MANH Options History — July 2011

In July 2011, MANH traded between $8.46 and $9.49. ATM implied volatility averaged 58.5%, placing in the 39.5% IV rank vs the trailing year. The 30-day expected move averaged 14.5%. IV traded above realized volatility by 30.5% (HV 20d: 28.0%). Max pain ranged from $8.75 to $8.75. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 1 of 20 days. Put/call ratio averaged 0.75.

Notable Days

2011-07-21: Highest Volume — 200 contracts
2011-07-08: Largest IV spike — 77.8% change
2011-07-11: Highest IV Rank — 100.0%
2011-07-01: Largest Expected Move — 24.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.00	$8.46	$9.49	$8.69	$9.32
Max Pain	$8.75	$8.75	$8.75	$8.75	$8.75
ATM IV	58.5%	35.0%	126.8%	84.1%	59.2%
Expected Move	14.5%	10.9%	24.1%	24.1%	17.0%
HV 20d	28.0%	20.0%	38.4%	20.0%	37.6%
HV 60d	25.2%	20.3%	27.5%	25.5%	27.4%
IV Rank	39.5%	16.5%	100.0%	68.8%	38.5%
IV Percentile	61.0%	31.0%	100.0%	95.6%	69.4%
Term Structure	-16.0%	-41.7%	5.7%	-41.7%	-24.3%
VWIV	51.7%	41.4%	60.6%	41.4%	53.2%
Skew 25d	22.7%	-3.6%	73.2%	73.2%	32.8%
Skew 10d	41.6%	0.2%	111.8%	111.8%	75.0%
Call IV 25d	49.7%	29.0%	78.4%	46.7%	60.4%
Put IV 25d	72.4%	33.0%	119.9%	119.9%	93.2%
Bid-Ask Spread %	126.42	117.55	140.56	140.56	128.81
Gamma HHI	0.51	0.34	0.69	0.34	0.52
Net GEX	8.6K	4.0K	16.5K	6.6K	4.0K
Net DEX	-214.4K	-467.8K	-96.9K	-259.6K	-139.0K
Net VEX	-1.6K	-1.8K	-1.4K	-1.8K	-1.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.75	0.00	1.50	1.50	0.00
Total Volume	20.6	0	200	0	0
Total OI	1,584.2	1,080	1,960	1,880	1,372

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
2011-07-01	$8.69	$8.75	84.1%	24.1%	20.0%	68.8%	0.0%	73.2%	-41.7%	6.6K	-259.6K	-1.8K	0.00	140.56	0	0	856	1,024
2011-07-05	$8.81	$8.75	98.2%	14.0%	20.2%	83.2%	0.0%	22.7%	-9.4%	7.9K	-274.5K	-1.7K	0.00	130.90	0	0	856	1,024
2011-07-06	$8.94	$8.75	39.7%	13.2%	20.6%	23.3%	0.0%	32.8%	-12.5%	16.2K	-345.1K	-1.6K	0.00	124.38	0	0	856	1,024
2011-07-07	$9.04	$8.75	52.7%	14.1%	20.4%	36.7%	0.0%	14.5%	-12.1%	11.4K	-365.2K	-1.6K	0.00	123.88	0	0	856	1,024
2011-07-08	$8.98	$8.75	93.8%	13.2%	20.6%	78.7%	0.0%	24.7%	5.7%	7.2K	-467.8K	-1.4K	0.00	131.17	0	0	856	1,024
2011-07-11	$8.78	$8.75	126.8%	15.0%	21.4%	100.0%	0.0%	18.7%	-17.0%	8.7K	-301.8K	-1.6K	0.00	130.51	0	0	856	1,024
2011-07-12	$8.73	$8.75	35.0%	14.6%	21.4%	16.5%	0.0%	43.9%	-15.4%	15.3K	-275.7K	-1.5K	0.00	120.69	0	0	856	1,024
2011-07-13	$8.82	$8.75	47.8%	12.7%	21.3%	28.1%	41.4%	35.5%	-16.5%	15.6K	-309.5K	-1.4K	0.00	122.05	0	80	856	1,024
2011-07-14	$8.59	$8.75	38.1%	10.9%	22.5%	19.3%	0.0%	23.0%	-11.2%	15.5K	-131.3K	-1.6K	0.00	125.47	0	0	856	1,104
2011-07-15	$8.63	$8.75	55.9%	16.0%	22.6%	35.4%	0.0%	21.6%	-29.4%	16.5K	-96.9K	-1.5K	0.00	131.31	0	0	856	1,104
2011-07-18	$8.46	$8.75	59.3%	17.0%	23.1%	38.6%	0.0%	19.2%	-27.7%	5.1K	-107.1K	-1.4K	0.00	129.34	0	0	560	520
2011-07-19	$8.70	$8.75	58.8%	16.9%	24.6%	38.1%	60.6%	36.8%	-22.4%	4.8K	-103.2K	-1.5K	0.00	117.55	0	88	560	520
2011-07-20	$9.49	$8.75	45.0%	12.9%	38.4%	25.5%	0.0%	12.0%	-1.7%	5.9K	-219.2K	-1.6K	0.00	124.78	0	0	560	608
2011-07-21	$9.46	$8.75	53.2%	15.2%	37.6%	33.0%	53.2%	17.3%	-18.1%	5.3K	-203.2K	-1.6K	1.50	129.52	80	120	560	608
2011-07-22	$9.38	$8.75	39.2%	11.2%	37.9%	20.3%	0.0%	4.0%	-12.6%	5.7K	-152.5K	-1.7K	0.00	121.32	44	0	640	728
2011-07-25	$9.36	$8.75	41.8%	12.0%	37.4%	22.6%	0.0%	-2.9%	-9.1%	5.2K	-136.4K	-1.7K	0.00	120.53	0	0	644	728
2011-07-26	$9.34	$8.75	42.2%	12.1%	37.5%	23.0%	0.0%	1.4%	-13.8%	5.6K	-139.0K	-1.8K	0.00	124.26	0	0	644	728
2011-07-27	$9.22	$8.75	42.4%	12.1%	37.8%	23.2%	0.0%	-3.6%	-18.0%	4.0K	-121.3K	-1.7K	0.00	124.66	0	0	644	728
2011-07-28	$9.31	$8.75	56.8%	16.3%	37.7%	36.3%	0.0%	26.8%	-12.8%	5.6K	-139.8K	-1.7K	0.00	126.80	0	0	644	728
2011-07-29	$9.32	$8.75	59.2%	17.0%	37.6%	38.5%	0.0%	32.8%	-24.3%	4.0K	-139.0K	-1.8K	0.00	128.81	0	0	644	728