MANH Options History — October 2011

In October 2011, MANH traded between $7.91 and $10.65. ATM implied volatility averaged 42.5%, placing in the 17.4% IV rank vs the trailing year. The 30-day expected move averaged 12.2%. IV traded below realized volatility by 4.5% (HV 20d: 47.0%). Max pain ranged from $6.25 to $10.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.79.

Notable Days

2011-10-18: Highest Volume — 540 contracts
2011-10-10: Largest IV spike — 33.2% change
2011-10-10: Highest IV Rank — 36.0%
2011-10-11: Largest Expected Move — 17.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.55	$7.91	$10.65	$7.91	$10.59
Max Pain	$8.75	$6.25	$10.00	$6.25	$10.00
ATM IV	42.5%	31.9%	58.9%	46.5%	34.8%
Expected Move	12.2%	9.1%	17.1%	13.3%	10.0%
HV 20d	47.0%	38.2%	51.2%	41.8%	38.2%
HV 60d	49.3%	47.1%	50.6%	48.3%	49.0%
IV Rank	17.4%	4.5%	36.0%	26.0%	7.4%
IV Percentile	25.5%	4.4%	60.3%	34.5%	7.9%
Term Structure	-4.6%	-20.0%	7.0%	-1.2%	-7.9%
VWIV	35.9%	31.4%	40.5%	40.5%	31.4%
Skew 25d	3.9%	-14.2%	29.9%	6.7%	3.9%
Skew 10d	12.1%	-44.4%	53.1%	-15.4%	45.1%
Call IV 25d	54.5%	24.9%	76.5%	41.4%	29.5%
Put IV 25d	58.4%	33.4%	86.6%	48.2%	33.4%
Bid-Ask Spread %	120.21	109.74	133.01	115.10	116.10
Gamma HHI	0.63	0.47	0.94	0.47	0.65
Net GEX	16.2K	4.4K	61.5K	4.4K	10.6K
Net DEX	-318.9K	-781.9K	-25.6K	-25.6K	-462.9K
Net VEX	-1.7K	-2.1K	-1.3K	-1.3K	-1.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.79	0.00	2.14	1.95	0.00
Total Volume	90.667	0	540	0	0
Total OI	1,729.714	1,408	2,328	1,452	1,432

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
2011-10-03	$7.91	$6.25	46.5%	13.3%	41.8%	26.0%	0.0%	6.7%	-1.2%	4.4K	-25.6K	-1.3K	0.00	115.10	0	0	804	648
2011-10-04	$8.41	$6.25	38.1%	10.9%	47.7%	18.3%	0.0%	-14.2%	0.8%	6.3K	-53.8K	-1.3K	0.00	116.13	0	0	804	648
2011-10-05	$8.49	$6.25	35.5%	10.2%	46.4%	16.0%	0.0%	-10.5%	1.6%	7.0K	-68.6K	-1.4K	0.00	116.56	0	0	804	648
2011-10-06	$8.78	$6.25	40.7%	11.7%	47.3%	20.3%	40.5%	4.0%	-1.9%	8.2K	-98.7K	-1.4K	1.95	113.51	84	164	804	648
2011-10-07	$8.71	$0.00	43.3%	11.6%	47.2%	22.7%	0.0%	5.5%	2.0%	11.2K	-156.8K	-1.7K	0.00	109.74	0	0	888	812
2011-10-10	$9.06	$0.00	57.6%	13.6%	48.7%	36.0%	0.0%	9.0%	-2.6%	12.0K	-203.0K	-1.6K	2.00	111.54	84	168	888	812
2011-10-11	$9.19	$0.00	46.2%	17.1%	47.9%	23.5%	0.0%	29.9%	-1.7%	9.1K	-195.7K	-1.9K	0.00	128.66	0	0	972	980
2011-10-12	$9.33	$0.00	55.1%	15.7%	48.0%	27.8%	0.0%	18.0%	-11.3%	13.9K	-255.8K	-1.9K	0.00	132.06	0	0	972	980
2011-10-13	$9.25	$0.00	56.6%	16.2%	47.3%	29.4%	0.0%	15.4%	-17.9%	11.4K	-232.8K	-1.8K	0.00	133.01	0	0	972	980
2011-10-14	$9.34	$0.00	55.5%	15.9%	46.9%	28.3%	0.0%	7.2%	-11.0%	14.1K	-258.7K	-1.8K	0.00	132.49	0	0	972	980
2011-10-17	$9.19	$0.00	58.9%	16.9%	47.3%	31.7%	0.0%	2.7%	-6.6%	9.1K	-218.5K	-1.8K	0.00	131.86	0	72	972	980
2011-10-18	$9.80	$0.00	45.4%	13.0%	50.9%	18.1%	0.0%	3.4%	-20.0%	37.4K	-389.0K	-1.5K	0.00	132.88	540	0	972	1,052
2011-10-19	$10.20	$0.00	33.3%	9.5%	51.2%	5.9%	33.2%	-6.8%	7.0%	61.5K	-781.9K	-1.7K	0.23	119.74	352	80	1,192	1,052
2011-10-20	$10.23	$10.00	38.0%	10.9%	49.4%	10.6%	37.8%	-4.9%	-0.6%	38.2K	-698.5K	-1.7K	2.14	118.15	56	120	1,092	1,132
2011-10-21	$10.20	$10.00	36.8%	10.5%	49.1%	9.4%	36.8%	-4.4%	-0.1%	34.9K	-625.2K	-2.0K	0.00	116.71	0	80	1,076	1,252
2011-10-24	$10.33	$10.00	32.7%	9.4%	48.6%	5.3%	0.0%	-13.4%	-2.6%	10.5K	-368.0K	-1.9K	0.00	119.19	48	0	720	688
2011-10-25	$10.14	$10.00	35.1%	10.1%	49.5%	7.8%	0.0%	-5.4%	-5.9%	8.9K	-327.2K	-2.1K	0.00	120.76	8	0	728	688
2011-10-26	$10.24	$10.00	31.9%	9.1%	44.4%	4.5%	0.0%	22.4%	-0.3%	10.0K	-337.7K	-2.0K	0.00	110.52	0	0	736	688
2011-10-27	$10.65	$10.00	34.3%	9.8%	45.6%	7.0%	31.4%	1.1%	-8.4%	10.6K	-469.5K	-1.8K	0.00	114.93	48	0	736	688
2011-10-28	$10.62	$10.00	36.5%	10.5%	43.2%	9.2%	0.0%	11.2%	-8.1%	10.6K	-469.8K	-1.8K	0.00	114.69	0	0	744	688
2011-10-31	$10.59	$10.00	34.8%	10.0%	38.2%	7.4%	0.0%	3.9%	-7.9%	10.6K	-462.9K	-1.8K	0.00	116.10	0	0	744	688