%3.3%0.4%
Skew 10d9.1%-5.6%32.2%26.6%-5.2%
Call IV 25d69.9%44.4%85.6%44.4%85.6%
Put IV 25d73.4%47.7%90.1%47.7%86.0%
Bid-Ask Spread %67.9848.5298.7998.7969.41
Gamma HHI0.230.140.530.210.15
Net GEX161.8K81.2K319.1K96.5K98.3K
Net DEX-12.5M-21.5M-8.4M-8.4M-8.6M
Net VEX-21.5K-27.8K-14.4K-14.4K-26.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.350.021.220.600.05
Total Volume26451855165855
Total OI3,692.82,5954,4523,3143,610

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-01-02$59.52$35.0042.6%12.2%42.1%1.3%33.0%3.3%19.2%96.5K-8.4M-14.4K0.6098.79N/AN/A103622,2621,052
2026-01-05$62.65$45.0052.6%17.2%45.6%21.9%62.8%7.7%-6.2%96.6K-9.6M-15.6K0.0264.61N/AN/A625132,3211,074
2026-01-06$63.89$45.0050.0%19.2%45.7%16.5%64.3%4.0%-10.0%196.5K-11.8M-18.0K0.2669.13N/AN/A164422,8401,082
2026-01-07$62.41$45.0047.9%18.6%46.7%12.2%63.2%7.9%-8.6%188.5K-11.1M-19.1K0.6486.67N/AN/A59382,8881,104
2026-01-08$64.25$45.0058.1%19.6%47.5%33.1%67.7%13.0%-13.4%192.5K-11.9M-18.0K0.0474.73N/AN/A14352,9041,125
2026-01-09$68.53$50.0042.7%19.9%51.7%1.5%66.4%-1.7%-13.9%216.4K-14.3M-16.8K0.2766.98N/AN/A156422,8951,128
2026-01-12$72.59$50.0056.3%18.7%53.2%29.5%70.2%16.6%-11.9%269.1K-17.2M-18.4K0.0764.87N/AN/A683473,0511,147
2026-01-13$71.47$50.0050.4%20.4%49.8%17.4%68.3%-0.7%-12.0%311.3K-17.3M-21.1K0.3273.19N/AN/A87283,2261,190
2026-01-14$72.28$50.0066.4%19.0%49.8%50.3%66.9%0.4%-9.3%319.1K-17.6M-20.6K0.1173.20N/AN/A4653,2341,204
2026-01-15$75.87$50.0073.2%21.0%51.1%64.3%75.2%-1.5%-7.3%317.4K-20.0M-20.3K0.3072.37N/AN/A53163,2241,209
2026-01-16$77.64$50.0078.1%22.4%45.6%74.3%76.2%12.6%-13.1%81.2K-21.5M-20.4K0.1162.44N/AN/A198213,2311,221
2026-01-20$79.63$50.0077.6%22.3%45.2%73.4%76.7%-3.3%-10.0%85.1K-10.7M-20.0K0.2262.83N/AN/A284631,786809
2026-01-21$82.66$50.0080.8%23.2%45.7%79.9%78.6%-0.2%-13.2%118.3K-12.4M-21.8K0.3357.86N/AN/A251822,066871
2026-01-22$81.87$50.0077.4%22.2%46.7%73.0%80.5%-0.3%-5.5%131.6K-12.9M-24.8K0.6948.52N/AN/A86592,232947
2026-01-23$73.62$55.0081.7%23.4%64.1%81.7%80.7%-7.4%-11.9%117.6K-9.6M-27.0K0.9462.75N/AN/A1491402,2821,005
2026-01-26$74.47$65.0082.4%23.6%63.8%83.2%78.0%8.6%-10.2%105.3K-9.4M-26.8K0.5358.78N/AN/A90482,2391,107
2026-01-27$73.84$65.0080.5%23.1%64.0%79.2%88.8%-3.2%-9.6%103.3K-9.4M-24.9K1.2260.36N/AN/A981202,2211,113
2026-01-28$72.69$65.0086.9%24.9%64.4%92.5%85.5%9.4%-19.3%95.8K-8.6M-27.8K0.1974.35N/AN/A139262,2641,200
2026-01-29$72.88$65.0081.1%23.2%64.3%80.5%84.0%4.6%-7.9%94.5K-8.7M-26.9K0.1857.77N/AN/A131232,2811,211
2026-01-30$70.44$65.0087.6%25.1%64.8%93.9%85.1%0.4%-17.8%98.3K-8.6M-26.7K0.0569.41N/AN/A814412,3841,226