EWP Options History — January 2025

In January 2025, EWP traded between $30.98 and $33.30. ATM implied volatility averaged 14.5%, placing in the 12.8% IV rank vs the trailing year. The 30-day expected move averaged 3.9%. IV traded below realized volatility by 2.0% (HV 20d: 16.5%). Max pain ranged from $31.00 to $33.00. Net GEX was positive for 8 of 20 trading days. Term structure was in contango for 16 of 20 days. Put/call ratio averaged 5.62.

Notable Days

2025-01-24: Highest Volume — 300 contracts
2025-01-15: Largest IV drop — 69.4% change
2025-01-14: Highest IV Rank — 56.3%
2025-01-08: Largest Expected Move — 5.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.01	$30.98	$33.30	$30.98	$32.97
Max Pain	$31.67	$31.00	$33.00	$33.00	$32.00
ATM IV	14.5%	8.9%	33.1%	14.4%	13.4%
Expected Move	3.9%	2.6%	5.4%	4.1%	3.8%
HV 20d	16.5%	11.4%	21.1%	20.8%	13.3%
HV 60d	19.7%	19.5%	20.2%	19.5%	19.9%
IV Rank	12.8%	0.0%	56.3%	12.1%	10.5%
IV Percentile	32.7%	0.0%	94.8%	33.7%	28.2%
Term Structure	13.2%	-3.3%	37.9%	1.4%	-3.3%
VWIV	13.6%	10.9%	15.6%	10.9%	14.6%
Skew 25d	1.8%	-8.6%	7.5%	1.3%	1.7%
Skew 10d	-2.8%	-19.9%	3.7%	-2.4%	-14.6%
Call IV 25d	12.5%	8.7%	21.3%	14.4%	12.2%
Put IV 25d	14.3%	10.2%	18.7%	15.7%	13.9%
Bid-Ask Spread %	123.91	109.28	132.32	119.19	125.51
Gamma HHI	0.26	0.13	0.70	0.21	0.34
Net GEX	-4.6K	-23.9K	4.5K	-556	-23.9K
Net DEX	19.7K	-77.1K	175.6K	8.3K	105.5K
Net VEX	-625	-2.0K	-233	-250	-1.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	5.62	0.00	50.00	0.00	0.00
Total Volume	21.8	0	300	0	1
Total OI	187.15	40	434	120	434

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-01-02	$30.98	$33.00	14.4%	4.1%	20.8%	12.1%	0.0%	1.3%	1.4%	-556	8.3K	-250	0.00	119.19	N/A	N/A	0	0	93	27
2025-01-03	$31.20	$33.00	15.7%	4.5%	21.1%	15.3%	10.9%	1.0%	-0.9%	20	7.9K	-251	0.00	122.51	N/A	N/A	0	1	93	27
2025-01-06	$31.66	$0.00	14.9%	2.8%	19.9%	13.4%	0.0%	1.4%	28.8%	1.5K	-10.6K	-274	0.00	126.73	N/A	N/A	0	1	93	27
2025-01-07	$31.56	$0.00	15.9%	3.5%	19.9%	15.6%	12.2%	2.9%	31.3%	1.4K	754	-251	0.00	132.32	N/A	N/A	0	7	93	27
2025-01-08	$31.51	$31.00	13.4%	5.4%	19.8%	9.8%	0.0%	-8.6%	20.6%	-311	4.1K	-255	0.00	128.82	N/A	N/A	0	0	93	28
2025-01-10	$31.11	$31.00	13.7%	5.4%	20.1%	10.5%	0.0%	7.0%	16.7%	-615	12.0K	-238	0.00	116.22	N/A	N/A	12	0	93	28
2025-01-13	$31.05	$31.00	20.4%	4.6%	19.7%	26.4%	0.0%	5.8%	28.4%	-1.0K	10.0K	-233	0.00	109.28	N/A	N/A	1	0	106	28
2025-01-14	$31.45	$31.00	33.1%	5.1%	20.5%	56.3%	0.0%	7.5%	16.6%	-99	-843	-249	0.00	117.19	N/A	N/A	0	0	105	28
2025-01-15	$31.77	$31.00	10.1%	2.9%	20.9%	1.9%	0.0%	1.6%	27.3%	-506	-6.1K	-247	0.00	129.18	N/A	N/A	0	0	105	28
2025-01-16	$31.64	$31.00	8.9%	2.6%	20.9%	0.0%	0.0%	-0.5%	37.3%	-576	-3.5K	-243	0.00	126.32	N/A	N/A	12	0	105	28
2025-01-17	$31.84	$31.00	14.5%	4.2%	14.3%	13.1%	0.0%	1.8%	37.9%	4.4K	-11.4K	-239	0.00	114.41	N/A	N/A	7	0	111	28
2025-01-21	$32.28	$31.00	12.5%	3.6%	11.4%	8.4%	14.5%	3.5%	2.4%	709	-29.8K	-235	0.08	126.87	N/A	N/A	12	1	29	11
2025-01-22	$32.02	$32.00	12.3%	3.5%	11.9%	7.8%	15.6%	-1.6%	0.1%	1.2K	-46.1K	-347	0.00	122.65	N/A	N/A	1	0	41	12
2025-01-23	$32.50	$32.00	12.2%	3.5%	12.6%	7.6%	14.6%	0.8%	2.3%	1.7K	-41.7K	-321	0.53	123.31	N/A	N/A	19	10	42	12
2025-01-24	$32.53	$32.00	14.3%	4.1%	12.6%	12.6%	0.0%	6.6%	6.3%	4.5K	-77.1K	-495	0.00	126.60	N/A	N/A	0	300	61	22
2025-01-27	$32.78	$32.00	12.8%	3.7%	12.7%	9.1%	0.0%	3.1%	-0.1%	-20.0K	151.2K	-1.8K	50.00	125.40	N/A	N/A	1	50	61	322
2025-01-28	$32.94	$32.00	9.6%	2.7%	12.7%	1.5%	0.0%	1.1%	4.0%	-22.5K	123.9K	-1.9K	0.00	130.46	N/A	N/A	0	0	62	372
2025-01-29	$33.05	$32.00	12.4%	3.6%	12.3%	8.1%	0.0%	-5.6%	-1.8%	-21.4K	175.6K	-2.0K	0.00	131.94	N/A	N/A	0	0	62	372
2025-01-30	$33.30	$32.00	16.0%	4.6%	12.4%	16.5%	0.0%	4.5%	9.3%	-15.7K	22.0K	-1.0K	0.00	123.33	N/A	N/A	0	0	62	372
2025-01-31	$32.97	$32.00	13.4%	3.8%	13.3%	10.5%	0.0%	1.7%	-3.3%	-23.9K	105.5K	-1.7K	0.00	125.51	N/A	N/A	1	0	62	372