MANH Options History — April 2012

In April 2012, MANH traded between $11.30 and $12.73. ATM implied volatility averaged 45.6%, placing in the 19.2% IV rank vs the trailing year. The 30-day expected move averaged 12.0%. IV traded above realized volatility by 24.1% (HV 20d: 21.5%). Max pain ranged from $11.25 to $12.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 5 of 20 days. Put/call ratio averaged 0.52.

Notable Days

2012-04-27: Highest Volume — 408 contracts
2012-04-04: Largest IV spike — 90.3% change
2012-04-11: Highest IV Rank — 47.6%
2012-04-04: Largest Expected Move — 16.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.81	$11.30	$12.73	$11.99	$12.54
Max Pain	$11.81	$11.25	$12.50	$11.25	$12.50
ATM IV	45.6%	29.9%	74.1%	35.8%	39.9%
Expected Move	12.0%	8.6%	16.8%	10.3%	11.4%
HV 20d	21.5%	15.9%	35.0%	19.4%	35.0%
HV 60d	24.5%	21.9%	27.9%	25.4%	25.9%
IV Rank	19.2%	3.7%	47.6%	9.6%	13.6%
IV Percentile	43.1%	5.2%	92.1%	20.2%	35.3%
Term Structure	-4.8%	-15.4%	17.5%	-0.3%	4.9%
VWIV	35.7%	22.6%	48.6%	42.8%	39.9%
Skew 25d	32.4%	11.8%	79.0%	30.5%	38.6%
Skew 10d	23.5%	-5.4%	130.7%	23.9%	48.1%
Call IV 25d	33.5%	20.4%	53.2%	34.6%	28.4%
Put IV 25d	65.9%	54.0%	111.1%	65.2%	67.0%
Bid-Ask Spread %	124.98	118.27	128.50	122.14	124.28
Gamma HHI	0.32	0.26	0.41	0.32	0.37
Net GEX	19.0K	5.5K	31.1K	21.4K	24.7K
Net DEX	-296.0K	-478.6K	-95.3K	-423.5K	-400.1K
Net VEX	-2.9K	-3.3K	-2.5K	-3.2K	-3.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.52	0.00	2.50	0.00	1.00
Total Volume	69.6	0	408	12	160
Total OI	1,995.4	1,304	2,272	2,224	1,876

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
2012-04-02	$11.99	$11.25	35.8%	10.3%	19.4%	9.6%	42.8%	30.5%	-0.3%	21.4K	-423.5K	-3.2K	0.00	122.14	12	0	1,284	940
2012-04-03	$11.97	$11.25	30.9%	8.8%	18.4%	4.6%	48.6%	34.9%	1.6%	22.1K	-430.9K	-3.2K	0.00	124.25	20	0	1,280	940
2012-04-04	$11.82	$11.25	58.7%	16.8%	18.9%	32.4%	0.0%	34.6%	-11.6%	18.4K	-351.4K	-3.1K	0.00	122.65	0	0	1,260	940
2012-04-05	$11.92	$11.25	35.0%	10.0%	18.8%	8.7%	0.0%	51.5%	0.6%	20.1K	-379.4K	-3.1K	0.00	120.80	0	0	1,260	940
2012-04-09	$11.73	$12.50	64.5%	11.6%	18.3%	38.1%	0.0%	17.6%	-7.8%	20.1K	-310.6K	-3.0K	0.00	126.50	4	0	1,260	940
2012-04-10	$11.56	$12.50	56.8%	11.5%	18.8%	30.4%	0.0%	21.6%	-3.5%	19.8K	-265.2K	-2.9K	2.50	126.79	48	120	1,264	940
2012-04-11	$11.71	$12.50	74.1%	11.8%	17.8%	47.6%	0.0%	18.5%	-7.2%	17.8K	-307.1K	-2.9K	0.00	126.29	0	0	1,256	940
2012-04-12	$11.56	$12.50	52.4%	15.0%	17.7%	26.1%	0.0%	11.8%	-10.5%	21.2K	-286.9K	-3.0K	0.00	118.27	0	0	1,256	940
2012-04-13	$11.45	$12.50	41.3%	11.8%	17.8%	15.0%	0.0%	25.4%	-6.8%	14.6K	-236.3K	-2.8K	0.00	128.13	0	0	1,256	940
2012-04-16	$11.36	$12.50	43.4%	12.4%	15.9%	17.1%	0.0%	27.6%	-9.6%	19.3K	-184.1K	-2.6K	0.00	127.31	4	0	1,256	940
2012-04-17	$11.46	$12.50	43.8%	12.5%	16.1%	17.5%	0.0%	26.5%	-9.9%	15.3K	-209.3K	-2.6K	0.00	127.84	0	0	1,252	940
2012-04-18	$11.31	$12.50	44.9%	12.9%	16.4%	18.6%	44.9%	34.0%	-14.5%	14.5K	-174.8K	-2.5K	1.00	127.49	40	40	1,252	940
2012-04-19	$11.30	$11.25	44.2%	12.7%	16.4%	17.9%	0.0%	27.9%	-11.2%	17.0K	-177.7K	-2.7K	0.00	126.69	0	0	1,292	980
2012-04-20	$11.62	$11.25	45.4%	13.0%	19.4%	19.1%	0.0%	24.2%	-10.0%	20.8K	-265.2K	-2.6K	0.75	127.62	16	12	1,292	980
2012-04-23	$11.40	$11.25	48.7%	14.0%	20.3%	22.4%	0.0%	30.7%	-14.0%	5.5K	-95.3K	-2.5K	0.00	127.17	20	0	856	448
2012-04-24	$11.54	$11.25	51.3%	14.7%	19.6%	25.0%	24.6%	37.8%	-15.4%	5.8K	-124.2K	-2.5K	0.00	123.66	80	0	868	448
2012-04-25	$12.48	$11.25	29.9%	8.6%	34.7%	3.7%	22.6%	38.9%	17.5%	20.2K	-402.9K	-2.8K	0.31	128.50	128	40	948	448
2012-04-26	$12.66	$11.25	31.4%	9.0%	34.9%	5.2%	25.3%	36.3%	16.2%	31.1K	-415.8K	-2.8K	0.50	121.78	160	80	940	488
2012-04-27	$12.73	$11.25	38.7%	11.1%	34.9%	12.4%	37.4%	79.0%	-3.7%	31.0K	-478.6K	-3.0K	0.65	121.34	248	160	1,060	568
2012-04-30	$12.54	$12.50	39.9%	11.4%	35.0%	13.6%	39.9%	38.6%	4.9%	24.7K	-400.1K	-3.3K	1.00	124.28	80	80	1,148	728