EWZ Options History — March 2020

In March 2020, EWZ traded between $20.66 and $38.99. ATM implied volatility averaged 86.7%, placing in the 77.8% IV rank vs the trailing year. The 30-day expected move averaged 25.0%. IV traded below realized volatility by 14.3% (HV 20d: 101.0%). Max pain ranged from $35.00 to $42.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 0 of 22 days. Put/call ratio averaged 1.23.

Notable Days

  • 2020-03-11: Highest Volume — 297,896 contracts
  • 2020-03-09: Largest IV spike — 40.7% change
  • 2020-03-06: Highest IV Rank — 100.0%
  • 2020-03-18: Largest Expected Move — 42.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$27.94$20.66$38.99$38.99$23.55
Max Pain$38.95$35.00$42.00$42.00$35.00
ATM IV86.7%36.3%146.9%37.0%80.1%
Expected Move25.0%10.8%42.1%11.3%23.5%
HV 20d101.0%27.3%152.7%29.0%151.6%
HV 60d63.3%24.5%90.1%24.7%89.8%
IV Rank77.8%47.0%100.0%62.8%47.0%
IV Percentile98.6%94.8%100.0%99.2%94.8%
Term Structure-4.8%-21.7%-0.3%-0.3%-2.6%
VWIV87.5%38.1%142.2%39.3%84.7%
Skew 25d25.1%8.4%41.1%9.8%25.1%
Skew 10d47.8%14.4%97.3%17.2%48.0%
Call IV 25d74.9%31.6%123.0%32.3%66.2%
Put IV 25d100.0%40.0%162.2%42.1%91.3%
Bid-Ask Spread %24.901.5258.661.529.33
Gamma HHI0.070.050.090.090.07
Net GEX-11.5M-31.4M-3.0M-30.3M-4.0M
Net DEX1.59B1.20B2.15B1.20B1.36B
Net VEX-4.7M-7.3M-2.8M-7.2M-3.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.230.363.980.991.21
Total Volume113,444.63637,843297,896141,19837,843
Total OI2,110,873.9551,820,0202,516,6561,820,0201,946,159

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$38.99$42.0037.0%11.3%29.0%62.8%39.3%9.8%-0.3%-30.3M1.20B-7.2M0.991.52N/AN/A71,00170,197982,664837,356
2020-03-03$38.64$42.0039.1%12.3%27.4%71.1%38.1%10.2%-1.6%-28.8M1.27B-7.2M0.761.85N/AN/A118,37790,2511,009,017861,752
2020-03-04$38.75$42.0036.3%10.8%27.3%60.0%38.5%8.4%-1.3%-30.1M1.26B-7.3M0.851.70N/AN/A49,92742,5611,070,717883,791
2020-03-05$36.42$42.0043.0%12.0%32.9%86.1%38.2%10.9%-1.5%-31.4M1.78B-6.2M0.702.11N/AN/A99,73469,6491,085,930893,056
2020-03-06$34.88$42.0048.4%13.1%34.9%100.0%44.3%12.1%-1.0%-27.6M2.00B-5.7M0.882.70N/AN/A123,314108,2121,111,397910,783
2020-03-09$30.11$41.0068.1%18.0%59.4%100.0%60.0%19.2%-5.8%-16.0M2.15B-4.1M1.462.47N/AN/A52,29576,4331,149,803914,715
2020-03-10$32.72$40.0053.8%14.8%69.5%69.8%49.0%18.5%-1.6%-19.0M1.96B-5.5M0.366.61N/AN/A100,03535,7791,184,591929,010
2020-03-11$29.45$40.0075.7%20.7%75.3%100.0%65.5%26.6%-4.8%-10.7M1.99B-4.8M0.769.66N/AN/A169,079128,8171,258,168935,070
2020-03-12$24.87$40.00104.5%28.4%91.2%100.0%101.5%16.6%-8.8%-6.8M1.91B-3.9M2.0955.99N/AN/A29,65261,9531,400,627978,647
2020-03-13$27.74$40.0098.6%27.0%103.4%92.9%97.7%18.1%-2.4%-6.5M1.82B-5.5M0.7152.97N/AN/A65,88046,7361,419,817985,949
2020-03-16$23.57$40.00125.2%35.0%114.2%100.0%115.7%37.4%-3.8%-4.2M1.73B-4.3M1.2856.10N/AN/A28,77236,9201,403,010997,264
2020-03-17$24.98$39.00121.0%34.5%118.4%96.0%130.3%39.7%-6.8%-4.1M1.77B-4.6M1.3953.75N/AN/A22,04730,7361,419,9571,000,136
2020-03-18$21.00$39.00146.9%42.1%128.0%100.0%142.2%39.2%-21.7%-3.6M1.70B-3.2M2.0649.09N/AN/A32,49566,8831,434,6381,015,130
2020-03-19$22.78$39.00130.5%37.6%134.6%87.0%139.0%41.1%-11.5%-3.3M1.60B-4.3M1.7958.66N/AN/A48,48386,9011,464,110990,286
2020-03-20$22.54$39.00118.3%34.4%134.7%77.3%111.7%35.8%-6.6%-3.7M1.67B-3.6M0.6329.45N/AN/A90,23956,8931,496,2141,020,442
2020-03-23$20.66$36.00125.8%37.4%136.0%83.3%135.0%37.0%-6.8%-4.2M1.33B-2.8M3.9823.49N/AN/A15,49261,7041,026,634852,792
2020-03-24$23.29$36.00106.3%31.8%146.5%67.8%120.8%32.0%-6.9%-3.6M1.31B-3.7M1.1332.09N/AN/A19,15121,5451,045,190840,289
2020-03-25$25.43$36.0094.0%29.0%152.0%58.0%99.6%31.4%-3.3%-3.0M1.29B-4.4M1.0031.96N/AN/A32,05732,0331,056,302848,749
2020-03-26$25.71$36.0084.3%24.3%152.4%50.3%90.9%28.6%-1.3%-3.2M1.28B-4.4M1.4422.02N/AN/A20,42429,3931,057,815864,375
2020-03-27$24.51$36.0085.7%25.0%152.7%51.4%88.6%28.4%-2.2%-5.0M1.34B-3.8M0.9035.70N/AN/A31,62028,5871,072,484875,423
2020-03-30$24.14$35.0084.8%26.1%151.7%50.7%93.4%26.4%-2.1%-4.7M1.34B-3.7M0.618.60N/AN/A34,64421,0381,060,801848,167
2020-03-31$23.55$35.0080.1%23.5%151.6%47.0%84.7%25.1%-2.6%-4.0M1.36B-3.3M1.219.33N/AN/A17,11920,7241,091,339854,820