MANH Options History — February 2008

In February 2008, MANH traded between $5.50 and $6.32. ATM implied volatility averaged 40.5%, placing in the 48.1% IV rank vs the trailing year. The 30-day expected move averaged 10.7%. IV traded below realized volatility by 2.7% (HV 20d: 43.2%). Max pain ranged from $5.63 to $6.25. Net GEX was positive for 17 of 20 trading days. Term structure was in contango for 16 of 20 days. Put/call ratio averaged 3.63.

Notable Days

2008-02-05: Highest Volume — 2,516 contracts
2008-02-06: Largest IV drop — 34.2% change
2008-02-01: Highest IV Rank — 100.0%
2008-02-01: Largest Expected Move — 16.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.74	$5.50	$6.32	$6.32	$5.51
Max Pain	$5.78	$5.63	$6.25	$6.25	$5.63
ATM IV	40.5%	31.0%	68.1%	57.0%	32.4%
Expected Move	10.7%	8.9%	16.3%	16.3%	9.3%
HV 20d	43.2%	34.6%	47.7%	34.9%	40.7%
HV 60d	35.1%	32.1%	36.5%	32.1%	34.5%
IV Rank	48.1%	27.7%	100.0%	100.0%	30.5%
IV Percentile	63.1%	28.6%	100.0%	100.0%	34.1%
Term Structure	1.1%	-15.6%	4.5%	-15.6%	2.6%
VWIV	36.8%	20.0%	58.3%	58.3%	20.0%
Skew 25d	4.5%	-5.5%	24.8%	24.8%	-3.0%
Skew 10d	8.2%	-9.6%	41.0%	41.0%	-0.5%
Call IV 25d	34.7%	27.9%	40.4%	40.4%	27.9%
Put IV 25d	39.2%	24.9%	65.2%	65.2%	24.9%
Bid-Ask Spread %	53.60	26.20	70.64	32.12	56.67
Gamma HHI	0.56	0.41	0.85	0.85	0.46
Net GEX	43.9K	-29.7K	174.5K	174.5K	22.5K
Net DEX	-80.2K	-3.6M	1.5M	-3.6M	344.8K
Net VEX	-9.3K	-14.6K	-6.9K	-14.5K	-6.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.63	0.00	15.61	15.61	0.00
Total Volume	410.4	0	2,516	1,528	0
Total OI	15,854.2	10,144	21,080	18,072	10,824

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
2008-02-01	$6.32	$6.25	57.0%	16.3%	34.9%	100.0%	58.3%	24.8%	-15.6%	174.5K	-3.6M	-14.5K	15.61	32.12	92	1,436	13,784	4,288
2008-02-04	$6.27	$6.25	60.6%	11.5%	34.6%	100.0%	0.0%	9.1%	-1.0%	151.6K	-3.1M	-14.6K	0.00	61.07	40	0	13,832	5,540
2008-02-05	$5.93	$6.25	68.1%	13.1%	40.1%	100.0%	45.3%	12.7%	-1.5%	135.1K	-1.5M	-13.6K	2.44	64.96	732	1,784	13,872	5,524
2008-02-06	$5.50	$6.25	44.8%	11.4%	47.7%	54.6%	39.9%	3.8%	-0.1%	40.8K	1.2M	-8.4K	9.42	58.04	124	1,168	13,884	5,508
2008-02-07	$5.50	$6.25	38.9%	10.7%	46.4%	43.0%	37.2%	5.3%	1.4%	7.4K	1.5M	-8.6K	0.01	61.16	572	4	14,008	6,368
2008-02-08	$5.57	$5.63	39.2%	10.6%	46.9%	43.7%	0.0%	8.0%	1.4%	17.6K	1.2M	-9.0K	0.00	62.01	4	0	14,540	6,144
2008-02-11	$5.65	$5.63	43.7%	10.5%	45.9%	52.4%	31.5%	11.3%	2.6%	9.6K	1.2M	-8.8K	1.25	47.29	32	40	14,544	6,144
2008-02-12	$5.63	$5.63	42.4%	10.8%	45.7%	50.0%	40.2%	0.8%	2.4%	-2.2K	1.0M	-8.9K	0.01	26.59	400	4	14,576	6,104
2008-02-13	$5.80	$5.63	39.8%	10.9%	46.9%	44.8%	33.5%	6.4%	2.3%	38.1K	597.6K	-9.6K	0.00	66.82	0	80	14,976	6,104
2008-02-14	$5.71	$5.63	37.0%	10.6%	47.1%	39.3%	34.1%	4.4%	1.4%	-20.8K	845.2K	-9.2K	0.00	67.76	0	360	14,976	6,080
2008-02-15	$5.71	$5.63	38.0%	10.9%	46.9%	41.4%	31.7%	6.3%	1.6%	-29.7K	669.7K	-8.8K	4.86	70.64	56	272	14,976	5,900
2008-02-19	$5.71	$5.63	37.7%	10.8%	46.8%	40.8%	0.0%	3.7%	2.2%	46.5K	-348.2K	-8.3K	0.00	62.92	0	0	7,064	3,080
2008-02-20	$5.82	$5.63	37.5%	10.8%	46.7%	40.5%	37.5%	7.3%	1.6%	52.6K	-602.7K	-8.6K	0.00	51.38	24	0	7,064	3,080
2008-02-21	$5.71	$5.63	34.1%	9.8%	47.1%	33.7%	0.0%	2.7%	2.7%	48.7K	-310.4K	-8.1K	0.00	50.00	0	792	7,088	3,080
2008-02-22	$5.64	$5.63	32.0%	9.2%	39.5%	29.7%	32.4%	0.4%	3.6%	29.6K	-72.1K	-8.5K	10.00	66.23	4	40	7,088	3,732
2008-02-25	$5.70	$5.63	33.2%	9.5%	39.7%	31.9%	0.0%	-5.5%	2.0%	37.9K	-36.8K	-8.1K	0.00	43.75	128	0	7,088	3,772
2008-02-26	$5.75	$5.63	31.0%	8.9%	39.8%	27.7%	20.0%	-1.3%	4.0%	39.7K	-372.3K	-8.3K	0.00	46.51	0	20	7,112	3,692
2008-02-27	$5.80	$5.63	31.9%	9.2%	39.9%	29.5%	0.0%	-2.0%	3.2%	44.0K	-340.0K	-8.2K	0.00	26.20	0	0	7,112	3,712
2008-02-28	$5.64	$5.63	31.2%	8.9%	40.9%	28.0%	0.0%	-4.9%	4.5%	33.4K	-4.7K	-7.6K	0.00	49.78	0	0	7,112	3,712
2008-02-29	$5.51	$5.63	32.4%	9.3%	40.7%	30.5%	0.0%	-3.0%	2.6%	22.5K	344.8K	-6.9K	0.00	56.67	0	0	7,112	3,712