EWP Options History — September 2025

In September 2025, EWP traded between $46.95 and $49.51. ATM implied volatility averaged 15.7%, placing in the 15.9% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 1.9% (HV 20d: 13.8%). Max pain ranged from $44.00 to $48.00. Net GEX was positive for 12 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 1.50.

Notable Days

  • 2025-09-23: Highest Volume — 94 contracts
  • 2025-09-30: Largest IV drop — 21.9% change
  • 2025-09-03: Highest IV Rank — 22.2%
  • 2025-09-03: Largest Expected Move — 5.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$48.44$46.95$49.51$46.99$49.51
Max Pain$44.38$44.00$48.00$48.00$44.00
ATM IV15.7%12.0%18.4%15.4%12.0%
Expected Move4.5%3.4%5.3%4.4%3.4%
HV 20d13.8%11.0%15.7%15.7%11.0%
HV 60d15.1%14.2%16.3%16.2%14.6%
IV Rank15.9%7.2%22.2%15.1%7.2%
IV Percentile42.2%4.8%71.0%38.9%4.8%
Term Structure1.6%-3.5%6.5%-1.0%5.8%
VWIV17.2%14.4%20.8%16.9%20.6%
Skew 25d5.0%-2.7%10.0%9.1%4.2%
Skew 10d1.4%-3.1%3.8%-1.6%1.0%
Call IV 25d11.3%9.3%15.1%10.3%9.7%
Put IV 25d16.4%11.9%20.1%19.4%13.9%
Bid-Ask Spread %81.7351.79106.02106.0254.96
Gamma HHI0.170.140.190.160.14
Net GEX4.1K-15.1K25.3K-97223.0K
Net DEX-3.4M-4.0M-2.5M-2.5M-3.8M
Net VEX-5.6K-7.1K-3.9K-7.1K-5.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.500.0015.000.080.00
Total Volume22.7140941326
Total OI1,590.5241,4581,6671,5631,603

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$46.99$48.0015.4%4.4%15.7%15.1%0.0%9.1%-1.0%-972-2.5M-7.1K0.08106.02N/AN/A121917646
2025-09-03$46.95$48.0018.4%5.3%15.7%22.2%16.9%8.1%-1.4%-2.2K-2.6M-7.1K0.08102.17N/AN/A121928647
2025-09-04$47.47$44.0015.5%4.9%15.0%15.5%0.0%6.4%1.5%-5.3K-2.9M-6.8K0.0095.05N/AN/A20938643
2025-09-05$47.58$44.0016.1%4.6%14.8%16.9%0.0%6.3%1.3%-6.4K-3.0M-6.5K0.0098.14N/AN/A00940643
2025-09-08$48.05$44.0018.4%5.0%14.8%22.1%18.2%8.9%-1.6%-15.1K-3.3M-5.4K4.0095.18N/AN/A832940643
2025-09-09$48.08$44.0017.3%4.8%14.8%19.6%16.5%10.0%3.3%-28-3.1M-6.3K0.0068.60N/AN/A170943658
2025-09-10$48.46$44.0016.9%4.8%14.9%18.7%18.8%2.8%4.8%1.7K-3.3M-6.6K15.0070.08N/AN/A115960658
2025-09-11$48.97$44.0015.3%4.4%14.7%14.9%16.0%8.4%3.1%5.1K-3.6M-5.4K0.6780.01N/AN/A128960659
2025-09-12$48.98$44.0014.4%4.1%14.4%12.8%0.0%3.8%1.0%-5.6K-3.6M-5.2K0.0080.39N/AN/A400953666
2025-09-15$49.23$44.0016.3%4.7%14.2%17.3%16.4%6.9%-3.5%-11.1K-4.0M-3.9K0.0696.86N/AN/A181991666
2025-09-16$48.97$44.0015.4%4.4%14.2%15.3%0.0%3.7%2.6%-1.1K-3.8M-5.3K0.0096.94N/AN/A10999667
2025-09-17$48.77$44.0015.9%4.6%14.2%16.4%0.0%1.9%-1.5%14.5K-3.8M-4.2K0.0082.57N/AN/A001,000667
2025-09-18$48.66$44.0014.3%4.1%14.1%12.6%0.0%7.9%6.5%9.2K-3.7M-4.9K0.0086.22N/AN/A001,000667
2025-09-19$48.83$44.0015.9%4.6%14.1%16.4%17.7%3.9%2.8%3.6K-3.7M-5.2K0.2098.53N/AN/A102996667
2025-09-22$48.41$44.0014.8%4.2%13.4%13.7%14.4%1.9%3.1%4.8K-3.5M-5.8K0.2197.79N/AN/A296951507
2025-09-23$48.59$44.0014.9%4.3%11.8%14.1%15.3%4.9%1.5%25.3K-3.6M-5.2K3.9583.05N/AN/A1975961508
2025-09-24$48.55$44.0015.2%4.4%11.6%14.8%15.1%3.6%1.7%18.1K-3.5M-5.5K1.0058.22N/AN/A33951583
2025-09-25$48.22$44.0017.3%4.9%11.4%19.5%16.4%-2.7%0.6%6.5K-3.4M-5.6K0.2760.97N/AN/A226952586
2025-09-26$49.01$44.0015.1%4.3%12.4%14.6%17.0%3.5%1.8%7.1K-3.7M-5.1K1.4552.84N/AN/A3348950580
2025-09-29$48.89$44.0015.4%4.4%12.1%15.1%20.8%2.5%1.3%15.1K-3.6M-5.8K0.0051.79N/AN/A140980627
2025-09-30$49.51$44.0012.0%3.4%11.0%7.2%20.6%4.2%5.8%23.0K-3.8M-5.2K0.0054.96N/AN/A260976627