MANH Options History — January 2012

In January 2012, MANH traded between $9.94 and $10.96. ATM implied volatility averaged 47.7%, placing in the 21.3% IV rank vs the trailing year. The 30-day expected move averaged 13.6%. IV traded above realized volatility by 14.5% (HV 20d: 33.2%). Max pain ranged from $8.75 to $11.25. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.13.

Notable Days

2012-01-26: Highest Volume — 144 contracts
2012-01-27: Largest IV spike — 88.1% change
2012-01-10: Highest IV Rank — 36.8%
2012-01-19: Largest Expected Move — 17.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.41	$9.94	$10.96	$10.10	$10.96
Max Pain	$10.38	$8.75	$11.25	$8.75	$10.00
ATM IV	47.7%	28.6%	63.3%	54.1%	40.8%
Expected Move	13.6%	8.2%	17.1%	15.5%	11.7%
HV 20d	33.2%	28.6%	38.1%	34.7%	28.6%
HV 60d	33.8%	32.3%	35.5%	35.4%	32.9%
IV Rank	21.3%	2.3%	36.8%	27.7%	14.4%
IV Percentile	38.6%	2.0%	72.6%	49.2%	25.0%
Term Structure	-4.8%	-25.6%	27.6%	1.2%	22.8%
VWIV	40.6%	14.4%	62.7%	62.7%	44.6%
Skew 25d	21.9%	2.3%	68.0%	8.3%	35.4%
Skew 10d	30.4%	8.8%	85.7%	9.7%	19.2%
Call IV 25d	52.0%	24.4%	83.0%	83.0%	49.3%
Put IV 25d	73.9%	61.1%	92.4%	91.3%	84.7%
Bid-Ask Spread %	129.10	123.58	132.76	132.76	123.58
Gamma HHI	0.51	0.32	0.78	0.50	0.49
Net GEX	16.2K	2.3K	39.8K	16.5K	8.8K
Net DEX	-294.5K	-650.4K	-69.0K	-316.4K	-197.0K
Net VEX	-996	-1.3K	-704	-1.3K	-1.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.13	0.00	1.00	0.00	0.00
Total Volume	22.4	0	144	0	80
Total OI	1,320.2	820	1,624	1,548	964

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
2012-01-03	$10.10	$8.75	54.1%	15.5%	34.7%	27.7%	0.0%	8.3%	1.2%	16.5K	-316.4K	-1.3K	0.00	132.76	0	0	860	688
2012-01-04	$9.94	$8.75	47.4%	13.6%	33.4%	21.0%	0.0%	68.0%	15.4%	18.4K	-260.1K	-1.3K	0.00	132.28	0	0	860	688
2012-01-05	$9.99	$8.75	51.2%	14.7%	32.2%	24.7%	0.0%	63.1%	10.7%	29.1K	-274.4K	-1.2K	0.00	129.59	0	0	860	688
2012-01-06	$9.97	$11.25	49.2%	12.4%	32.2%	22.8%	0.0%	2.3%	-9.5%	19.4K	-271.1K	-1.2K	0.00	129.00	0	0	860	688
2012-01-09	$10.03	$11.25	41.8%	12.8%	31.4%	15.4%	0.0%	2.7%	-9.0%	26.0K	-291.5K	-1.1K	0.00	129.30	0	0	860	688
2012-01-10	$10.34	$11.25	63.3%	12.9%	33.0%	36.8%	0.0%	9.5%	-10.8%	16.2K	-382.2K	-1.1K	0.00	126.06	8	0	860	688
2012-01-11	$10.14	$11.25	31.2%	13.1%	33.4%	4.8%	0.0%	5.1%	-10.2%	37.7K	-370.1K	-1.0K	0.00	128.82	0	0	868	688
2012-01-12	$10.13	$11.25	46.0%	13.2%	33.0%	19.6%	0.0%	2.7%	-10.4%	18.9K	-334.7K	-1.0K	0.00	129.92	0	0	868	688
2012-01-13	$10.04	$11.25	46.9%	13.5%	32.8%	20.5%	0.0%	2.6%	-14.5%	18.2K	-301.0K	-1.0K	0.00	129.69	0	0	868	688
2012-01-17	$10.39	$11.25	50.1%	14.4%	35.5%	23.6%	0.0%	2.5%	-11.5%	19.1K	-423.1K	-898	0.00	128.29	8	0	868	688
2012-01-18	$10.64	$11.25	49.8%	14.3%	36.7%	23.4%	0.0%	16.3%	-25.6%	20.8K	-522.0K	-790	0.00	129.41	4	0	860	688
2012-01-19	$10.28	$11.25	59.7%	17.1%	38.1%	33.2%	62.7%	13.9%	-23.6%	39.8K	-546.7K	-739	1.00	124.59	40	40	856	688
2012-01-20	$10.62	$10.00	57.9%	16.6%	37.8%	31.4%	0.0%	15.8%	-21.6%	2.3K	-650.4K	-704	0.00	124.71	80	0	896	728
2012-01-23	$10.58	$10.00	56.2%	16.1%	34.5%	29.7%	0.0%	38.8%	-10.8%	3.3K	-69.0K	-815	0.00	129.95	0	0	340	480
2012-01-24	$10.69	$10.00	52.1%	14.9%	33.2%	25.7%	0.0%	16.6%	-19.7%	3.7K	-96.5K	-868	0.00	129.27	0	0	340	480
2012-01-25	$10.78	$10.00	31.6%	9.0%	33.3%	5.2%	0.0%	36.4%	20.1%	4.4K	-102.6K	-808	0.00	131.88	44	0	340	480
2012-01-26	$10.82	$10.00	28.6%	8.2%	33.2%	2.3%	14.4%	42.7%	27.6%	4.6K	-103.9K	-811	0.00	130.24	144	0	344	480
2012-01-27	$10.89	$10.00	53.9%	15.5%	29.0%	27.5%	0.0%	21.1%	-21.0%	8.0K	-207.4K	-1.1K	0.00	131.07	0	0	484	480
2012-01-30	$10.77	$10.00	42.6%	12.2%	28.8%	16.2%	0.0%	34.6%	5.1%	8.2K	-169.5K	-1.1K	0.00	131.59	0	0	484	480
2012-01-31	$10.96	$10.00	40.8%	11.7%	28.6%	14.4%	44.6%	35.4%	22.8%	8.8K	-197.0K	-1.1K	0.00	123.58	80	0	484	480