MANH Options History — December 2007

In December 2007, MANH traded between $6.23 and $6.76. ATM implied volatility averaged 44.2%, placing in the 72.5% IV rank vs the trailing year. The 30-day expected move averaged 12.5%. IV traded above realized volatility by 11.8% (HV 20d: 32.4%). Max pain ranged from $7.50 to $7.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 1.56.

Notable Days

2007-12-18: Highest Volume — 1,012 contracts
2007-12-11: Largest IV drop — 17.4% change
2007-12-10: Highest IV Rank — 90.1%
2007-12-06: Largest Expected Move — 14.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6.55	$6.23	$6.76	$6.66	$6.59
Max Pain	$7.50	$7.50	$7.50	$7.50	$7.50
ATM IV	44.2%	41.6%	50.8%	44.6%	43.8%
Expected Move	12.5%	11.9%	14.1%	12.8%	12.6%
HV 20d	32.4%	27.5%	36.0%	33.3%	27.8%
HV 60d	35.3%	33.8%	37.2%	36.6%	33.9%
IV Rank	72.5%	65.8%	90.1%	73.6%	71.5%
IV Percentile	86.1%	79.2%	98.3%	90.0%	86.0%
Term Structure	-0.4%	-3.7%	4.8%	-2.9%	2.1%
VWIV	40.5%	25.0%	52.9%	25.0%	43.8%
Skew 25d	5.5%	-0.6%	17.7%	0.6%	2.5%
Skew 10d	9.4%	-9.5%	26.3%	8.6%	8.3%
Call IV 25d	39.4%	29.8%	44.2%	43.7%	42.4%
Put IV 25d	44.9%	42.6%	48.5%	44.2%	44.9%
Bid-Ask Spread %	60.25	33.44	81.36	61.40	53.95
Gamma HHI	0.31	0.29	0.33	0.32	0.33
Net GEX	6.5K	1.8K	10.1K	9.4K	2.6K
Net DEX	-69.8K	-185.5K	132.8K	-183.0K	-43.9K
Net VEX	-6.0K	-6.8K	-4.9K	-5.5K	-6.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.56	0.00	15.75	0.71	0.00
Total Volume	125.4	0	1,012	480	40
Total OI	5,918.2	4,996	6,776	4,996	6,660

Daily Data (20 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
2007-12-03	$6.66	$7.50	44.6%	12.8%	33.3%	73.6%	0.0%	0.6%	-2.9%	9.4K	-183.0K	-5.5K	0.71	61.40	280	200	3,244	1,752
2007-12-04	$6.67	$7.50	45.4%	13.0%	33.1%	75.7%	0.0%	15.2%	-3.3%	9.1K	-157.6K	-6.0K	0.00	61.33	140	0	3,424	1,912
2007-12-05	$6.63	$7.50	47.1%	13.5%	33.1%	80.3%	0.0%	15.2%	-3.5%	8.7K	-130.0K	-6.0K	0.00	67.00	188	0	3,464	1,912
2007-12-06	$6.70	$7.50	49.2%	14.1%	31.6%	85.7%	25.0%	17.7%	-3.7%	9.5K	-144.4K	-6.0K	0.00	81.36	8	0	3,552	1,912
2007-12-07	$6.74	$7.50	46.9%	12.2%	30.9%	79.7%	41.3%	4.3%	-0.2%	10.1K	-184.6K	-6.0K	2.33	67.17	12	28	3,560	1,912
2007-12-10	$6.76	$7.50	50.8%	12.8%	30.4%	90.1%	0.0%	7.2%	-2.5%	10.0K	-184.7K	-5.9K	0.00	70.77	0	0	3,572	1,932
2007-12-11	$6.41	$7.50	42.0%	12.4%	35.8%	66.7%	0.0%	3.4%	1.0%	4.9K	44.4K	-5.3K	0.00	80.51	40	0	3,572	1,932
2007-12-12	$6.45	$7.50	42.4%	12.1%	34.1%	67.7%	0.0%	6.9%	0.2%	6.1K	37.8K	-5.3K	0.00	33.44	0	12	3,612	1,932
2007-12-13	$6.46	$7.50	42.2%	12.1%	34.0%	67.3%	0.0%	5.9%	1.0%	6.2K	34.2K	-5.3K	0.00	35.51	0	0	3,612	1,932
2007-12-14	$6.35	$7.50	41.6%	11.9%	34.3%	65.8%	41.5%	3.1%	0.8%	5.2K	84.2K	-5.1K	0.20	60.69	40	8	3,612	1,932
2007-12-17	$6.23	$7.50	42.8%	12.3%	33.6%	68.9%	0.0%	-0.6%	0.9%	5.0K	132.8K	-4.9K	0.00	56.20	0	0	3,652	1,940
2007-12-18	$6.39	$7.50	43.1%	12.4%	35.3%	69.7%	0.0%	5.0%	-2.0%	6.1K	80.6K	-5.0K	0.69	56.62	600	412	3,652	1,940
2007-12-19	$6.50	$7.50	43.3%	12.4%	36.0%	70.2%	0.0%	6.4%	-1.6%	8.9K	-120.8K	-6.4K	15.75	71.02	16	252	4,212	2,312
2007-12-20	$6.54	$7.50	43.4%	12.4%	35.3%	70.4%	38.6%	5.9%	-2.2%	5.8K	-107.2K	-6.8K	0.00	69.56	40	0	4,212	2,564
2007-12-21	$6.55	$7.50	43.1%	12.3%	34.1%	69.6%	0.0%	4.9%	-2.4%	5.9K	-144.4K	-6.8K	0.00	60.16	0	0	4,204	2,564
2007-12-24	$6.61	$7.50	42.5%	12.2%	30.2%	68.2%	0.0%	0.7%	4.8%	5.0K	-119.3K	-6.7K	0.00	62.95	0	0	3,960	2,560
2007-12-26	$6.68	$7.50	43.5%	12.5%	29.6%	70.6%	0.0%	4.4%	2.4%	6.1K	-185.5K	-6.7K	0.00	63.82	4	0	3,960	2,560
2007-12-27	$6.57	$7.50	43.4%	12.4%	27.5%	70.4%	0.0%	1.2%	1.4%	4.2K	-99.0K	-6.4K	0.00	49.05	0	80	3,964	2,560
2007-12-28	$6.50	$7.50	42.4%	12.2%	27.5%	67.8%	52.9%	0.2%	1.2%	1.8K	-5.0K	-6.4K	0.59	42.51	68	40	3,964	2,640
2007-12-31	$6.59	$7.50	43.8%	12.6%	27.8%	71.5%	43.8%	2.5%	2.1%	2.6K	-43.9K	-6.4K	0.00	53.95	40	0	3,980	2,680