EWZ Options History — December 2008

In December 2008, EWZ traded between $90.75 and $117.54. ATM implied volatility averaged 86.3%, placing in the 41.3% IV rank vs the trailing year. The 30-day expected move averaged 24.6%. IV traded below realized volatility by 14.8% (HV 20d: 101.0%). Max pain ranged from $120.00 to $135.00. Net GEX was positive for 16 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.85.

Notable Days

  • 2008-12-11: Highest Volume — 64,010 contracts
  • 2008-12-16: Largest IV drop — 9.2% change
  • 2008-12-01: Highest IV Rank — 58.9%
  • 2008-12-01: Largest Expected Move — 31.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$102.24$90.75$117.54$93.18$104.97
Max Pain$124.09$120.00$135.00$135.00$120.00
ATM IV86.3%70.6%110.9%110.9%70.6%
Expected Move24.6%20.2%31.8%31.8%20.2%
HV 20d101.0%63.5%128.0%127.5%63.5%
HV 60d265.8%262.2%267.8%267.4%262.2%
IV Rank41.3%30.1%58.9%58.9%30.1%
IV Percentile81.0%74.2%93.3%93.3%74.2%
Term Structure0.4%-6.5%9.8%-6.5%-1.1%
VWIV85.8%71.0%112.0%107.4%77.8%
Skew 25d19.6%13.7%24.9%23.9%15.3%
Skew 10d38.2%26.2%57.1%47.5%26.2%
Call IV 25d76.4%62.9%100.5%100.5%62.9%
Put IV 25d96.0%78.2%124.4%124.4%78.2%
Bid-Ask Spread %8.957.3411.378.777.34
Gamma HHI0.110.100.130.130.10
Net GEX4.0M-4.1M17.4M-3.7M3.9M
Net DEX842.6M252.9M1.28B1.28B553.6M
Net VEX-5.6M-7.3M-4.5M-4.6M-5.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.850.112.560.191.75
Total Volume20,744.3183,55264,01031,44513,309
Total OI610,019.091492,471722,117578,881521,136

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-12-01$93.18$135.00110.9%31.8%127.5%58.9%107.4%23.9%-6.5%-3.7M1.28B-4.6M0.198.77N/AN/A26,4734,972298,151280,730
2008-12-02$97.08$135.00104.8%30.0%128.0%54.5%107.7%23.6%-3.0%-720.0K1.17B-5.1M0.7110.08N/AN/A6,0914,343322,347283,876
2008-12-03$94.47$120.00103.9%29.8%122.2%53.9%112.0%23.4%-4.3%-2.3M1.19B-4.6M2.567.77N/AN/A8,00820,462315,338276,904
2008-12-04$90.75$120.00106.3%30.5%117.0%55.6%108.4%21.0%-4.5%-4.1M1.27B-4.5M0.8811.03N/AN/A13,17811,627318,318287,491
2008-12-05$95.16$135.0098.0%27.3%117.5%49.6%89.0%23.8%0.8%-2.1M1.16B-5.0M0.308.42N/AN/A21,3016,386328,059289,624
2008-12-08$99.45$135.0096.5%26.6%116.8%48.6%90.0%23.1%0.9%1.4M1.01B-5.3M0.647.98N/AN/A16,12010,331345,367292,427
2008-12-09$99.96$135.0096.7%26.4%116.8%48.7%87.5%24.9%1.3%2.3M1.01B-5.5M0.588.24N/AN/A11,1736,510355,312294,829
2008-12-10$105.48$135.0088.3%24.9%118.2%42.8%82.5%24.9%2.5%5.5M839.1M-6.0M0.687.34N/AN/A18,60512,740355,957294,433
2008-12-11$105.96$120.0089.3%25.6%111.6%43.4%87.0%22.8%2.6%6.2M783.2M-6.4M0.418.93N/AN/A45,52218,488369,411303,471
2008-12-12$108.24$120.0086.5%24.8%103.7%41.4%86.0%23.0%4.2%9.7M675.1M-7.2M0.607.71N/AN/A6,5393,924397,258317,268
2008-12-15$107.16$120.0087.7%25.2%100.1%42.3%92.3%23.1%4.4%8.6M768.3M-6.6M0.5310.84N/AN/A4,1332,198385,651315,052
2008-12-16$117.54$120.0079.7%22.8%104.6%36.6%84.1%18.9%4.8%17.4M252.9M-7.3M0.579.21N/AN/A10,3485,901386,572315,073
2008-12-17$111.90$120.0080.6%23.1%106.2%37.3%76.3%15.2%4.3%14.2M599.7M-6.6M0.1110.07N/AN/A21,9532,493385,109318,487
2008-12-18$107.85$120.0077.4%22.2%100.8%35.0%79.6%16.3%6.9%11.0M845.4M-6.0M1.109.52N/AN/A10,10611,104390,311319,316
2008-12-19$109.17$120.0070.6%20.2%89.3%30.2%74.2%16.1%9.8%11.3M798.3M-6.1M0.8111.37N/AN/A7,0275,695394,645327,472
2008-12-22$104.37$120.0073.6%21.1%87.4%32.3%72.9%16.7%2.1%3.7M656.4M-5.5M0.918.97N/AN/A12,34311,203277,813214,658
2008-12-23$98.37$120.0074.2%21.3%86.7%32.7%72.6%15.6%-1.9%902.1K792.0M-5.0M0.768.46N/AN/A10,5447,962284,650218,810
2008-12-24$98.40$120.0076.1%21.8%85.5%34.1%77.1%15.8%-1.9%1.2M726.8M-5.2M1.417.42N/AN/A1,5662,205291,843217,772
2008-12-26$99.18$120.0075.4%21.6%77.9%33.6%76.6%14.4%-3.5%1.2M730.5M-5.1M2.359.14N/AN/A1,0622,490292,834219,246
2008-12-29$98.10$120.0077.6%22.2%77.3%35.1%76.3%13.7%-5.7%-251.6K781.2M-4.9M0.2010.12N/AN/A10,7382,197288,361221,105
2008-12-30$102.48$120.0073.3%21.0%64.5%32.0%71.0%16.2%-3.5%2.1M643.2M-5.2M0.728.16N/AN/A15,71311,292286,958220,975
2008-12-31$104.97$120.0070.6%20.2%63.5%30.1%77.8%15.3%-1.1%3.9M553.6M-5.7M1.757.34N/AN/A4,8378,472294,140226,996