MANH Options History — September 2007

In September 2007, MANH traded between $6.75 and $7.45. ATM implied volatility averaged 36.4%, placing in the 51.9% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded above realized volatility by 5.4% (HV 20d: 31.0%). Max pain ranged from $6.25 to $7.50. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 13 of 19 days. Put/call ratio averaged 2.30.

Notable Days

2007-09-10: Highest Volume — 1,356 contracts
2007-09-28: Largest IV spike — 12.5% change
2007-09-17: Highest IV Rank — 67.4%
2007-09-17: Largest Expected Move — 12.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$7.08	$6.75	$7.45	$7.22	$6.85
Max Pain	$7.30	$6.25	$7.50	$6.25	$7.50
ATM IV	36.4%	33.0%	42.3%	35.1%	37.9%
Expected Move	10.5%	9.5%	12.1%	10.1%	10.9%
HV 20d	31.0%	20.9%	41.3%	41.2%	32.9%
HV 60d	38.0%	36.6%	38.9%	38.1%	38.3%
IV Rank	51.9%	43.0%	67.4%	48.5%	55.9%
IV Percentile	72.6%	56.2%	86.4%	69.6%	79.0%
Term Structure	1.5%	-1.7%	5.1%	2.1%	5.1%
VWIV	35.9%	33.0%	41.3%	34.4%	33.9%
Skew 25d	4.2%	-3.7%	13.6%	-2.3%	2.3%
Skew 10d	8.1%	-3.4%	21.6%	-0.4%	1.5%
Call IV 25d	33.3%	26.9%	38.0%	32.9%	35.1%
Put IV 25d	37.5%	28.9%	42.5%	30.7%	37.4%
Bid-Ask Spread %	40.63	18.13	72.29	60.15	25.57
Gamma HHI	0.41	0.31	0.66	0.50	0.35
Net GEX	18.2K	-2.1K	71.6K	30.7K	-1.9K
Net DEX	-580.1K	-1.3M	-91.9K	-966.8K	-190.8K
Net VEX	-9.0K	-9.4K	-8.4K	-9.3K	-8.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.30	0.00	32.90	3.21	0.00
Total Volume	204.842	0	1,356	404	40
Total OI	8,004.842	7,412	8,488	7,412	7,912

Daily Data (19 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2007-09-04	$7.22	$6.25	35.1%	10.1%	41.2%	48.5%	0.0%	-2.3%	2.1%	30.7K	-966.8K	-9.3K	3.21	60.15	96	308	4,444	2,968
2007-09-05	$7.15	$6.25	34.3%	9.8%	41.3%	46.3%	34.4%	-3.2%	2.6%	25.4K	-775.8K	-9.3K	0.00	60.56	4	0	4,420	3,140
2007-09-06	$7.20	$6.25	33.0%	9.5%	38.9%	43.0%	33.0%	-3.7%	3.5%	26.9K	-789.8K	-9.3K	0.00	42.26	40	0	4,420	3,140
2007-09-07	$7.08	$7.50	34.2%	10.5%	35.3%	46.0%	36.7%	7.8%	-0.1%	24.1K	-655.0K	-9.0K	0.00	59.47	80	0	4,436	3,140
2007-09-10	$7.09	$7.50	37.1%	10.5%	20.9%	53.7%	41.3%	8.5%	0.1%	24.4K	-663.4K	-8.8K	32.90	59.66	40	1,316	4,436	3,140
2007-09-11	$7.25	$7.50	34.5%	10.3%	21.5%	46.8%	35.8%	10.1%	0.2%	24.3K	-781.5K	-9.3K	0.00	60.28	404	0	4,420	3,748
2007-09-12	$7.04	$7.50	35.6%	10.5%	24.3%	49.9%	36.2%	6.7%	-0.4%	16.1K	-533.4K	-9.2K	0.00	57.96	8	0	4,576	3,748
2007-09-13	$6.93	$7.50	36.9%	10.6%	24.2%	53.2%	0.0%	3.8%	-1.7%	7.7K	-357.0K	-9.0K	0.00	72.29	0	0	4,576	3,748
2007-09-14	$6.81	$7.50	40.9%	11.7%	24.0%	63.8%	0.0%	2.4%	-1.1%	217	-166.1K	-8.8K	0.00	28.36	80	0	4,576	3,748
2007-09-17	$6.75	$7.50	42.3%	12.1%	24.1%	67.4%	0.0%	4.1%	-0.9%	-2.1K	-91.9K	-8.6K	2.00	28.23	24	48	4,656	3,748
2007-09-18	$7.04	$7.50	37.7%	10.8%	28.4%	55.4%	0.0%	6.9%	-0.6%	9.8K	-466.0K	-9.0K	0.00	41.67	40	0	4,656	3,784
2007-09-19	$7.23	$7.50	37.9%	10.9%	30.0%	55.9%	0.0%	10.9%	0.2%	25.0K	-765.6K	-9.1K	0.33	18.13	120	40	4,648	3,720
2007-09-20	$7.45	$7.50	36.8%	10.6%	31.6%	53.0%	0.0%	13.6%	0.3%	71.6K	-1.3M	-9.4K	0.22	24.52	164	36	4,728	3,760
2007-09-21	$7.36	$7.50	35.8%	10.3%	31.9%	50.3%	35.8%	0.7%	2.0%	53.8K	-1.0M	-9.0K	0.84	38.49	200	168	4,664	3,748
2007-09-24	$7.05	$7.50	36.4%	10.4%	35.5%	52.0%	36.5%	0.3%	4.7%	2.0K	-428.4K	-8.8K	0.13	26.56	312	40	3,932	3,748
2007-09-25	$7.02	$7.50	35.5%	10.2%	35.5%	49.6%	35.6%	4.5%	4.3%	3.2K	-428.0K	-8.9K	0.00	21.16	4	0	4,068	3,788
2007-09-26	$7.00	$7.50	36.0%	10.3%	34.5%	50.9%	36.0%	2.9%	3.3%	2.2K	-369.9K	-8.8K	0.29	22.38	140	40	4,068	3,788
2007-09-27	$6.96	$7.50	33.7%	9.7%	32.5%	44.8%	33.9%	3.7%	5.0%	2.1K	-333.6K	-8.6K	1.50	24.22	40	60	4,104	3,748
2007-09-28	$6.85	$7.50	37.9%	10.9%	32.9%	55.9%	0.0%	2.3%	5.1%	-1.9K	-190.8K	-8.4K	0.00	25.57	40	0	4,104	3,808