MANH Options History — November 2008

In November 2008, MANH traded between $3.52 and $4.25. ATM implied volatility averaged 62.0%, placing in the 83.9% IV rank vs the trailing year. The 30-day expected move averaged 17.3%. IV traded below realized volatility by 14.8% (HV 20d: 76.8%). Max pain ranged from $3.75 to $4.38. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 2 of 19 days. Put/call ratio averaged 1.44.

Notable Days

2008-11-19: Highest Volume — 1,152 contracts
2008-11-05: Largest IV spike — 16.5% change
2008-11-11: Highest IV Rank — 100.0%
2008-11-25: Largest Expected Move — 20.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$3.86	$3.52	$4.25	$4.25	$3.84
Max Pain	$3.88	$3.75	$4.38	$4.38	$3.75
ATM IV	62.0%	51.1%	71.7%	51.1%	60.4%
Expected Move	17.3%	14.7%	20.6%	14.7%	17.3%
HV 20d	76.8%	63.3%	85.5%	81.2%	63.3%
HV 60d	58.6%	53.7%	63.3%	53.7%	63.2%
IV Rank	83.9%	61.2%	100.0%	61.2%	76.0%
IV Percentile	95.7%	90.9%	100.0%	90.9%	91.7%
Term Structure	-3.1%	-10.4%	11.9%	-0.0%	7.6%
VWIV	63.5%	47.3%	72.8%	65.3%	62.1%
Skew 25d	11.5%	-7.4%	33.4%	16.9%	27.8%
Skew 10d	20.7%	-8.2%	34.1%	24.5%	21.1%
Call IV 25d	51.3%	36.9%	68.6%	41.4%	36.9%
Put IV 25d	62.9%	54.4%	76.5%	58.3%	64.7%
Bid-Ask Spread %	70.07	21.88	113.78	46.23	113.78
Gamma HHI	0.52	0.44	0.67	0.67	0.49
Net GEX	13.2K	-14.9K	39.2K	39.2K	10.2K
Net DEX	88.0K	-466.2K	493.8K	-466.2K	91.4K
Net VEX	-3.6K	-5.3K	-1.9K	-5.3K	-4.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.44	0.00	8.60	0.00	0.00
Total Volume	142.316	0	1,152	0	0
Total OI	10,799.789	10,036	12,600	10,652	10,260

Daily Data (19 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
2008-11-03	$4.25	$4.38	51.1%	14.7%	81.2%	61.2%	0.0%	16.9%	-0.0%	39.2K	-466.2K	-5.3K	0.00	46.23	0	0	8,768	1,884
2008-11-04	$4.25	$4.38	53.4%	15.3%	80.0%	66.2%	0.0%	20.1%	-2.6%	39.1K	-445.0K	-5.0K	0.00	87.61	0	0	8,768	1,884
2008-11-05	$4.06	$4.38	62.2%	17.8%	80.1%	86.4%	0.0%	8.5%	-10.4%	26.9K	-169.4K	-4.3K	0.00	21.88	0	0	8,768	1,884
2008-11-06	$3.87	$4.38	59.4%	17.0%	81.0%	80.0%	0.0%	-7.4%	-2.9%	17.6K	9.7K	-3.6K	0.00	23.38	0	0	8,768	1,884
2008-11-07	$3.96	$3.75	61.6%	15.7%	81.7%	85.1%	0.0%	12.7%	-2.2%	18.3K	51.2K	-3.4K	0.00	65.94	0	0	8,768	1,884
2008-11-10	$3.92	$3.75	59.1%	15.8%	80.7%	79.2%	65.3%	9.7%	-4.2%	15.8K	90.8K	-3.1K	0.00	44.53	0	40	8,768	1,884
2008-11-11	$3.95	$3.75	68.2%	16.4%	80.8%	100.0%	0.0%	11.1%	-4.2%	18.9K	24.4K	-3.4K	0.00	55.10	40	0	8,768	1,924
2008-11-12	$3.75	$3.75	65.3%	16.7%	80.7%	93.5%	0.0%	0.2%	-3.1%	11.5K	133.1K	-3.0K	0.00	74.11	4	0	8,768	1,888
2008-11-13	$4.00	$3.75	57.5%	16.5%	80.7%	75.6%	47.3%	16.6%	-4.0%	16.5K	62.8K	-3.1K	0.03	65.15	116	4	8,764	1,888
2008-11-14	$3.69	$3.75	56.9%	16.3%	84.9%	74.3%	0.0%	2.3%	-5.6%	10.7K	144.6K	-2.8K	0.00	81.29	0	40	8,864	1,888
2008-11-17	$3.65	$3.75	58.1%	16.6%	84.3%	77.0%	0.0%	13.3%	-2.6%	5.5K	235.9K	-2.3K	0.00	80.88	0	0	8,864	1,888
2008-11-18	$3.77	$3.75	58.4%	16.7%	85.5%	77.7%	0.0%	10.6%	-5.5%	2.3K	272.4K	-1.9K	0.00	77.67	0	824	8,864	1,848
2008-11-19	$3.52	$3.75	63.4%	18.2%	70.0%	89.1%	0.0%	3.1%	-4.2%	1.3K	452.3K	-2.7K	8.60	35.64	120	1,032	8,864	2,632
2008-11-20	$3.52	$3.75	71.1%	20.4%	69.7%	100.0%	72.8%	33.4%	-7.0%	1.5K	458.6K	-3.9K	0.00	101.44	0	140	8,984	3,540
2008-11-21	$3.76	$3.75	71.0%	20.4%	73.5%	99.9%	71.8%	3.4%	-9.4%	-14.9K	493.8K	-3.8K	0.00	83.44	0	120	8,984	3,616
2008-11-24	$3.87	$3.75	64.6%	18.5%	73.9%	86.2%	61.5%	17.9%	11.9%	10.5K	30.7K	-4.6K	0.00	100.76	40	0	7,252	2,784
2008-11-25	$3.83	$3.75	71.7%	20.6%	63.6%	100.0%	0.0%	6.2%	-9.1%	10.6K	92.1K	-4.2K	0.00	89.36	0	0	7,292	2,784
2008-11-26	$3.86	$3.75	65.1%	18.7%	63.6%	86.0%	62.1%	12.8%	-1.8%	9.8K	108.9K	-4.1K	0.00	83.13	184	0	7,292	2,784
2008-11-28	$3.84	$3.75	60.4%	17.3%	63.3%	76.0%	0.0%	27.8%	7.6%	10.2K	91.4K	-4.1K	0.00	113.78	0	0	7,476	2,784