MANH Options History — April 2009

In April 2009, MANH traded between $3.55 and $4.35. ATM implied volatility averaged 44.8%, placing in the 38.5% IV rank vs the trailing year. The 30-day expected move averaged 13.2%. IV traded below realized volatility by 20.4% (HV 20d: 65.2%). Max pain ranged from $3.13 to $4.38. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 1.34.

Notable Days

2009-04-29: Highest Volume — 1,052 contracts
2009-04-28: Largest IV drop — 29.8% change
2009-04-20: Highest IV Rank — 54.3%
2009-04-20: Largest Expected Move — 15.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$3.83	$3.55	$4.35	$4.35	$4.16
Max Pain	$3.78	$3.13	$4.38	$3.75	$3.75
ATM IV	44.8%	30.0%	53.1%	38.6%	30.0%
Expected Move	13.2%	8.6%	15.2%	11.1%	8.6%
HV 20d	65.2%	51.5%	71.3%	51.5%	59.7%
HV 60d	48.5%	41.3%	49.5%	41.3%	49.4%
IV Rank	38.5%	10.6%	54.3%	26.9%	10.6%
IV Percentile	53.3%	4.4%	75.8%	39.7%	4.4%
Term Structure	-2.6%	-7.8%	8.4%	8.4%	1.4%
VWIV	49.4%	36.2%	57.2%	46.7%	36.2%
Skew 25d	5.9%	-16.2%	23.0%	0.7%	-5.1%
Skew 10d	8.8%	-26.0%	29.1%	1.5%	-4.0%
Call IV 25d	43.1%	27.7%	62.3%	35.3%	35.1%
Put IV 25d	48.9%	30.0%	61.6%	36.0%	30.0%
Bid-Ask Spread %	58.18	24.99	77.07	38.63	69.69
Gamma HHI	0.60	0.32	0.93	0.37	0.32
Net GEX	28.5K	2.3K	131.3K	18.9K	2.3K
Net DEX	-215.8K	-1.4M	39.0K	-1.4M	39.0K
Net VEX	-1.2K	-2.0K	-556	-1.2K	-1.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.34	0.00	6.42	3.73	3.38
Total Volume	157.524	0	1,052	0	0
Total OI	4,481.905	1,348	6,616	6,448	2,884

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
2009-04-01	$4.35	$3.75	38.6%	11.1%	51.5%	26.9%	0.0%	0.7%	8.4%	18.9K	-1.4M	-1.2K	0.00	38.63	0	0	4,708	1,740
2009-04-02	$3.85	$3.75	45.3%	13.0%	69.3%	39.6%	46.7%	-16.2%	7.4%	29.6K	-645.0K	-2.0K	3.73	24.99	60	224	4,708	1,740
2009-04-03	$3.76	$4.38	43.1%	14.3%	70.0%	35.4%	0.0%	10.0%	-4.8%	30.6K	-450.0K	-2.0K	0.00	62.67	0	120	4,728	1,828
2009-04-06	$3.63	$4.38	44.2%	14.4%	71.3%	37.4%	50.1%	9.6%	-5.2%	31.0K	-184.4K	-1.7K	0.46	48.56	52	24	4,728	1,724
2009-04-07	$3.55	$3.75	43.9%	14.7%	69.6%	36.8%	54.2%	2.9%	-6.5%	27.8K	-33.7K	-1.4K	0.80	63.27	80	64	4,756	1,716
2009-04-08	$3.58	$3.75	45.4%	14.6%	69.3%	39.7%	0.0%	5.1%	-5.6%	30.8K	-91.2K	-1.5K	0.00	66.05	0	0	4,836	1,780
2009-04-09	$3.68	$3.75	51.2%	14.7%	68.4%	50.6%	0.0%	9.1%	-7.8%	40.7K	-206.2K	-1.5K	0.00	65.12	0	0	4,836	1,780
2009-04-13	$3.63	$3.75	52.0%	14.9%	68.5%	52.2%	0.0%	5.3%	-6.4%	47.7K	-144.5K	-1.2K	0.00	34.05	0	0	4,836	1,780
2009-04-14	$3.62	$3.75	51.6%	14.8%	68.4%	51.5%	0.0%	3.2%	-7.1%	43.2K	-65.3K	-1.1K	0.11	64.56	356	40	4,836	1,780
2009-04-15	$3.60	$3.75	51.0%	14.6%	65.7%	50.2%	0.0%	13.3%	-6.3%	39.1K	-22.1K	-981	0.00	77.07	0	40	4,636	1,748
2009-04-16	$3.76	$3.75	50.9%	14.6%	67.8%	50.0%	0.0%	23.0%	-5.8%	95.3K	-444.7K	-1.0K	0.00	73.94	12	0	4,444	1,616
2009-04-17	$3.72	$3.75	50.5%	14.5%	67.3%	49.4%	57.2%	5.7%	-6.6%	131.3K	-134.7K	-879	0.13	69.14	420	56	4,432	1,616
2009-04-20	$3.64	$3.75	53.1%	15.2%	67.2%	54.3%	55.8%	3.9%	-6.2%	3.8K	-74.7K	-576	1.33	66.95	24	32	1,268	80
2009-04-21	$3.66	$3.13	52.5%	15.1%	60.6%	53.1%	52.5%	19.6%	-5.8%	3.7K	-73.8K	-556	1.00	71.98	16	16	1,292	112
2009-04-22	$3.92	$3.75	42.3%	12.1%	63.9%	33.8%	42.2%	14.4%	-0.4%	6.0K	-113.0K	-682	6.42	59.19	76	488	1,300	128
2009-04-23	$4.01	$3.75	44.5%	12.8%	64.3%	37.9%	0.0%	4.5%	-0.4%	2.9K	-72.0K	-1.0K	0.00	27.93	24	0	1,324	608
2009-04-24	$3.97	$3.75	39.7%	11.4%	62.1%	28.9%	0.0%	13.2%	0.2%	2.5K	-63.6K	-959	0.00	69.56	0	0	1,348	608
2009-04-27	$4.00	$3.75	43.4%	12.5%	62.0%	36.0%	0.0%	2.9%	-0.5%	3.0K	-79.9K	-966	0.00	55.65	8	0	1,348	608
2009-04-28	$4.10	$3.75	30.5%	8.7%	62.6%	11.5%	0.0%	2.9%	1.3%	4.1K	-109.2K	-982	0.00	40.73	24	0	1,340	608
2009-04-29	$4.16	$3.75	36.2%	10.4%	59.7%	22.3%	36.2%	-5.0%	1.8%	4.6K	-114.5K	-968	3.38	72.14	240	812	1,324	608
2009-04-30	$4.16	$3.75	30.0%	8.6%	59.7%	10.6%	0.0%	-5.1%	1.4%	2.3K	39.0K	-1.9K	0.00	69.69	0	0	1,464	1,420