MANH Options History — March 2013

In March 2013, MANH traded between $17.70 and $18.75. ATM implied volatility averaged 18.3%, placing in the 10.3% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded below realized volatility by 3.4% (HV 20d: 21.7%). Max pain ranged from $15.00 to $17.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 20 of 20 days. Put/call ratio averaged 1.76.

Notable Days

2013-03-25: Highest Volume — 492 contracts
2013-03-11: Largest IV spike — 49.2% change
2013-03-04: Highest IV Rank — 14.4%
2013-03-12: Largest Expected Move — 7.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.33	$17.70	$18.75	$17.70	$18.57
Max Pain	$15.13	$15.00	$17.50	$17.50	$15.00
ATM IV	18.3%	11.8%	21.3%	19.6%	19.7%
Expected Move	6.0%	5.6%	7.0%	5.6%	5.7%
HV 20d	21.7%	17.9%	24.6%	21.0%	17.9%
HV 60d	26.2%	25.6%	26.8%	25.6%	25.8%
IV Rank	10.3%	0.0%	14.4%	11.7%	12.7%
IV Percentile	7.4%	0.0%	13.5%	5.6%	9.9%
Term Structure	4.7%	2.4%	6.8%	4.5%	6.6%
VWIV	21.2%	19.6%	23.2%	19.6%	20.1%
Skew 25d	6.0%	3.1%	8.8%	3.1%	6.9%
Skew 10d	10.7%	3.4%	17.8%	3.4%	9.6%
Call IV 25d	17.7%	14.2%	21.7%	15.2%	15.8%
Put IV 25d	23.7%	18.3%	26.7%	18.3%	22.7%
Bid-Ask Spread %	79.10	31.60	92.81	36.56	90.98
Gamma HHI	0.44	0.33	0.58	0.50	0.36
Net GEX	88.2K	41.7K	133.9K	132.9K	42.9K
Net DEX	-4.6M	-5.1M	-3.9M	-3.9M	-4.4M
Net VEX	-7.9K	-11.1K	-5.9K	-8.5K	-10.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.76	0.00	8.46	0.28	3.00
Total Volume	144.8	0	492	184	48
Total OI	7,685.2	6,860	8,692	7,244	8,692

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
2013-03-01	$17.70	$17.50	19.6%	5.6%	21.0%	11.7%	19.6%	3.1%	4.5%	132.9K	-3.9M	-8.5K	0.28	36.56	144	40	3,600	3,644
2013-03-04	$18.04	$15.00	21.3%	7.0%	21.9%	14.4%	21.5%	7.1%	2.4%	126.3K	-4.4M	-7.8K	0.00	80.89	36	0	3,560	3,684
2013-03-05	$18.25	$15.00	14.4%	6.2%	21.3%	3.3%	23.0%	5.6%	3.5%	127.1K	-4.6M	-7.4K	0.56	77.68	72	40	3,584	3,684
2013-03-06	$18.23	$15.00	11.9%	6.1%	21.4%	0.0%	23.1%	5.1%	3.3%	126.3K	-4.8M	-7.1K	4.40	81.40	20	88	3,644	3,724
2013-03-07	$18.43	$15.00	13.7%	6.2%	21.2%	2.9%	0.0%	3.9%	3.5%	112.6K	-5.1M	-6.4K	0.00	81.64	0	0	3,664	3,788
2013-03-08	$18.43	$15.00	11.8%	5.9%	21.1%	0.0%	20.7%	3.5%	4.5%	111.5K	-5.1M	-6.3K	4.20	82.72	20	84	3,660	3,784
2013-03-11	$17.87	$15.00	17.6%	6.8%	24.6%	9.3%	23.2%	5.5%	2.9%	133.9K	-4.2M	-7.3K	2.17	84.14	24	52	3,680	3,868
2013-03-12	$17.83	$15.00	19.0%	7.0%	24.5%	11.5%	21.6%	5.0%	2.5%	128.7K	-4.0M	-7.9K	0.00	82.06	16	0	3,700	3,904
2013-03-13	$18.11	$15.00	18.0%	6.8%	24.3%	9.9%	22.9%	6.0%	2.8%	77.7K	-4.6M	-6.6K	0.00	31.60	32	0	3,716	3,904
2013-03-14	$18.35	$15.00	20.0%	5.7%	24.4%	13.2%	20.6%	5.6%	4.6%	121.9K	-5.0M	-6.1K	0.43	83.59	92	40	3,736	3,904
2013-03-15	$18.29	$15.00	20.4%	5.9%	24.5%	13.8%	20.7%	6.6%	4.1%	81.9K	-5.0M	-6.6K	0.00	91.77	0	4	3,828	3,944
2013-03-18	$18.40	$15.00	20.3%	5.8%	24.5%	13.6%	21.9%	4.7%	4.7%	60.6K	-4.3M	-5.9K	0.95	90.82	160	152	3,100	3,760
2013-03-19	$18.54	$15.00	19.9%	5.7%	24.4%	13.0%	19.8%	8.7%	5.0%	60.1K	-4.6M	-6.5K	1.16	91.93	148	172	3,260	3,852
2013-03-20	$18.75	$15.00	19.8%	5.7%	22.0%	12.7%	19.9%	8.8%	6.3%	52.6K	-4.8M	-7.1K	0.13	91.64	312	40	3,404	4,024
2013-03-21	$18.70	$15.00	19.7%	5.6%	20.5%	12.6%	0.0%	8.7%	6.7%	64.5K	-5.0M	-8.4K	0.72	92.44	184	132	3,716	4,064
2013-03-22	$18.58	$15.00	20.1%	5.8%	19.9%	13.3%	20.1%	6.0%	6.4%	65.1K	-4.8M	-9.1K	0.00	92.30	0	252	3,832	4,184
2013-03-25	$18.43	$15.00	20.3%	5.8%	18.9%	13.6%	20.1%	6.7%	6.2%	54.4K	-4.5M	-9.9K	8.46	33.50	52	440	3,832	4,396
2013-03-26	$18.55	$15.00	19.7%	5.6%	17.9%	12.6%	0.0%	6.1%	6.5%	42.3K	-4.3M	-11.1K	0.00	92.81	0	0	3,884	4,808
2013-03-27	$18.51	$15.00	19.4%	5.6%	17.9%	12.2%	0.0%	6.4%	6.8%	41.7K	-4.2M	-10.9K	0.00	91.57	0	0	3,884	4,808
2013-03-28	$18.57	$15.00	19.7%	5.7%	17.9%	12.7%	0.0%	6.9%	6.6%	42.9K	-4.4M	-10.9K	3.00	90.98	12	36	3,884	4,808