MANH Options History — September 2012

In September 2012, MANH traded between $12.81 and $14.63. ATM implied volatility averaged 22.9%, placing in the 10.3% IV rank vs the trailing year. The 30-day expected move averaged 7.1%. IV traded above realized volatility by 3.4% (HV 20d: 19.4%). Max pain ranged from $11.25 to $12.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 1.87.

Notable Days

2012-09-18: Highest Volume — 976 contracts
2012-09-10: Largest IV spike — 37.9% change
2012-09-25: Highest IV Rank — 16.9%
2012-09-25: Largest Expected Move — 8.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.89	$12.81	$14.63	$12.81	$14.32
Max Pain	$12.30	$11.25	$12.50	$11.25	$12.50
ATM IV	22.9%	12.4%	29.1%	21.0%	28.9%
Expected Move	7.1%	5.5%	8.3%	6.0%	8.3%
HV 20d	19.4%	12.6%	24.3%	14.0%	24.3%
HV 60d	33.0%	32.0%	34.1%	32.7%	32.5%
IV Rank	10.3%	0.0%	16.9%	7.2%	16.6%
IV Percentile	12.1%	0.0%	27.0%	4.4%	27.0%
Term Structure	0.1%	-3.1%	6.9%	6.9%	-2.7%
VWIV	24.8%	17.6%	29.0%	22.0%	29.0%
Skew 25d	3.1%	-5.1%	10.1%	4.9%	2.6%
Skew 10d	5.9%	-4.0%	56.0%	6.2%	1.5%
Call IV 25d	22.2%	16.0%	25.5%	16.0%	25.5%
Put IV 25d	25.3%	13.5%	28.1%	20.9%	28.1%
Bid-Ask Spread %	30.61	23.75	35.51	27.14	35.51
Gamma HHI	0.47	0.36	0.67	0.44	0.37
Net GEX	114.8K	93.0K	132.3K	93.4K	115.8K
Net DEX	-3.4M	-5.1M	-1.5M	-1.5M	-3.3M
Net VEX	-13.0K	-18.1K	-8.1K	-8.1K	-18.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.87	0.00	15.90	1.17	1.60
Total Volume	440.211	44	976	260	104
Total OI	7,736.842	5,472	9,344	5,472	9,080

Daily Data (19 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
2012-09-04	$12.81	$11.25	21.0%	6.0%	14.0%	7.2%	0.0%	4.9%	6.9%	93.4K	-1.5M	-8.1K	1.17	27.14	120	140	3,176	2,296
2012-09-05	$12.87	$11.25	21.9%	6.3%	12.6%	8.2%	22.0%	10.1%	6.0%	98.4K	-1.7M	-8.4K	0.38	24.46	472	180	3,296	2,336
2012-09-06	$13.20	$11.25	19.2%	5.5%	14.8%	5.4%	0.0%	-5.1%	6.4%	96.7K	-2.2M	-9.1K	0.63	33.74	324	204	3,580	2,456
2012-09-07	$13.15	$12.50	12.4%	7.1%	15.0%	0.0%	24.5%	3.5%	0.2%	93.0K	-2.3M	-9.7K	0.62	31.33	592	368	3,856	2,620
2012-09-10	$13.01	$12.50	17.1%	7.8%	15.9%	4.7%	25.7%	-0.4%	-1.6%	117.8K	-1.9M	-11.3K	1.20	33.27	240	288	4,272	2,896
2012-09-11	$13.29	$12.50	15.3%	7.3%	16.5%	2.9%	0.0%	6.1%	-0.7%	120.5K	-2.5M	-11.7K	1.60	31.72	20	32	4,432	3,036
2012-09-12	$13.53	$12.50	20.4%	7.3%	16.1%	8.1%	27.8%	3.0%	-0.3%	127.7K	-3.0M	-11.6K	0.61	29.48	124	76	4,432	3,036
2012-09-13	$14.13	$12.50	25.6%	7.3%	20.7%	13.4%	25.6%	3.3%	-0.9%	125.3K	-4.2M	-10.8K	0.15	24.16	260	40	4,484	3,036
2012-09-14	$14.40	$12.50	23.6%	6.8%	21.0%	11.3%	18.4%	3.6%	-0.4%	111.7K	-4.6M	-10.4K	0.00	33.04	432	0	4,496	3,036
2012-09-17	$14.52	$12.50	23.0%	6.6%	20.8%	10.7%	0.0%	5.7%	0.4%	120.7K	-4.9M	-10.8K	1.09	27.24	180	196	4,784	3,036
2012-09-18	$14.63	$12.50	23.3%	6.7%	20.5%	11.0%	0.0%	5.9%	-0.3%	116.1K	-5.1M	-11.3K	0.32	33.81	740	236	4,904	3,192
2012-09-19	$14.44	$12.50	23.4%	6.7%	21.6%	11.2%	25.3%	3.5%	-0.1%	132.3K	-5.0M	-14.2K	3.20	33.98	80	256	5,408	3,396
2012-09-20	$14.39	$12.50	22.9%	6.6%	21.6%	10.6%	17.6%	3.8%	0.0%	128.1K	-4.8M	-14.8K	2.20	33.70	164	360	5,448	3,652
2012-09-21	$14.34	$12.50	25.5%	7.3%	22.0%	13.2%	25.4%	1.7%	-1.1%	126.1K	-4.6M	-16.1K	0.00	34.48	140	0	5,532	3,812
2012-09-24	$14.29	$12.50	28.3%	8.1%	22.1%	16.1%	27.8%	1.8%	-2.0%	128.3K	-3.3M	-16.4K	15.90	32.29	40	636	4,744	3,052
2012-09-25	$14.23	$12.50	29.1%	8.3%	22.3%	16.9%	29.0%	1.4%	-3.1%	105.0K	-3.0M	-17.2K	1.74	33.43	344	600	4,704	3,556
2012-09-26	$14.04	$12.50	28.9%	8.3%	23.4%	16.7%	29.0%	-0.8%	-2.5%	105.7K	-2.6M	-18.1K	1.18	25.12	152	180	5,020	3,872
2012-09-27	$14.41	$12.50	24.7%	7.1%	23.9%	12.4%	0.0%	3.8%	-1.6%	117.8K	-3.5M	-18.1K	0.00	23.75	0	44	5,164	3,872
2012-09-28	$14.32	$12.50	28.9%	8.3%	24.3%	16.6%	0.0%	2.6%	-2.7%	115.8K	-3.3M	-18.1K	1.60	35.51	40	64	5,164	3,916