MANH Options History — November 2009

In November 2009, MANH traded between $5.74 and $6.11. ATM implied volatility averaged 31.0%, placing in the 17.5% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded below realized volatility by 5.6% (HV 20d: 36.6%). Max pain ranged from $5.00 to $5.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 0.58.

Notable Days

2009-11-16: Highest Volume — 192 contracts
2009-11-12: Largest IV spike — 52.9% change
2009-11-30: Highest IV Rank — 24.5%
2009-11-30: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.92	$5.74	$6.11	$5.75	$5.89
Max Pain	$5.00	$5.00	$5.00	$5.00	$5.00
ATM IV	31.0%	22.4%	35.0%	33.1%	35.0%
Expected Move	9.3%	8.1%	10.0%	9.5%	10.0%
HV 20d	36.6%	19.1%	56.2%	56.2%	24.9%
HV 60d	36.5%	36.2%	37.4%	36.6%	37.4%
IV Rank	17.5%	2.6%	24.5%	21.2%	24.5%
IV Percentile	30.3%	2.4%	51.6%	39.3%	51.6%
Term Structure	1.0%	-0.6%	2.5%	0.6%	0.6%
VWIV	32.6%	30.9%	34.4%	30.9%	34.4%
Skew 25d	4.5%	-1.4%	19.4%	7.7%	3.5%
Skew 10d	4.6%	-8.3%	36.9%	9.2%	1.2%
Call IV 25d	29.0%	21.1%	32.6%	23.6%	31.8%
Put IV 25d	33.5%	29.8%	44.1%	31.3%	35.3%
Bid-Ask Spread %	85.75	46.44	110.12	95.44	86.32
Gamma HHI	0.66	0.55	0.74	0.67	0.57
Net GEX	48.6K	27.4K	76.1K	40.1K	31.9K
Net DEX	-1.1M	-1.4M	-658.4K	-850.3K	-788.4K
Net VEX	-6.0K	-6.4K	-5.3K	-6.3K	-5.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.58	0.00	7.00	0.00	0.00
Total Volume	32	0	192	0	76
Total OI	7,037.2	5,940	7,484	7,380	6,044

Daily Data (20 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
2009-11-02	$5.75	$5.00	33.1%	9.5%	56.2%	21.2%	0.0%	7.7%	0.6%	40.1K	-850.3K	-6.3K	0.00	95.44	0	0	5,412	1,968
2009-11-03	$5.79	$5.00	34.4%	9.9%	55.9%	23.4%	0.0%	19.4%	-0.1%	42.9K	-929.5K	-6.4K	0.00	103.54	0	0	5,412	1,968
2009-11-04	$5.75	$5.00	34.1%	9.8%	55.9%	22.9%	0.0%	8.3%	1.4%	41.7K	-923.4K	-6.4K	0.00	110.12	0	0	5,412	1,968
2009-11-05	$5.84	$5.00	32.8%	9.4%	55.8%	20.6%	0.0%	11.6%	1.2%	47.5K	-1.0M	-6.4K	0.00	52.14	0	0	5,412	1,968
2009-11-06	$5.83	$5.00	32.3%	9.5%	55.6%	19.8%	0.0%	3.1%	0.8%	46.9K	-979.5K	-6.3K	0.00	46.44	60	0	5,412	1,968
2009-11-09	$5.92	$5.00	27.3%	10.0%	55.6%	11.1%	0.0%	4.3%	0.0%	52.2K	-1.1M	-6.2K	0.00	78.93	92	0	5,412	1,968
2009-11-10	$5.86	$5.00	26.0%	9.9%	55.6%	8.8%	0.0%	-1.4%	0.5%	50.7K	-1.1M	-6.4K	0.00	82.38	12	0	5,504	1,968
2009-11-11	$5.91	$5.00	22.4%	9.6%	55.5%	2.6%	0.0%	-1.2%	2.5%	49.8K	-1.1M	-6.2K	0.00	87.12	0	0	5,516	1,968
2009-11-12	$5.83	$5.00	34.3%	9.8%	29.4%	23.3%	0.0%	-0.5%	0.6%	48.4K	-1.0M	-6.2K	0.00	104.30	44	0	5,516	1,968
2009-11-13	$5.93	$5.00	33.4%	9.6%	26.7%	21.7%	0.0%	-0.5%	1.3%	50.5K	-1.1M	-6.1K	0.00	95.79	24	0	5,472	1,968
2009-11-16	$6.08	$5.00	30.5%	8.7%	27.8%	16.6%	30.9%	3.7%	1.9%	76.1K	-1.4M	-6.1K	0.00	92.02	192	0	5,496	1,968
2009-11-17	$6.07	$5.00	31.1%	8.9%	27.4%	17.7%	0.0%	2.1%	1.1%	68.8K	-1.4M	-5.9K	0.00	88.85	12	0	5,304	1,968
2009-11-18	$6.08	$5.00	30.6%	8.8%	25.3%	16.8%	0.0%	2.8%	1.1%	73.1K	-1.4M	-5.8K	0.00	90.01	16	0	5,316	1,968
2009-11-19	$5.96	$5.00	29.8%	8.6%	20.5%	15.5%	0.0%	3.2%	2.0%	52.3K	-1.2M	-5.7K	0.00	89.99	0	0	5,316	1,968
2009-11-20	$6.03	$5.00	30.0%	8.6%	19.8%	15.9%	0.0%	3.0%	2.0%	61.6K	-1.3M	-5.8K	0.00	89.90	8	0	5,316	1,960
2009-11-23	$6.11	$5.00	30.5%	8.7%	20.2%	16.7%	0.0%	3.9%	0.9%	38.1K	-1.2M	-5.5K	0.00	79.06	0	0	4,292	1,648
2009-11-24	$6.03	$5.00	28.8%	8.3%	20.9%	13.7%	0.0%	4.0%	0.9%	37.0K	-1.0M	-5.4K	7.00	80.31	12	84	4,292	1,648
2009-11-25	$5.94	$5.00	28.1%	8.1%	19.1%	12.5%	0.0%	1.8%	1.7%	34.6K	-896.8K	-5.6K	0.00	61.36	8	0	4,304	1,732
2009-11-27	$5.74	$5.00	34.8%	10.0%	23.1%	24.1%	0.0%	10.4%	-0.6%	27.4K	-658.4K	-5.3K	0.00	100.89	0	0	4,312	1,732
2009-11-30	$5.89	$5.00	35.0%	10.0%	24.9%	24.5%	34.4%	3.5%	0.6%	31.9K	-788.4K	-5.3K	0.00	86.32	76	0	4,312	1,732