MANH Options History — November 2011

In November 2011, MANH traded between $10.38 and $11.29. ATM implied volatility averaged 35.0%, placing in the 8.6% IV rank vs the trailing year. The 30-day expected move averaged 10.0%. IV traded above realized volatility by 2.4% (HV 20d: 32.6%). Max pain ranged from $10.00 to $11.25. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.16.

Notable Days

2011-11-08: Highest Volume — 104 contracts
2011-11-23: Largest IV spike — 58.3% change
2011-11-25: Highest IV Rank — 34.3%
2011-11-25: Largest Expected Move — 17.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.90	$10.38	$11.29	$10.38	$11.29
Max Pain	$11.07	$10.00	$11.25	$10.00	$11.25
ATM IV	35.0%	26.3%	60.8%	32.8%	38.1%
Expected Move	10.0%	7.5%	17.4%	9.4%	10.9%
HV 20d	32.6%	26.5%	37.0%	35.8%	34.2%
HV 60d	41.4%	38.7%	46.3%	46.3%	39.6%
IV Rank	8.6%	0.0%	34.3%	5.4%	11.7%
IV Percentile	12.9%	0.0%	65.5%	5.2%	18.7%
Term Structure	3.7%	-13.4%	20.3%	3.6%	19.7%
VWIV	32.8%	32.8%	32.8%	32.8%	32.8%
Skew 25d	9.0%	-10.5%	37.5%	11.3%	17.6%
Skew 10d	8.1%	-17.1%	56.8%	10.0%	5.1%
Call IV 25d	42.0%	24.0%	62.9%	24.0%	62.9%
Put IV 25d	51.0%	28.4%	80.7%	35.3%	80.6%
Bid-Ask Spread %	121.05	107.17	133.68	118.74	132.85
Gamma HHI	0.50	0.37	0.64	0.63	0.51
Net GEX	15.4K	8.5K	29.2K	10.0K	10.6K
Net DEX	-561.0K	-728.1K	-369.4K	-399.3K	-576.3K
Net VEX	-1.7K	-1.9K	-1.4K	-1.9K	-1.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.16	0.00	0.63	0.00	0.00
Total Volume	12.571	0	104	0	0
Total OI	1,508.571	1,404	1,668	1,432	1,404

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
2011-11-01	$10.38	$10.00	32.8%	9.4%	35.8%	5.4%	0.0%	11.3%	3.6%	10.0K	-399.3K	-1.9K	0.00	118.74	0	0	744	688
2011-11-02	$10.42	$10.00	31.0%	8.9%	35.9%	3.6%	0.0%	10.5%	3.6%	10.6K	-414.2K	-1.9K	0.00	115.38	0	0	744	688
2011-11-03	$10.80	$10.00	26.9%	7.7%	36.1%	0.0%	32.8%	13.0%	2.2%	8.5K	-537.6K	-1.6K	0.00	115.85	20	0	744	688
2011-11-04	$10.86	$11.25	26.3%	8.2%	35.5%	0.0%	0.0%	-2.8%	8.3%	9.7K	-586.4K	-1.5K	0.00	107.17	0	0	760	688
2011-11-07	$10.98	$11.25	26.8%	8.3%	34.0%	0.4%	0.0%	-1.3%	4.3%	11.2K	-598.0K	-1.5K	0.00	108.76	92	0	760	688
2011-11-08	$11.04	$11.25	26.5%	8.0%	34.0%	0.2%	0.0%	-0.4%	4.8%	20.0K	-662.3K	-1.4K	0.63	109.47	64	40	852	688
2011-11-09	$10.71	$11.25	34.0%	7.5%	36.7%	7.7%	0.0%	-3.3%	7.4%	16.2K	-613.0K	-1.7K	0.00	108.79	0	0	904	728
2011-11-10	$11.03	$11.25	31.2%	8.9%	37.0%	4.9%	0.0%	-0.6%	1.3%	17.4K	-645.2K	-1.8K	0.00	110.75	0	0	904	728
2011-11-11	$11.09	$11.25	29.8%	8.6%	37.0%	3.5%	0.0%	-0.4%	2.0%	20.2K	-666.7K	-1.8K	0.00	112.54	0	0	904	728
2011-11-14	$11.23	$11.25	35.9%	10.3%	35.9%	9.6%	0.0%	7.9%	1.7%	22.2K	-728.1K	-1.5K	0.00	125.53	8	0	904	728
2011-11-15	$11.27	$11.25	29.6%	8.5%	29.8%	3.3%	0.0%	-10.5%	0.7%	21.6K	-722.6K	-1.6K	0.00	121.45	0	0	900	728
2011-11-16	$11.18	$11.25	38.9%	11.1%	27.5%	12.5%	0.0%	2.1%	-4.4%	22.4K	-694.5K	-1.6K	0.00	126.37	0	40	900	728
2011-11-17	$11.15	$11.25	30.6%	8.8%	27.6%	4.2%	0.0%	3.0%	2.0%	25.6K	-669.4K	-1.7K	0.00	112.07	0	0	900	768
2011-11-18	$11.09	$11.25	31.8%	9.1%	27.7%	5.4%	0.0%	2.6%	1.8%	29.2K	-622.1K	-1.7K	0.00	122.00	0	0	900	768
2011-11-21	$10.79	$11.25	36.2%	10.4%	29.6%	9.9%	0.0%	14.6%	6.0%	11.4K	-457.9K	-1.7K	0.00	132.87	0	0	716	688
2011-11-22	$10.75	$11.25	36.8%	10.6%	28.7%	10.5%	0.0%	15.5%	5.5%	11.2K	-444.1K	-1.8K	0.00	133.68	0	0	716	688
2011-11-23	$10.52	$11.25	58.3%	16.7%	29.9%	31.9%	0.0%	24.8%	-11.5%	11.1K	-385.2K	-1.8K	0.00	131.60	0	0	716	688
2011-11-25	$10.44	$11.25	60.8%	17.4%	26.5%	34.3%	0.0%	37.5%	-13.4%	11.2K	-369.4K	-1.8K	0.00	131.42	0	0	716	688
2011-11-28	$11.02	$11.25	34.8%	10.0%	32.9%	8.4%	0.0%	24.8%	20.3%	11.1K	-505.8K	-1.6K	0.00	132.84	0	0	716	688
2011-11-29	$10.90	$11.25	38.8%	11.1%	33.1%	12.4%	0.0%	23.5%	12.9%	11.4K	-481.8K	-1.6K	0.00	131.92	0	0	716	688
2011-11-30	$11.29	$11.25	38.1%	10.9%	34.2%	11.7%	0.0%	17.6%	19.7%	10.6K	-576.3K	-1.4K	0.00	132.85	0	0	716	688