EWP Options History — December 2025

In December 2025, EWP traded between $51.59 and $54.17. ATM implied volatility averaged 15.9%, placing in the 17.6% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded above realized volatility by 1.5% (HV 20d: 14.5%). Max pain ranged from $45.00 to $59.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 6.11.

Notable Days

  • 2025-12-04: Highest Volume — 1,324 contracts
  • 2025-12-05: Largest IV spike — 75.1% change
  • 2025-12-05: Highest IV Rank — 46.0%
  • 2025-12-03: Largest Expected Move — 6.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$53.14$51.59$54.17$51.59$53.95
Max Pain$51.91$45.00$59.00$59.00$55.00
ATM IV15.9%10.1%26.7%21.4%13.5%
Expected Move4.3%2.9%6.4%6.1%3.9%
HV 20d14.5%11.7%16.9%16.7%11.8%
HV 60d13.6%13.1%14.2%13.3%13.5%
IV Rank17.6%3.0%46.0%29.3%11.9%
IV Percentile36.5%0.8%93.7%79.0%16.3%
Term Structure1.8%-11.7%12.7%-5.0%1.8%
VWIV20.5%10.0%82.1%19.2%12.2%
Skew 25d1.9%-9.0%11.6%0.1%4.1%
Skew 10d0.8%-7.5%24.2%-3.2%-5.2%
Call IV 25d12.8%8.2%19.7%15.9%9.8%
Put IV 25d14.7%8.0%25.7%16.0%13.8%
Bid-Ask Spread %117.23104.09135.46135.46112.03
Gamma HHI0.160.130.220.220.16
Net GEX-623.8K-790.3K-479.3K-578.1K-602.5K
Net DEX5.9M2.7M9.1M7.2M2.9M
Net VEX-45.8K-52.5K-29.5K-29.5K-49.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio6.110.0059.631.740.09
Total Volume454.13601,324597175
Total OI5,516.4094,5246,4114,5245,606

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$51.59$59.0021.4%6.1%16.7%29.3%19.2%0.1%-5.0%-578.1K7.2M-29.5K1.74135.46N/AN/A2183797573,767
2025-12-02$52.06$59.0021.2%6.1%16.9%28.7%14.3%10.3%-11.7%-508.4K6.9M-31.0K1.61129.86N/AN/A4136668323,822
2025-12-03$52.41$59.0022.3%6.4%16.6%31.5%19.3%4.6%-2.0%-677.0K6.9M-33.1K20.35129.75N/AN/A265298404,050
2025-12-04$52.42$45.0015.3%3.5%16.2%14.8%20.7%2.5%7.0%-580.0K7.3M-36.9K4.94119.53N/AN/A2231,1018444,258
2025-12-05$52.27$45.0026.7%4.7%16.2%46.0%12.8%-8.3%2.6%-689.1K7.9M-41.0K59.63125.20N/AN/A191,1339414,473
2025-12-08$52.28$45.0020.5%4.4%16.1%30.0%0.0%2.3%7.2%-765.4K8.8M-41.7K1.25126.75N/AN/A4085089484,739
2025-12-09$52.38$45.0020.1%4.9%15.3%28.7%19.5%-0.9%5.1%-686.6K8.3M-45.4K0.85118.61N/AN/A5264471,0444,848
2025-12-10$53.12$45.0017.9%5.1%15.6%23.3%22.1%11.6%0.7%-790.3K7.5M-48.3K0.91125.20N/AN/A2352131,2005,016
2025-12-11$53.49$45.0011.7%3.4%15.1%7.2%10.9%3.6%3.9%-735.7K6.5M-48.8K0.17120.33N/AN/A611,3125,099
2025-12-12$53.34$45.0014.2%4.1%15.0%13.5%0.0%4.4%4.7%-649.6K6.2M-50.0K0.00114.03N/AN/A001,3105,099
2025-12-15$54.05$45.0010.1%2.9%14.8%3.0%10.0%1.1%12.7%-756.6K5.1M-48.8K0.01118.02N/AN/A63171,3105,099
2025-12-16$52.95$55.0017.1%4.9%15.4%21.0%18.0%4.4%6.7%-582.2K9.1M-49.9K1.73104.09N/AN/A1041808245,103
2025-12-17$52.83$55.0015.3%4.4%14.2%16.4%18.9%7.4%-1.7%-669.6K5.7M-50.8K20.76113.06N/AN/A255198574,539
2025-12-18$53.34$55.0015.0%4.3%14.2%15.7%16.1%2.3%4.3%-629.8K5.6M-52.5K2.82107.08N/AN/A11318604,610
2025-12-19$53.55$55.0011.7%3.3%13.4%7.1%10.8%1.1%4.6%-479.3K5.1M-52.0K0.00110.58N/AN/A508614,519
2025-12-22$53.59$55.0012.6%3.6%13.5%9.3%17.8%2.4%0.3%-574.2K4.4M-49.4K0.00107.21N/AN/A22818614,349
2025-12-23$53.80$55.0011.3%3.2%13.5%6.1%0.0%2.8%1.4%-528.0K4.7M-51.1K0.01110.57N/AN/A46759154,350
2025-12-24$53.91$55.0011.9%3.4%12.6%7.7%12.3%-0.6%1.7%-539.8K4.0M-50.5K0.00115.50N/AN/A3009534,355
2025-12-26$53.89$55.0013.1%3.8%11.7%10.8%32.0%-1.0%1.4%-514.5K3.8M-49.9K0.22113.63N/AN/A2359494,355
2025-12-29$53.77$55.0013.3%3.8%11.8%11.3%82.1%-9.0%-6.0%-562.2K4.1M-48.4K5.13114.17N/AN/A713649594,358
2025-12-30$54.17$55.0014.0%4.0%11.9%13.1%12.2%-2.6%0.8%-624.0K2.7M-48.6K0.09108.45N/AN/A5359944,576
2025-12-31$53.95$55.0013.5%3.9%11.8%11.9%0.0%4.1%1.8%-602.5K2.9M-49.1K0.00112.03N/AN/A01751,0274,579