MANH Options History — March 2008

In March 2008, MANH traded between $5.43 and $6.02. ATM implied volatility averaged 34.0%, placing in the 33.6% IV rank vs the trailing year. The 30-day expected move averaged 10.0%. IV traded above realized volatility by 4.1% (HV 20d: 29.9%). Max pain ranged from $5.63 to $6.25. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 19 of 20 days. Put/call ratio averaged 0.14.

Notable Days

2008-03-10: Highest Volume — 176 contracts
2008-03-07: Largest IV drop — 14.1% change
2008-03-17: Highest IV Rank — 40.9%
2008-03-17: Largest Expected Move — 10.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.68	$5.43	$6.02	$5.45	$5.73
Max Pain	$6.13	$5.63	$6.25	$5.63	$6.25
ATM IV	34.0%	29.1%	37.8%	31.9%	36.0%
Expected Move	10.0%	8.6%	10.8%	9.2%	10.3%
HV 20d	29.9%	23.6%	40.0%	39.5%	30.4%
HV 60d	34.7%	33.0%	35.5%	34.6%	35.3%
IV Rank	33.6%	24.1%	40.9%	29.6%	37.5%
IV Percentile	43.8%	23.4%	65.5%	30.6%	54.4%
Term Structure	4.0%	-0.5%	7.2%	3.6%	6.6%
VWIV	35.5%	31.0%	40.2%	34.7%	36.4%
Skew 25d	3.5%	-6.3%	11.9%	10.6%	-6.3%
Skew 10d	-3.1%	-24.5%	18.7%	15.7%	-19.6%
Call IV 25d	34.7%	28.4%	40.6%	28.8%	39.8%
Put IV 25d	38.2%	30.5%	46.7%	39.4%	33.4%
Bid-Ask Spread %	53.81	24.13	83.10	24.13	51.44
Gamma HHI	0.52	0.41	0.72	0.43	0.59
Net GEX	35.5K	9.6K	79.1K	15.6K	45.3K
Net DEX	55.8K	-687.8K	586.3K	538.7K	104.3K
Net VEX	-5.9K	-6.4K	-4.3K	-6.1K	-4.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.14	0.00	1.00	0.00	0.00
Total Volume	28.8	0	176	0	0
Total OI	10,198	8,696	11,008	10,824	8,696

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
2008-03-03	$5.45	$5.63	31.9%	9.2%	39.5%	29.6%	0.0%	10.6%	3.6%	15.6K	538.7K	-6.1K	0.00	24.13	0	0	7,112	3,712
2008-03-04	$5.50	$5.63	30.2%	8.6%	40.0%	26.1%	0.0%	11.9%	5.7%	19.5K	394.5K	-6.4K	0.00	60.45	0	0	7,112	3,672
2008-03-05	$5.56	$5.63	32.1%	9.2%	35.8%	29.8%	0.0%	11.8%	2.5%	23.3K	277.0K	-6.4K	0.00	77.86	0	0	7,112	3,672
2008-03-06	$5.53	$5.63	34.8%	10.0%	23.6%	35.1%	0.0%	-0.3%	-0.5%	21.2K	367.6K	-6.2K	0.00	83.10	4	0	7,112	3,672
2008-03-07	$5.52	$6.25	29.9%	10.0%	23.7%	25.6%	34.7%	4.2%	3.5%	17.6K	429.5K	-6.0K	0.00	63.02	16	0	7,116	3,672
2008-03-10	$5.43	$6.25	31.6%	10.5%	23.7%	28.8%	31.0%	5.6%	2.0%	12.6K	586.3K	-5.5K	0.00	54.56	176	0	7,132	3,656
2008-03-11	$5.58	$6.25	29.1%	10.2%	25.1%	24.1%	0.0%	5.3%	3.5%	17.5K	353.2K	-6.0K	0.00	34.20	40	0	7,112	3,648
2008-03-12	$5.50	$6.25	31.4%	10.0%	25.5%	28.4%	0.0%	4.7%	4.3%	13.9K	494.8K	-5.8K	0.00	42.26	0	0	7,152	3,648
2008-03-13	$5.67	$6.25	34.2%	9.8%	25.8%	33.9%	40.2%	7.5%	4.9%	28.5K	-21.4K	-6.4K	0.00	37.03	0	160	7,152	3,648
2008-03-14	$5.48	$6.25	37.5%	10.8%	28.0%	40.5%	37.0%	1.9%	3.0%	12.3K	504.4K	-5.6K	0.00	55.51	40	0	7,152	3,720
2008-03-17	$5.49	$6.25	37.8%	10.8%	28.1%	40.9%	0.0%	5.8%	2.0%	9.6K	535.7K	-5.4K	0.00	67.60	0	0	7,192	3,720
2008-03-18	$5.71	$6.25	37.6%	10.8%	31.5%	40.5%	33.6%	11.8%	2.2%	19.1K	27.8K	-6.0K	1.00	72.15	40	40	7,192	3,720
2008-03-19	$5.74	$6.25	37.6%	10.8%	30.9%	40.6%	0.0%	6.6%	3.7%	25.3K	-214.4K	-5.8K	0.00	63.79	40	0	7,208	3,760
2008-03-20	$5.88	$6.25	36.6%	10.5%	31.4%	38.6%	0.0%	1.3%	4.7%	56.5K	-687.8K	-6.2K	0.00	54.30	0	0	7,248	3,760
2008-03-24	$5.98	$6.25	33.4%	9.6%	31.4%	32.3%	0.0%	-0.5%	7.2%	75.0K	-560.3K	-6.1K	0.00	48.40	0	0	6,160	2,536
2008-03-25	$6.02	$6.25	33.9%	9.7%	31.3%	33.4%	0.0%	-2.6%	5.1%	79.1K	-649.1K	-6.0K	0.00	49.82	0	0	6,160	2,536
2008-03-26	$5.95	$6.25	34.5%	9.9%	31.6%	34.5%	0.0%	-2.3%	4.0%	74.4K	-505.1K	-5.8K	0.00	53.44	0	0	6,160	2,536
2008-03-27	$5.96	$6.25	34.5%	9.9%	31.5%	34.6%	0.0%	-3.2%	4.4%	76.8K	-540.0K	-5.7K	0.00	47.64	0	0	6,160	2,536
2008-03-28	$5.88	$6.25	36.1%	10.3%	30.0%	37.6%	36.4%	-3.0%	6.9%	66.8K	-319.5K	-5.4K	0.00	35.49	0	20	6,160	2,536
2008-03-31	$5.73	$6.25	36.0%	10.3%	30.4%	37.5%	0.0%	-6.3%	6.6%	45.3K	104.3K	-4.3K	0.00	51.44	0	0	6,160	2,536