MANH Options History — February 2009

In February 2009, MANH traded between $3.58 and $3.93. ATM implied volatility averaged 50.5%, placing in the 49.3% IV rank vs the trailing year. The 30-day expected move averaged 14.0%. IV traded above realized volatility by 17.0% (HV 20d: 33.4%). Max pain ranged from $3.75 to $4.38. Net GEX was positive for 12 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 4.89.

Notable Days

2009-02-10: Highest Volume — 1,612 contracts
2009-02-11: Largest IV drop — 32.1% change
2009-02-10: Highest IV Rank — 88.9%
2009-02-10: Largest Expected Move — 15.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$3.77	$3.58	$3.93	$3.84	$3.70
Max Pain	$3.88	$3.75	$4.38	$3.75	$3.75
ATM IV	50.5%	44.1%	71.4%	53.7%	46.9%
Expected Move	14.0%	12.6%	15.5%	15.4%	13.4%
HV 20d	33.4%	29.5%	36.6%	35.8%	30.3%
HV 60d	47.4%	38.1%	53.6%	53.6%	38.1%
IV Rank	49.3%	37.2%	88.9%	55.3%	42.5%
IV Percentile	71.2%	60.7%	97.6%	77.4%	64.3%
Term Structure	0.2%	-3.5%	2.7%	1.3%	-0.6%
VWIV	47.8%	44.1%	51.6%	51.6%	48.4%
Skew 25d	6.0%	-8.3%	19.1%	-0.7%	5.5%
Skew 10d	11.6%	-11.6%	27.5%	-0.6%	9.0%
Call IV 25d	40.2%	31.8%	51.6%	51.6%	36.5%
Put IV 25d	46.3%	35.8%	54.9%	50.9%	42.1%
Bid-Ask Spread %	69.95	30.79	85.54	74.69	70.44
Gamma HHI	0.48	0.24	0.88	0.29	0.38
Net GEX	-10.2K	-55.2K	10.1K	481	3.4K
Net DEX	-79.5K	-344.9K	167.6K	-95.5K	-153.0K
Net VEX	-2.1K	-2.4K	-1.8K	-2.1K	-2.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	4.89	0.00	35.64	1.68	0.00
Total Volume	317.053	0	1,612	0	0
Total OI	4,825.474	3,380	6,392	3,668	4,616

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
2009-02-02	$3.84	$3.75	53.7%	15.4%	35.8%	55.3%	0.0%	-0.7%	1.3%	481	-95.5K	-2.1K	0.00	74.69	0	0	2,188	1,480
2009-02-03	$3.85	$3.75	52.8%	15.1%	35.8%	53.7%	0.0%	15.4%	0.9%	436	-93.4K	-2.0K	0.00	81.96	0	0	2,188	1,480
2009-02-04	$3.82	$3.75	51.3%	14.7%	35.7%	50.9%	0.0%	10.1%	2.7%	133	-89.5K	-2.0K	0.00	83.81	0	448	2,188	1,480
2009-02-05	$3.85	$3.75	51.6%	14.8%	35.7%	51.4%	51.6%	10.8%	1.5%	2.2K	-137.6K	-1.8K	1.68	68.12	564	948	2,188	1,192
2009-02-06	$3.92	$4.38	56.9%	15.1%	35.9%	61.3%	0.0%	9.1%	-2.9%	9.0K	-335.1K	-2.0K	6.67	30.79	60	400	2,740	900
2009-02-09	$3.93	$4.38	59.2%	15.0%	35.2%	65.7%	0.0%	9.4%	-2.9%	10.1K	-344.9K	-2.0K	4.64	39.51	56	260	2,800	1,300
2009-02-10	$3.81	$4.38	71.4%	15.5%	36.6%	88.9%	0.0%	4.5%	-3.5%	6.2K	-271.1K	-2.0K	35.64	72.90	44	1,568	2,856	1,552
2009-02-11	$3.79	$4.38	48.5%	13.4%	36.6%	45.5%	47.1%	6.8%	0.6%	-19.3K	-5.6K	-2.3K	0.18	45.00	520	96	2,896	2,920
2009-02-12	$3.83	$3.75	46.8%	13.4%	32.8%	42.2%	0.0%	10.3%	-0.4%	-17.4K	-96.2K	-2.4K	0.00	82.33	4	0	2,980	2,912
2009-02-13	$3.87	$3.75	44.1%	12.6%	32.0%	37.2%	44.1%	10.8%	2.6%	-21.4K	-164.9K	-2.3K	0.00	73.57	0	456	2,940	2,912
2009-02-17	$3.71	$3.75	48.1%	13.8%	35.3%	44.8%	48.4%	-8.3%	-0.0%	-32.3K	167.6K	-2.3K	0.06	85.03	132	8	2,940	3,312
2009-02-18	$3.73	$3.75	48.1%	13.8%	32.5%	44.8%	0.0%	19.1%	-1.2%	-41.0K	130.1K	-2.3K	0.00	63.02	0	0	3,072	3,320
2009-02-19	$3.69	$3.75	45.3%	13.0%	29.5%	39.4%	0.0%	15.3%	0.6%	-44.6K	158.2K	-2.2K	0.00	83.11	0	0	3,072	3,320
2009-02-20	$3.75	$3.75	45.2%	13.0%	30.1%	39.4%	0.0%	4.0%	2.2%	-55.2K	94.6K	-2.1K	0.00	46.33	0	200	3,072	3,320
2009-02-23	$3.58	$3.75	49.7%	14.2%	33.5%	47.8%	0.0%	-5.7%	-0.8%	1.6K	-41.9K	-1.8K	0.00	85.54	28	0	2,648	1,708
2009-02-24	$3.66	$3.75	47.0%	13.5%	31.4%	42.6%	0.0%	1.0%	0.1%	1.6K	-87.7K	-1.9K	0.00	79.56	0	0	2,676	1,708
2009-02-25	$3.63	$3.75	46.4%	13.3%	30.2%	41.6%	0.0%	-2.4%	1.6%	1.4K	-62.5K	-1.9K	0.00	84.03	40	0	2,676	1,708
2009-02-26	$3.65	$3.75	46.2%	13.2%	30.3%	41.2%	0.0%	-0.4%	1.3%	1.6K	-83.0K	-1.9K	0.00	79.39	192	0	2,716	1,708
2009-02-27	$3.70	$3.75	46.9%	13.4%	30.3%	42.5%	0.0%	5.5%	-0.6%	3.4K	-153.0K	-2.0K	0.00	70.44	0	0	2,908	1,708