MANH Options History — November 2012

In November 2012, MANH traded between $14.03 and $15.64. ATM implied volatility averaged 24.9%, placing in the 12.7% IV rank vs the trailing year. The 30-day expected move averaged 7.4%. IV traded below realized volatility by 8.6% (HV 20d: 33.5%). Max pain ranged from $13.75 to $16.25. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 1.10.

Notable Days

2012-11-14: Highest Volume — 516 contracts
2012-11-06: Largest IV drop — 34.4% change
2012-11-13: Highest IV Rank — 19.1%
2012-11-14: Largest Expected Move — 8.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.59	$14.03	$15.64	$15.35	$14.31
Max Pain	$14.35	$13.75	$16.25	$15.00	$13.75
ATM IV	24.9%	19.4%	31.3%	26.8%	25.6%
Expected Move	7.4%	6.1%	8.7%	7.7%	7.3%
HV 20d	33.5%	26.2%	36.4%	26.8%	34.9%
HV 60d	26.8%	21.8%	29.3%	22.1%	29.2%
IV Rank	12.7%	7.1%	19.1%	14.6%	13.3%
IV Percentile	19.6%	3.2%	44.0%	23.8%	22.2%
Term Structure	0.5%	-3.3%	2.3%	1.0%	-1.4%
VWIV	25.1%	21.4%	29.4%	26.8%	22.1%
Skew 25d	4.7%	-1.9%	11.3%	10.5%	1.8%
Skew 10d	7.6%	-5.7%	20.7%	10.5%	2.1%
Call IV 25d	21.9%	15.6%	27.6%	16.4%	21.9%
Put IV 25d	26.6%	23.7%	32.2%	26.9%	23.7%
Bid-Ask Spread %	89.33	65.47	104.34	101.86	76.03
Gamma HHI	0.38	0.26	0.54	0.54	0.30
Net GEX	70.4K	-1.7K	102.6K	80.5K	98.8K
Net DEX	-2.4M	-4.3M	-1.0M	-3.6M	-2.2M
Net VEX	-17.3K	-18.6K	-16.0K	-18.1K	-16.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.10	0.00	7.50	7.50	0.00
Total Volume	113.524	0	516	68	0
Total OI	9,612.381	8,608	10,580	9,680	9,268

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
2012-11-01	$15.35	$15.00	26.8%	7.7%	26.8%	14.6%	26.8%	10.5%	1.0%	80.5K	-3.6M	-18.1K	7.50	101.86	8	60	4,728	4,952
2012-11-02	$15.36	$15.00	27.8%	8.0%	26.7%	15.5%	23.2%	11.3%	1.3%	75.3K	-3.8M	-17.1K	0.00	104.34	4	0	4,732	5,012
2012-11-05	$15.22	$16.25	29.6%	8.4%	26.2%	17.4%	0.0%	-1.8%	-3.3%	78.7K	-3.4M	-17.5K	0.00	98.69	0	0	4,732	5,012
2012-11-06	$15.64	$16.25	19.4%	6.5%	27.7%	7.1%	0.0%	6.2%	0.7%	76.9K	-4.3M	-16.0K	0.00	94.18	204	0	4,732	5,012
2012-11-07	$14.66	$16.25	23.2%	7.9%	36.3%	10.9%	0.0%	-1.9%	0.5%	73.2K	-2.3M	-18.0K	1.35	94.11	104	140	4,712	5,012
2012-11-08	$14.49	$16.25	21.3%	7.7%	34.5%	9.0%	28.1%	4.1%	-0.7%	63.9K	-1.7M	-18.1K	0.53	81.40	228	120	4,756	5,064
2012-11-09	$14.51	$13.75	24.3%	7.5%	34.4%	12.0%	0.0%	8.0%	-1.0%	58.3K	-1.8M	-18.6K	0.00	86.39	40	0	4,972	5,184
2012-11-12	$14.50	$13.75	24.8%	7.3%	34.2%	12.5%	25.4%	5.8%	-0.1%	67.6K	-2.0M	-17.7K	0.00	99.90	8	0	5,012	5,184
2012-11-13	$14.37	$13.75	31.3%	8.0%	34.3%	19.1%	0.0%	6.7%	0.3%	49.4K	-1.6M	-17.5K	0.00	85.69	60	0	5,016	5,184
2012-11-14	$14.05	$13.75	27.6%	8.7%	34.8%	15.4%	29.4%	7.5%	-1.4%	-1.7K	-1.0M	-17.3K	0.08	71.62	476	40	5,028	5,184
2012-11-15	$14.17	$13.75	28.2%	8.1%	33.9%	16.0%	0.0%	7.8%	2.3%	43.2K	-1.3M	-17.8K	0.00	87.05	0	48	5,396	5,184
2012-11-16	$14.03	$13.75	28.2%	8.1%	29.9%	16.0%	0.0%	5.7%	0.4%	13.0K	-1.0M	-17.6K	0.00	65.47	0	0	5,396	5,184
2012-11-19	$14.72	$13.75	22.9%	6.6%	35.3%	10.6%	21.4%	2.6%	2.2%	81.3K	-2.9M	-16.8K	5.43	81.42	56	304	4,680	3,928
2012-11-20	$14.36	$13.75	25.7%	7.4%	36.0%	13.5%	24.6%	2.8%	1.3%	70.8K	-2.3M	-17.5K	0.00	95.35	44	0	4,728	4,176
2012-11-21	$14.41	$13.75	24.0%	6.9%	36.1%	11.7%	0.0%	2.1%	0.4%	75.1K	-2.3M	-17.4K	0.00	89.19	0	0	4,772	4,176
2012-11-23	$14.55	$13.75	22.1%	6.3%	36.4%	9.8%	22.1%	5.3%	1.4%	80.2K	-2.6M	-16.9K	0.00	82.30	288	0	4,772	4,176
2012-11-26	$14.55	$13.75	21.3%	6.1%	36.4%	9.0%	0.0%	4.0%	2.1%	102.6K	-2.6M	-16.8K	0.00	95.06	0	0	5,008	4,176
2012-11-27	$14.47	$13.75	21.4%	6.1%	36.2%	9.1%	0.0%	3.6%	1.4%	98.7K	-2.7M	-16.5K	0.00	96.60	0	0	5,008	4,176
2012-11-28	$14.25	$13.75	24.4%	7.0%	36.4%	12.1%	0.0%	2.4%	1.6%	95.1K	-2.0M	-16.8K	0.48	92.10	92	44	5,008	4,176
2012-11-29	$14.35	$13.75	23.8%	6.8%	36.1%	11.5%	0.0%	3.5%	2.0%	97.9K	-2.2M	-16.6K	0.00	97.20	16	0	5,032	4,220
2012-11-30	$14.31	$13.75	25.6%	7.3%	34.9%	13.3%	0.0%	1.8%	-1.4%	98.8K	-2.2M	-16.6K	0.00	76.03	0	0	5,048	4,220