MANH Options History — July 2012

In July 2012, MANH traded between $10.37 and $11.96. ATM implied volatility averaged 31.3%, placing in the 9.8% IV rank vs the trailing year. The 30-day expected move averaged 9.0%. IV traded below realized volatility by 3.3% (HV 20d: 34.6%). Max pain ranged from $11.25 to $11.25. Net GEX was positive for 7 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 2.51.

Notable Days

2012-07-05: Highest Volume — 2,872 contracts
2012-07-25: Largest IV drop — 23.9% change
2012-07-24: Highest IV Rank — 16.3%
2012-07-24: Largest Expected Move — 10.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.07	$10.37	$11.96	$11.44	$11.67
Max Pain	$11.25	$11.25	$11.25	$11.25	$11.25
ATM IV	31.3%	22.5%	36.6%	34.6%	26.6%
Expected Move	9.0%	6.4%	10.5%	9.9%	7.6%
HV 20d	34.6%	24.9%	51.4%	24.9%	48.6%
HV 60d	29.6%	24.3%	34.0%	28.3%	33.7%
IV Rank	9.8%	0.5%	16.3%	11.9%	5.1%
IV Percentile	20.7%	0.4%	42.9%	29.4%	6.3%
Term Structure	-0.6%	-2.1%	1.5%	-1.4%	1.1%
VWIV	30.7%	21.1%	35.0%	34.7%	21.1%
Skew 25d	7.1%	0.5%	14.8%	14.8%	8.7%
Skew 10d	6.6%	-3.1%	21.4%	19.7%	9.7%
Call IV 25d	26.4%	17.9%	33.1%	22.4%	17.9%
Put IV 25d	33.5%	25.4%	37.5%	37.3%	26.5%
Bid-Ask Spread %	29.32	19.90	38.37	29.32	26.68
Gamma HHI	0.47	0.23	0.70	0.68	0.25
Net GEX	-66.9K	-170.4K	31.5K	-142.6K	12.5K
Net DEX	1.5M	-504.6K	3.0M	1.2M	-218.5K
Net VEX	-7.7K	-10.0K	-5.1K	-9.2K	-8.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.51	0.00	22.93	4.50	0.00
Total Volume	358.286	0	2,872	440	40
Total OI	6,371.619	4,036	7,484	6,504	5,448

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
2012-07-02	$11.44	$11.25	34.6%	9.9%	24.9%	11.9%	34.7%	14.8%	-1.4%	-142.6K	1.2M	-9.2K	4.50	29.32	80	360	2,200	4,304
2012-07-03	$11.40	$11.25	35.0%	10.0%	24.9%	12.4%	35.0%	5.6%	-2.1%	-151.2K	1.4M	-9.9K	0.28	34.67	160	44	2,268	4,568
2012-07-05	$11.46	$11.25	32.4%	9.3%	24.9%	9.9%	32.4%	13.2%	-0.1%	-160.3K	1.1M	-10.0K	22.93	27.14	120	2,752	2,428	4,608
2012-07-06	$10.97	$11.25	33.0%	9.5%	29.3%	10.4%	33.1%	6.2%	-1.4%	-136.9K	1.8M	-9.1K	6.36	28.12	44	280	2,548	4,236
2012-07-09	$10.93	$11.25	32.9%	9.5%	29.3%	10.3%	0.0%	4.9%	-1.3%	-148.1K	2.0M	-8.7K	0.50	26.44	80	40	2,592	4,300
2012-07-10	$10.74	$11.25	32.3%	9.5%	29.1%	9.8%	33.0%	5.0%	-1.2%	-130.9K	2.4M	-7.6K	0.00	30.84	164	0	2,592	4,300
2012-07-11	$10.71	$11.25	30.7%	9.2%	29.1%	9.7%	32.2%	9.0%	-0.8%	-123.0K	2.6M	-7.1K	0.00	36.51	164	0	2,756	4,300
2012-07-12	$10.70	$11.25	32.6%	9.3%	29.0%	11.8%	0.0%	8.5%	-1.2%	-113.8K	2.6M	-7.1K	0.00	37.28	24	0	2,920	4,300
2012-07-13	$11.01	$11.25	32.4%	9.3%	30.9%	11.5%	0.0%	6.4%	-0.6%	-170.4K	1.9M	-8.2K	0.00	32.33	0	0	2,920	4,300
2012-07-16	$10.66	$11.25	32.3%	9.2%	32.4%	11.4%	32.3%	8.2%	-0.6%	-25.9K	3.0M	-5.7K	0.55	23.36	188	104	2,920	4,300
2012-07-17	$10.72	$11.25	32.2%	9.2%	32.5%	11.4%	0.0%	9.1%	-1.2%	-40.7K	3.0M	-6.0K	0.00	23.73	0	0	3,040	4,364
2012-07-18	$10.83	$11.25	32.1%	9.2%	32.8%	11.2%	0.0%	9.8%	-0.9%	-92.5K	2.8M	-6.5K	0.00	37.56	4	0	3,040	4,364
2012-07-19	$10.79	$11.25	30.9%	8.9%	32.6%	9.8%	31.1%	7.4%	-0.4%	-66.4K	2.8M	-6.1K	0.22	38.37	180	40	3,036	4,324
2012-07-20	$10.71	$11.25	31.7%	9.1%	32.0%	10.8%	0.0%	6.4%	-1.4%	-353	2.9M	-6.1K	0.00	24.69	0	492	3,124	4,360
2012-07-23	$10.61	$11.25	35.1%	10.1%	32.1%	14.6%	34.2%	3.6%	-0.2%	5.4K	421.8K	-5.8K	0.00	27.22	88	0	2,520	1,516
2012-07-24	$10.37	$11.25	36.6%	10.5%	32.1%	16.3%	32.8%	0.5%	-0.5%	4.9K	516.5K	-5.1K	0.65	27.95	308	200	2,608	1,516
2012-07-25	$11.51	$11.25	27.9%	8.0%	49.5%	6.5%	23.9%	6.8%	-0.1%	31.5K	-504.6K	-7.7K	1.72	37.56	564	968	2,812	1,672
2012-07-26	$11.96	$11.25	22.5%	6.4%	51.1%	0.5%	22.7%	3.4%	1.5%	16.8K	-478.3K	-9.0K	0.00	19.90	0	16	3,060	2,424
2012-07-27	$11.73	$11.25	27.3%	7.8%	51.4%	5.8%	21.1%	3.7%	0.4%	14.1K	-264.2K	-8.9K	0.00	20.81	0	20	3,060	2,408
2012-07-30	$11.56	$11.25	27.0%	7.7%	48.5%	5.5%	0.0%	7.7%	0.3%	12.1K	-219.5K	-8.9K	0.00	25.35	0	0	3,060	2,388
2012-07-31	$11.67	$11.25	26.6%	7.6%	48.6%	5.1%	0.0%	8.7%	1.1%	12.5K	-218.5K	-8.6K	0.00	26.68	40	0	3,060	2,388