MANH Options History — May 2008

In May 2008, MANH traded between $6.25 and $6.69. ATM implied volatility averaged 35.7%, placing in the 36.8% IV rank vs the trailing year. The 30-day expected move averaged 10.6%. IV traded below realized volatility by 11.2% (HV 20d: 46.9%). Max pain ranged from $5.63 to $6.25. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 10.98.

Notable Days

2008-05-20: Highest Volume — 1,008 contracts
2008-05-15: Largest IV spike — 47.5% change
2008-05-06: Highest IV Rank — 46.2%
2008-05-20: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6.48	$6.25	$6.69	$6.69	$6.35
Max Pain	$6.19	$5.63	$6.25	$5.63	$6.25
ATM IV	35.7%	24.4%	40.6%	32.7%	33.2%
Expected Move	10.6%	9.4%	11.5%	9.4%	9.5%
HV 20d	46.9%	25.5%	59.5%	58.9%	25.5%
HV 60d	40.8%	40.2%	43.4%	43.4%	40.9%
IV Rank	36.8%	14.7%	46.2%	30.9%	31.8%
IV Percentile	47.9%	5.2%	71.0%	28.2%	23.4%
Term Structure	0.2%	-2.5%	3.9%	1.9%	3.9%
VWIV	36.5%	34.4%	38.4%	34.4%	35.0%
Skew 25d	2.0%	-2.5%	9.0%	0.0%	-1.1%
Skew 10d	2.4%	-5.7%	14.8%	1.2%	-4.1%
Call IV 25d	35.8%	29.0%	41.6%	36.1%	29.8%
Put IV 25d	37.8%	28.7%	41.5%	36.2%	28.7%
Bid-Ask Spread %	56.13	25.96	90.78	52.92	90.78
Gamma HHI	0.38	0.32	0.51	0.34	0.45
Net GEX	11.6K	-8.6K	23.4K	21.1K	-8.6K
Net DEX	-569.3K	-898.5K	-102.0K	-879.3K	-102.0K
Net VEX	-4.6K	-5.5K	-3.0K	-4.0K	-5.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	10.98	0.00	125.00	0.05	0.25
Total Volume	160	0	1,008	176	36
Total OI	4,457.524	3,560	5,372	3,672	5,372

Daily Data (21 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
2008-05-01	$6.69	$5.63	32.7%	9.4%	58.9%	30.9%	0.0%	0.0%	1.9%	21.1K	-879.3K	-4.0K	0.05	52.92	168	8	2,804	868
2008-05-02	$6.55	$5.63	34.2%	9.8%	59.5%	33.8%	34.4%	4.4%	0.1%	22.1K	-824.9K	-4.1K	0.15	47.33	136	20	2,932	868
2008-05-05	$6.50	$6.25	36.6%	10.6%	59.2%	38.6%	37.5%	0.2%	0.0%	22.7K	-791.8K	-4.2K	0.00	59.74	72	0	3,064	888
2008-05-06	$6.57	$6.25	40.6%	10.7%	59.1%	46.2%	37.1%	2.4%	0.8%	23.3K	-826.0K	-4.3K	0.00	49.57	4	0	3,104	888
2008-05-07	$6.46	$6.25	36.9%	10.7%	57.5%	39.1%	0.0%	2.1%	0.6%	23.3K	-776.1K	-4.1K	0.00	29.23	0	0	3,100	888
2008-05-08	$6.49	$6.25	38.8%	10.8%	57.1%	42.8%	35.9%	2.7%	-0.7%	23.3K	-786.1K	-4.1K	0.00	45.35	40	0	3,100	888
2008-05-09	$6.50	$6.25	37.7%	10.7%	53.8%	40.6%	0.0%	2.3%	0.6%	23.4K	-788.3K	-4.1K	0.00	25.96	0	372	3,100	888
2008-05-12	$6.63	$6.25	29.4%	10.7%	53.8%	24.5%	0.0%	1.1%	0.1%	14.5K	-741.4K	-3.0K	0.00	29.30	248	0	2,600	960
2008-05-13	$6.58	$6.25	25.3%	11.1%	54.2%	16.4%	38.1%	2.5%	-0.9%	17.8K	-898.5K	-4.7K	0.45	30.11	44	20	3,308	1,260
2008-05-14	$6.49	$6.25	24.4%	10.4%	54.8%	14.7%	0.0%	0.1%	-0.0%	18.0K	-830.3K	-4.6K	0.00	70.21	0	0	3,308	1,280
2008-05-15	$6.53	$6.25	36.0%	10.3%	54.2%	37.3%	0.0%	2.0%	0.7%	17.3K	-834.6K	-4.5K	0.00	51.30	0	120	3,308	1,280
2008-05-16	$6.53	$6.25	37.9%	10.9%	54.4%	41.0%	0.0%	2.3%	-1.5%	14.8K	-806.7K	-4.6K	4.40	66.51	20	88	3,308	1,400
2008-05-19	$6.47	$6.25	38.3%	11.0%	54.5%	41.9%	0.0%	2.3%	-2.5%	11.5K	-490.8K	-4.7K	0.00	71.35	8	0	2,872	1,248
2008-05-20	$6.54	$6.25	40.2%	11.5%	54.0%	45.5%	0.0%	2.0%	-0.7%	12.7K	-521.4K	-4.8K	125.00	35.72	8	1,000	2,880	1,248
2008-05-21	$6.32	$6.25	39.6%	11.4%	31.7%	44.4%	38.4%	-2.5%	-0.9%	-2.6K	-193.0K	-5.3K	1.50	48.57	80	120	2,880	1,996
2008-05-22	$6.45	$6.25	38.9%	11.2%	27.9%	43.0%	34.7%	1.3%	-0.1%	-831	-261.3K	-5.5K	0.00	69.74	0	40	2,960	2,116
2008-05-23	$6.25	$6.25	37.8%	10.8%	29.7%	40.7%	37.7%	-2.1%	-0.6%	-4.2K	-105.5K	-5.2K	0.25	68.88	408	100	2,960	2,116
2008-05-27	$6.34	$6.25	38.3%	11.0%	30.2%	41.7%	0.0%	9.0%	0.6%	-2.0K	-111.5K	-5.0K	0.00	80.88	0	0	2,980	2,196
2008-05-28	$6.40	$6.25	38.1%	10.9%	27.3%	41.4%	0.0%	7.3%	0.4%	-1.7K	-173.9K	-5.0K	0.00	67.57	0	40	2,980	2,196
2008-05-29	$6.44	$6.25	35.0%	10.0%	27.4%	35.3%	35.0%	2.9%	2.3%	-2.5K	-212.1K	-4.9K	0.00	87.74	0	160	2,980	2,236
2008-05-30	$6.35	$6.25	33.2%	9.5%	25.5%	31.8%	0.0%	-1.1%	3.9%	-8.6K	-102.0K	-5.0K	0.00	90.78	0	36	2,980	2,392