MANH Options History — September 2008

In September 2008, MANH traded between $5.33 and $6.05. ATM implied volatility averaged 34.8%, placing in the 23.8% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded above realized volatility by 8.0% (HV 20d: 26.8%). Max pain ranged from $5.63 to $6.25. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 1.13.

Notable Days

2008-09-11: Highest Volume — 200 contracts
2008-09-11: Largest IV spike — 39.3% change
2008-09-17: Highest IV Rank — 38.3%
2008-09-17: Largest Expected Move — 11.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.71	$5.33	$6.05	$6.05	$5.58
Max Pain	$5.71	$5.63	$6.25	$6.25	$5.63
ATM IV	34.8%	26.9%	41.1%	30.0%	37.0%
Expected Move	10.3%	8.6%	11.8%	8.6%	10.6%
HV 20d	26.8%	18.2%	37.4%	23.0%	37.4%
HV 60d	32.1%	30.3%	34.6%	30.8%	33.9%
IV Rank	23.8%	5.6%	38.3%	12.8%	28.8%
IV Percentile	37.2%	0.8%	71.0%	5.2%	51.6%
Term Structure	2.6%	-0.3%	6.1%	1.7%	4.5%
VWIV	37.8%	34.2%	46.6%	37.5%	36.7%
Skew 25d	3.7%	-10.4%	20.2%	-8.9%	20.2%
Skew 10d	5.6%	-9.3%	32.4%	-9.0%	32.4%
Call IV 25d	31.1%	24.2%	38.8%	30.3%	28.4%
Put IV 25d	34.8%	21.4%	48.5%	21.4%	48.5%
Bid-Ask Spread %	63.27	30.89	115.35	39.76	66.44
Gamma HHI	0.31	0.21	0.48	0.48	0.23
Net GEX	10.3K	4.1K	17.3K	17.3K	7.7K
Net DEX	-182.0K	-389.8K	39.7K	-377.9K	-125.4K
Net VEX	-2.4K	-2.8K	-2.0K	-2.8K	-2.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.13	0.00	8.33	0.00	8.33
Total Volume	38.095	0	200	0	112
Total OI	3,234.667	2,940	3,460	3,276	3,204

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
2008-09-02	$6.05	$6.25	30.0%	8.6%	23.0%	12.8%	0.0%	-8.9%	1.7%	17.3K	-377.9K	-2.8K	0.00	39.76	0	0	2,156	1,120
2008-09-03	$6.05	$6.25	33.1%	9.5%	20.4%	20.0%	0.0%	-10.4%	-0.3%	16.8K	-389.8K	-2.8K	0.00	39.20	0	0	2,156	1,080
2008-09-04	$5.92	$6.25	33.6%	9.6%	21.4%	21.0%	0.0%	0.7%	4.5%	14.7K	-305.4K	-2.7K	0.00	30.89	0	0	2,156	1,080
2008-09-05	$5.88	$5.63	32.1%	9.8%	21.3%	17.7%	0.0%	-0.1%	1.9%	14.2K	-281.7K	-2.7K	0.00	76.75	0	0	2,156	1,080
2008-09-08	$5.99	$5.63	26.9%	9.4%	18.6%	5.6%	0.0%	4.2%	2.7%	16.0K	-324.4K	-2.6K	0.00	39.88	0	4	2,156	1,080
2008-09-09	$5.88	$5.63	31.3%	10.6%	19.1%	15.8%	37.5%	5.7%	0.7%	13.8K	-278.6K	-2.6K	0.00	48.15	80	0	2,156	1,080
2008-09-10	$5.88	$5.63	27.9%	10.6%	18.7%	8.1%	0.0%	2.5%	0.3%	15.1K	-288.1K	-2.6K	0.00	80.55	0	0	2,196	1,080
2008-09-11	$5.88	$5.63	38.9%	11.2%	18.2%	33.2%	35.2%	7.6%	0.1%	14.7K	-278.7K	-2.6K	0.67	66.80	120	80	2,196	1,080
2008-09-12	$5.84	$5.63	37.0%	10.6%	18.2%	28.9%	34.2%	6.2%	1.9%	11.8K	-214.8K	-2.6K	0.00	47.86	80	0	2,220	1,160
2008-09-15	$5.75	$5.63	38.6%	11.1%	18.6%	32.4%	0.0%	4.2%	0.1%	10.1K	-168.6K	-2.5K	0.00	36.77	0	0	2,260	1,160
2008-09-16	$5.71	$5.63	38.4%	11.0%	18.6%	32.0%	0.0%	5.9%	0.8%	8.8K	-152.2K	-2.4K	0.00	59.12	0	0	2,260	1,160
2008-09-17	$5.33	$5.63	41.1%	11.8%	29.0%	38.3%	46.6%	7.3%	0.4%	4.1K	39.7K	-2.2K	0.00	100.43	40	0	2,260	1,160
2008-09-18	$5.44	$5.63	34.8%	10.0%	30.3%	23.9%	0.0%	9.8%	3.3%	5.2K	23.1K	-2.1K	0.00	98.15	0	0	2,300	1,160
2008-09-19	$5.68	$5.63	35.4%	10.2%	34.9%	25.2%	0.0%	7.0%	2.2%	8.9K	-144.1K	-2.3K	0.00	100.87	0	0	2,300	1,160
2008-09-22	$5.54	$5.63	36.4%	10.4%	35.5%	27.5%	36.4%	14.1%	4.6%	5.6K	-106.0K	-2.2K	0.00	44.02	40	0	1,920	1,020
2008-09-23	$5.54	$5.63	35.0%	10.0%	35.5%	24.2%	0.0%	-0.1%	4.7%	6.1K	-99.1K	-2.1K	0.00	57.30	4	0	1,940	1,020
2008-09-24	$5.47	$5.63	35.5%	10.2%	35.7%	25.4%	0.0%	-3.7%	6.1%	5.4K	-68.0K	-2.0K	0.00	41.56	0	0	1,944	1,020
2008-09-25	$5.54	$5.63	33.7%	9.6%	36.1%	21.1%	0.0%	11.7%	4.1%	6.5K	-98.0K	-2.0K	0.00	79.31	200	0	1,944	1,020
2008-09-26	$5.59	$5.63	34.5%	9.9%	35.6%	23.2%	0.0%	-1.4%	5.7%	7.6K	-114.5K	-2.2K	0.00	59.62	0	0	2,144	1,020
2008-09-29	$5.45	$5.63	39.5%	11.3%	35.8%	34.5%	0.0%	-4.1%	3.9%	6.0K	-68.9K	-2.3K	0.00	115.35	0	40	2,144	1,020
2008-09-30	$5.58	$5.63	37.0%	10.6%	37.4%	28.8%	36.7%	20.2%	4.5%	7.7K	-125.4K	-2.2K	8.33	66.44	12	100	2,144	1,060