FORM Options History — February 2026

In February 2026, FORM traded between $70.91 and $105.39. ATM implied volatility averaged 72.9%, placing in the 51.2% IV rank vs the trailing year. The 30-day expected move averaged 20.9%. IV traded below realized volatility by 3.8% (HV 20d: 76.7%). Max pain ranged from $65.00 to $85.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 2 of 19 days. Put/call ratio averaged 0.64.

Notable Days

  • 2026-02-05: Highest Volume — 3,276 contracts
  • 2026-02-05: Largest IV drop — 29.8% change
  • 2026-02-02: Highest IV Rank — 100.0%
  • 2026-02-04: Largest Expected Move — 29.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$91.46$70.91$105.39$70.91$98.50
Max Pain$73.95$65.00$85.00$65.00$85.00
ATM IV72.9%62.1%103.8%91.5%69.9%
Expected Move20.9%18.4%29.8%26.2%20.1%
HV 20d76.7%61.4%82.8%61.7%79.9%
HV 60d57.6%49.7%62.2%50.5%62.2%
IV Rank51.2%32.5%100.0%100.0%45.2%
IV Percentile84.8%74.2%100.0%100.0%83.7%
Term Structure-4.5%-28.0%3.0%-14.2%-1.5%
VWIV72.7%62.6%105.3%91.6%72.5%
Skew 25d5.4%1.4%14.2%4.2%4.6%
Skew 10d9.0%3.0%17.3%10.1%4.2%
Call IV 25d71.6%60.2%107.5%89.4%69.8%
Put IV 25d77.0%68.0%113.4%93.6%74.4%
Bid-Ask Spread %55.2346.7265.1557.8957.98
Gamma HHI0.220.170.320.200.22
Net GEX355.5K138.8K612.1K138.8K296.9K
Net DEX-28.3M-39.6M-10.0M-10.0M-23.2M
Net VEX-63.6K-76.1K-39.4K-39.4K-62.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.640.034.430.280.48
Total Volume887.4741253,2762241,949
Total OI6,834.3684,4139,3434,4135,513

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-02-02$70.91$65.0091.5%26.2%61.7%100.0%91.6%4.2%-14.2%138.8K-10.0M-39.4K0.2857.89N/AN/A175493,1541,259
2026-02-03$74.38$65.00102.4%29.4%61.4%100.0%99.9%5.7%-26.0%164.0K-12.2M-42.3K0.0760.89N/AN/A1,122743,2661,278
2026-02-04$71.91$65.00103.8%29.8%63.0%100.0%105.3%5.9%-28.0%222.1K-12.3M-47.2K0.2950.80N/AN/A7272093,9431,338
2026-02-05$82.72$70.0072.8%18.8%77.9%49.9%68.5%13.1%3.0%406.4K-22.0M-52.0K0.1265.15N/AN/A2,9323444,4111,476
2026-02-06$90.43$70.0062.1%18.6%82.2%32.5%62.6%14.2%-2.6%567.2K-28.2M-54.4K0.0661.93N/AN/A1,157644,7471,548
2026-02-09$94.74$70.0065.7%18.9%81.1%38.4%65.2%5.2%0.2%532.9K-31.7M-56.7K0.0947.14N/AN/A1,031934,8151,571
2026-02-10$92.55$70.0062.1%18.4%80.7%32.5%65.5%2.2%-0.2%612.1K-31.4M-65.3K4.4346.72N/AN/A2471,0945,2731,585
2026-02-11$96.80$70.0066.2%19.0%80.8%39.2%67.3%4.5%-0.4%421.1K-35.0M-68.4K2.8951.27N/AN/A1524405,3642,644
2026-02-12$93.42$70.0067.0%19.2%82.8%40.4%66.4%1.7%-0.2%270.1K-30.2M-71.1K0.0354.73N/AN/A386115,3943,060
2026-02-13$96.69$70.0066.2%19.0%82.1%39.2%66.5%1.4%-0.6%325.3K-35.5M-69.4K0.0853.02N/AN/A851665,4323,060
2026-02-17$95.17$75.0069.1%19.8%82.6%43.9%67.1%3.0%-1.7%368.2K-38.2M-76.1K1.4850.69N/AN/A1151706,0893,082
2026-02-18$93.85$75.0067.6%19.4%82.8%41.5%68.9%1.7%-0.3%352.4K-37.1M-73.7K0.2857.19N/AN/A98276,1103,179
2026-02-19$92.41$80.0068.5%19.6%82.4%42.9%68.5%2.7%-0.1%335.3K-34.5M-73.2K0.5355.50N/AN/A90486,1243,195
2026-02-20$94.44$80.0067.5%19.4%82.4%41.4%65.6%7.8%-1.5%318.1K-39.6M-70.2K0.1860.18N/AN/A187336,1493,194
2026-02-23$96.20$80.0070.2%20.1%70.7%45.7%69.1%7.0%-1.6%334.4K-27.0M-70.8K0.1056.76N/AN/A129134,4471,079
2026-02-24$100.44$80.0069.5%19.9%71.5%44.6%70.1%5.4%-3.5%363.6K-30.7M-72.9K0.2053.56N/AN/A425864,5401,092
2026-02-25$105.39$80.0070.2%20.1%71.9%45.7%70.8%6.4%-1.0%374.3K-34.5M-73.4K0.1052.27N/AN/A897904,6101,176
2026-02-26$96.73$85.0072.8%20.9%80.0%49.9%69.9%6.4%-5.3%350.3K-25.1M-70.2K0.5455.74N/AN/A8334484,4071,249
2026-02-27$98.50$85.0069.9%20.1%79.9%45.2%72.5%4.6%-1.5%296.9K-23.2M-62.2K0.4857.98N/AN/A1,3216283,9361,577