MANH Options History — December 2011

In December 2011, MANH traded between $10.07 and $11.62. ATM implied volatility averaged 50.9%, placing in the 24.4% IV rank vs the trailing year. The 30-day expected move averaged 11.7%. IV traded above realized volatility by 16.0% (HV 20d: 34.9%). Max pain ranged from $8.75 to $11.25. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 0.28.

Notable Days

2011-12-01: Highest Volume — 128 contracts
2011-12-13: Largest IV spike — 148.0% change
2011-12-14: Highest IV Rank — 84.7%
2011-12-27: Largest Expected Move — 15.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.89	$10.07	$11.62	$11.11	$10.12
Max Pain	$8.99	$8.75	$11.25	$11.25	$8.75
ATM IV	50.9%	27.6%	111.4%	40.7%	32.5%
Expected Move	11.7%	8.7%	15.5%	11.7%	9.3%
HV 20d	34.9%	32.7%	39.4%	34.9%	34.8%
HV 60d	38.5%	35.8%	39.6%	39.5%	36.0%
IV Rank	24.4%	1.3%	84.7%	14.3%	6.1%
IV Percentile	39.9%	1.6%	98.8%	25.0%	6.7%
Term Structure	-4.0%	-24.8%	15.1%	15.1%	-5.9%
VWIV	37.3%	24.7%	45.3%	45.3%	37.0%
Skew 25d	10.7%	-18.5%	51.8%	21.0%	4.4%
Skew 10d	17.5%	-18.3%	68.3%	8.3%	8.8%
Call IV 25d	49.6%	18.8%	74.4%	62.7%	25.0%
Put IV 25d	60.3%	29.4%	83.7%	83.7%	29.4%
Bid-Ask Spread %	129.32	122.42	133.25	133.25	122.73
Gamma HHI	0.49	0.39	0.61	0.52	0.60
Net GEX	14.0K	6.7K	22.6K	10.9K	22.6K
Net DEX	-499.7K	-700.8K	-311.3K	-527.0K	-323.7K
Net VEX	-1.4K	-1.6K	-883	-1.6K	-1.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.28	0.00	1.67	1.67	0.00
Total Volume	19.81	0	128	128	0
Total OI	1,536	1,404	1,644	1,404	1,548

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
2011-12-01	$11.11	$11.25	40.7%	11.7%	34.9%	14.3%	45.3%	21.0%	15.1%	10.9K	-527.0K	-1.6K	1.67	133.25	48	80	716	688
2011-12-02	$11.14	$11.25	35.4%	10.1%	32.7%	9.0%	0.0%	10.1%	3.4%	7.5K	-502.7K	-1.6K	0.00	122.82	0	0	740	768
2011-12-05	$11.38	$8.75	57.2%	10.4%	33.4%	30.7%	0.0%	2.9%	0.0%	6.7K	-573.5K	-1.4K	0.00	130.25	104	0	740	768
2011-12-06	$11.62	$8.75	58.5%	10.3%	33.9%	32.0%	0.0%	5.5%	4.0%	10.6K	-700.8K	-1.4K	0.00	129.40	0	0	836	768
2011-12-07	$11.48	$8.75	27.6%	10.7%	34.3%	1.3%	0.0%	4.0%	-0.2%	13.6K	-679.1K	-1.4K	0.00	129.05	0	0	836	768
2011-12-08	$11.15	$8.75	52.5%	10.9%	34.1%	26.0%	0.0%	2.1%	-6.7%	13.2K	-565.3K	-1.6K	0.00	128.09	0	0	836	768
2011-12-09	$11.33	$8.75	66.0%	10.9%	33.0%	39.5%	0.0%	2.9%	-2.7%	11.6K	-605.1K	-1.5K	0.00	129.63	0	0	836	768
2011-12-12	$11.28	$8.75	38.5%	8.7%	33.0%	12.2%	24.7%	28.4%	10.0%	15.2K	-642.5K	-1.2K	0.00	130.59	48	0	836	768
2011-12-13	$11.07	$8.75	95.6%	11.1%	33.5%	68.9%	0.0%	2.6%	-6.3%	14.1K	-558.1K	-1.6K	0.00	125.87	0	0	876	768
2011-12-14	$10.89	$8.75	111.4%	11.8%	33.9%	84.7%	0.0%	27.4%	-13.1%	14.7K	-513.5K	-1.5K	0.00	129.38	0	0	876	768
2011-12-15	$10.96	$8.75	42.0%	12.0%	33.9%	15.6%	0.0%	1.8%	-13.8%	15.5K	-424.1K	-1.6K	0.00	129.89	0	0	876	768
2011-12-16	$10.96	$8.75	41.7%	11.9%	33.9%	15.3%	0.0%	1.5%	-12.4%	13.3K	-433.6K	-1.4K	0.00	130.63	0	0	876	768
2011-12-19	$10.73	$8.75	38.1%	10.9%	34.6%	11.8%	42.3%	8.2%	-2.6%	14.5K	-482.2K	-1.5K	0.00	128.45	4	0	744	688
2011-12-20	$11.12	$8.75	41.7%	12.0%	35.6%	15.4%	0.0%	-18.5%	-24.8%	16.9K	-662.1K	-883	0.00	129.65	0	0	748	688
2011-12-21	$10.65	$8.75	46.2%	13.3%	39.0%	19.8%	0.0%	2.7%	-15.8%	13.0K	-436.8K	-1.4K	0.00	133.20	0	0	748	688
2011-12-22	$10.37	$8.75	47.6%	13.7%	39.4%	21.2%	37.0%	48.7%	-5.1%	17.7K	-381.4K	-1.4K	0.00	122.42	52	0	748	688
2011-12-23	$10.43	$8.75	50.7%	14.5%	39.3%	24.3%	0.0%	7.9%	-4.7%	13.7K	-393.4K	-1.5K	0.00	133.09	0	0	780	688
2011-12-27	$10.50	$8.75	54.2%	15.5%	33.9%	27.8%	0.0%	3.1%	-6.6%	13.6K	-411.2K	-1.4K	0.00	132.99	0	0	780	688
2011-12-28	$10.07	$8.75	46.9%	13.5%	36.7%	20.5%	0.0%	51.8%	12.6%	16.2K	-311.3K	-1.4K	0.00	132.30	80	0	780	688
2011-12-29	$10.27	$8.75	43.1%	12.4%	34.9%	16.8%	0.0%	6.6%	-7.6%	18.8K	-365.4K	-1.4K	0.00	132.03	0	0	860	688
2011-12-30	$10.12	$8.75	32.5%	9.3%	34.8%	6.1%	0.0%	4.4%	-5.9%	22.6K	-323.7K	-1.3K	0.00	122.73	0	0	860	688