EWP Options History — May 2025

In May 2025, EWP traded between $40.59 and $43.50. ATM implied volatility averaged 15.0%, placing in the 14.1% IV rank vs the trailing year. The 30-day expected move averaged 4.8%. IV traded below realized volatility by 7.0% (HV 20d: 21.9%). Max pain ranged from $40.00 to $42.00. Net GEX was positive for 8 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 7.72.

Notable Days

  • 2025-05-20: Highest Volume — 3,793 contracts
  • 2025-05-13: Largest IV spike — 77.6% change
  • 2025-05-21: Highest IV Rank — 25.4%
  • 2025-05-07: Largest Expected Move — 6.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$42.05$40.59$43.50$40.69$43.28
Max Pain$40.81$40.00$42.00$40.00$42.00
ATM IV15.0%10.7%19.8%15.5%12.3%
Expected Move4.8%3.3%6.4%4.4%3.5%
HV 20d21.9%13.0%51.1%51.1%13.0%
HV 60d32.5%32.0%33.0%33.0%32.0%
IV Rank14.1%4.2%25.4%15.4%8.0%
IV Percentile42.9%4.0%79.8%50.4%13.9%
Term Structure7.6%-10.3%26.3%-0.7%8.3%
VWIV18.1%10.4%28.3%12.3%10.4%
Skew 25d3.4%-6.3%9.4%9.3%8.3%
Skew 10d-4.2%-23.1%8.4%4.2%-14.8%
Call IV 25d13.1%10.7%17.9%10.7%12.2%
Put IV 25d16.5%11.0%22.5%20.0%20.4%
Bid-Ask Spread %107.2798.56114.11109.64114.11
Gamma HHI0.440.370.590.430.43
Net GEX-315.0K-1.0M159.6K-36.8K-1.0M
Net DEX708.4K-2.7M5.6M-612.3K4.2M
Net VEX-14.7K-33.5K-4.5K-5.4K-29.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio7.720.00108.080.250.04
Total Volume290.23843,793529
Total OI3,423.6191,5686,4941,5686,494

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$40.69$40.0015.5%4.4%51.1%15.4%12.3%9.3%-0.7%-36.8K-612.3K-5.4K0.25109.64N/AN/A415501,018
2025-05-02$40.86$40.0014.3%4.1%51.1%12.6%18.3%-1.4%6.3%-51.9K-628.0K-5.7K0.13111.25N/AN/A2335511,021
2025-05-05$41.09$40.0013.4%6.1%42.0%10.5%18.8%9.4%15.3%-36.1K-810.8K-5.9K0.0098.56N/AN/A2605701,021
2025-05-06$41.25$40.0012.7%5.8%37.8%8.7%22.3%2.8%16.0%73.2K-1.6M-5.6K0.63102.71N/AN/A857831,023
2025-05-07$41.25$40.0013.9%6.4%36.8%11.5%14.5%2.6%15.5%104.5K-1.7M-5.3K10.00112.24N/AN/A1107811,026
2025-05-08$40.79$40.0014.4%5.1%21.0%12.7%15.7%8.3%13.4%58.9K-1.2M-5.5K0.10107.19N/AN/A3947821,035
2025-05-09$40.96$40.0016.0%6.1%18.9%16.5%20.7%8.2%26.1%109.9K-1.5M-5.7K0.00102.51N/AN/A088211,037
2025-05-12$40.59$40.0010.7%5.4%15.7%4.2%17.7%2.1%26.3%133.2K-1.0M-5.7K0.03102.57N/AN/A6428221,038
2025-05-13$41.20$40.0019.1%5.1%16.0%23.8%17.8%5.3%25.2%159.6K-1.9M-5.6K5.00107.67N/AN/A158761,039
2025-05-14$41.50$40.0017.5%5.0%15.7%20.2%18.0%0.3%18.1%132.8K-2.3M-4.7K0.19104.04N/AN/A3268751,040
2025-05-15$41.80$40.0016.3%4.7%15.7%17.2%15.0%0.5%10.7%62.2K-2.6M-4.8K0.20110.72N/AN/A210428741,046
2025-05-16$42.19$41.0014.0%4.0%15.4%11.8%19.3%7.0%2.5%-32.7K-2.7M-4.5K108.08111.72N/AN/A131,4058761,088
2025-05-19$42.64$41.0012.4%3.5%15.1%8.0%20.5%2.7%7.3%-322.7K863.7K-12.1K0.23107.19N/AN/A3994172,204
2025-05-20$43.47$41.0018.2%5.2%13.8%21.7%16.9%2.0%-3.0%-277.7K28.1K-10.4K28.18105.28N/AN/A1303,6634472,213
2025-05-21$43.28$42.0019.8%5.7%13.8%25.4%16.2%0.1%-10.3%-878.1K4.9M-32.0K0.46108.63N/AN/A61285615,747
2025-05-22$43.39$42.0014.2%4.1%13.7%12.3%12.3%6.2%-4.7%-939.2K4.6M-31.7K0.17102.56N/AN/A107185925,770
2025-05-23$43.28$42.0015.0%4.3%13.5%14.3%26.7%-0.4%-3.0%-993.6K4.6M-33.5K0.25110.78N/AN/A2876955,770
2025-05-27$43.50$42.0017.7%5.1%13.2%20.6%28.3%-3.7%-8.3%-876.2K4.1M-30.3K0.00106.66N/AN/A406795,773
2025-05-28$42.91$42.0015.5%4.5%14.2%15.5%21.0%-6.3%-2.6%-981.0K5.6M-33.1K0.04105.79N/AN/A4826825,773
2025-05-29$43.09$42.0011.4%3.3%13.0%5.7%17.5%7.4%1.2%-1.0M4.6M-31.4K0.43110.85N/AN/A737125,774
2025-05-30$43.28$42.0012.3%3.5%13.0%8.0%10.4%8.3%8.3%-1.0M4.2M-29.5K0.04114.11N/AN/A2817195,775