FORM trade idea receipt

FORM is a neutral volatility setup, where the trade is built around price staying inside the planned range rather than making a large directional move. The suggested iron condor uses the current stock price near $88.52 with a planned lower boundary near $49.59 and upper boundary near $127.45, so the thesis depends on price remaining inside that range. Supporting factors include IV rank 100% (elevated vs 1-year history), ATM IV 128.1% vs realized 126.5%, and front/next IV ratio 1.114 (event premium in term structure). Because this is a time-sensitive idea over roughly 24 hours, it should be sized carefully and revisited if price moves through the risk level or the supporting flow fades.