MANH Options History — February 2012

In February 2012, MANH traded between $11.41 and $11.76. ATM implied volatility averaged 41.3%, placing in the 15.0% IV rank vs the trailing year. The 30-day expected move averaged 10.8%. IV traded above realized volatility by 13.1% (HV 20d: 28.2%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 3 of 20 days. Put/call ratio averaged 1.64.

Notable Days

2012-02-14: Highest Volume — 180 contracts
2012-02-14: Largest IV spike — 68.6% change
2012-02-03: Highest IV Rank — 37.0%
2012-02-02: Largest Expected Move — 15.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.59	$11.41	$11.76	$11.56	$11.59
Max Pain	$11.84	$10.00	$12.50	$10.00	$12.50
ATM IV	41.3%	26.2%	63.5%	45.3%	35.1%
Expected Move	10.8%	7.5%	15.9%	13.0%	10.1%
HV 20d	28.2%	23.0%	33.4%	33.4%	24.2%
HV 60d	32.5%	29.7%	34.0%	33.9%	29.7%
IV Rank	15.0%	0.0%	37.0%	18.9%	8.8%
IV Percentile	26.4%	0.0%	73.0%	32.1%	13.5%
Term Structure	-7.4%	-27.1%	9.8%	8.7%	-22.9%
VWIV	32.1%	20.5%	55.7%	32.5%	21.3%
Skew 25d	17.5%	-8.8%	51.6%	51.6%	15.0%
Skew 10d	13.6%	2.8%	28.9%	23.1%	28.9%
Call IV 25d	33.9%	19.7%	56.8%	28.8%	26.3%
Put IV 25d	51.3%	24.4%	82.9%	80.4%	41.3%
Bid-Ask Spread %	130.87	128.56	132.97	129.41	131.63
Gamma HHI	0.40	0.26	0.47	0.46	0.42
Net GEX	7.8K	332	12.3K	11.7K	11.1K
Net DEX	-186.0K	-327.6K	-62.1K	-327.6K	-166.7K
Net VEX	-1.6K	-2.0K	-1.1K	-1.1K	-1.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.64	0.00	20.00	0.00	0.00
Total Volume	54.6	0	180	88	8
Total OI	1,405.2	932	1,760	1,016	1,668

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
2012-02-01	$11.56	$10.00	45.3%	13.0%	33.4%	18.9%	32.5%	51.6%	8.7%	11.7K	-327.6K	-1.1K	0.00	129.41	88	0	536	480
2012-02-02	$11.68	$11.25	55.5%	15.9%	32.4%	29.0%	38.8%	49.4%	-7.4%	10.9K	-259.0K	-1.1K	0.00	130.11	52	0	452	480
2012-02-03	$11.55	$0.00	63.5%	10.8%	33.0%	37.0%	42.5%	1.9%	-1.9%	11.2K	-269.3K	-1.1K	0.00	129.31	0	120	480	480
2012-02-06	$11.54	$11.25	63.4%	8.6%	33.0%	36.9%	29.9%	-6.7%	-2.4%	7.3K	-195.9K	-1.3K	2.73	132.87	44	120	480	600
2012-02-07	$11.60	$11.25	38.0%	10.0%	33.0%	11.7%	0.0%	-3.0%	-2.1%	5.3K	-173.7K	-1.5K	0.00	130.33	4	0	524	720
2012-02-08	$11.57	$11.25	39.3%	7.5%	32.0%	12.9%	0.0%	-8.8%	2.3%	5.1K	-181.7K	-1.5K	0.00	129.11	0	0	528	720
2012-02-09	$11.54	$11.25	40.1%	11.5%	30.9%	13.7%	0.0%	2.1%	-0.6%	4.4K	-160.2K	-1.5K	0.00	132.31	12	0	528	720
2012-02-10	$11.41	$11.25	40.1%	11.5%	31.4%	13.7%	55.7%	1.4%	-3.0%	4.6K	-150.2K	-1.6K	20.00	132.47	4	80	540	720
2012-02-13	$11.61	$11.25	26.2%	7.5%	31.0%	0.0%	20.5%	19.1%	9.8%	332	-154.0K	-1.7K	0.00	128.58	68	0	544	800
2012-02-14	$11.63	$11.25	44.1%	12.7%	29.3%	17.9%	26.2%	34.1%	-7.4%	6.7K	-196.8K	-1.7K	0.88	130.85	96	84	612	800
2012-02-15	$11.57	$12.50	43.6%	12.5%	28.7%	17.4%	21.6%	36.0%	-6.2%	6.3K	-164.4K	-1.9K	0.00	130.22	88	0	708	884
2012-02-16	$11.63	$12.50	44.6%	12.8%	24.6%	18.3%	21.3%	34.2%	-6.3%	6.6K	-210.7K	-2.0K	0.00	131.18	80	0	796	884
2012-02-17	$11.50	$12.50	45.9%	13.2%	23.1%	19.6%	0.0%	43.1%	-5.2%	7.1K	-187.0K	-2.0K	0.00	130.85	44	0	876	884
2012-02-21	$11.52	$12.50	45.1%	12.9%	23.0%	18.8%	0.0%	42.7%	-13.6%	8.8K	-158.4K	-1.8K	0.00	128.56	0	40	728	844
2012-02-22	$11.44	$12.50	30.5%	8.7%	23.2%	4.3%	0.0%	12.6%	-8.7%	5.6K	-62.1K	-1.9K	0.00	130.35	0	0	728	884
2012-02-23	$11.72	$12.50	29.7%	8.5%	24.4%	3.5%	0.0%	3.8%	-20.3%	12.3K	-196.9K	-1.7K	1.00	132.97	4	4	728	884
2012-02-24	$11.64	$12.50	30.6%	8.8%	24.7%	4.3%	0.0%	7.3%	-18.5%	10.2K	-153.4K	-1.7K	0.00	132.66	8	0	728	888
2012-02-27	$11.76	$12.50	32.1%	9.2%	24.8%	5.9%	0.0%	4.6%	-27.1%	10.0K	-185.3K	-1.7K	0.00	132.34	0	0	736	888
2012-02-28	$11.70	$12.50	33.4%	9.6%	24.4%	7.2%	0.0%	8.8%	-16.2%	9.7K	-167.2K	-1.7K	0.00	131.23	44	0	736	888
2012-02-29	$11.59	$12.50	35.1%	10.1%	24.2%	8.8%	0.0%	15.0%	-22.9%	11.1K	-166.7K	-1.8K	0.00	131.63	8	0	780	888