EWZ Options History — May 2022

In May 2022, EWZ traded between $30.23 and $35.70. ATM implied volatility averaged 42.6%, placing in the 54.0% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded above realized volatility by 5.1% (HV 20d: 37.6%). Max pain ranged from $35.00 to $37.00. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.84.

Notable Days

2022-05-02: Highest Volume — 332,523 contracts
2022-05-09: Largest IV spike — 24.0% change
2022-05-09: Highest IV Rank — 100.0%
2022-05-09: Largest Expected Move — 13.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.80	$30.23	$35.70	$31.57	$35.34
Max Pain	$35.48	$35.00	$37.00	$37.00	$35.00
ATM IV	42.6%	34.3%	58.5%	40.5%	34.3%
Expected Move	12.1%	10.8%	13.7%	12.6%	11.3%
HV 20d	37.6%	29.7%	43.5%	29.7%	36.0%
HV 60d	33.4%	30.2%	35.0%	30.2%	34.4%
IV Rank	54.0%	22.9%	100.0%	58.4%	22.9%
IV Percentile	86.7%	54.4%	100.0%	92.5%	54.4%
Term Structure	-0.4%	-7.8%	8.9%	5.8%	-0.8%
VWIV	41.3%	35.8%	46.4%	43.2%	36.0%
Skew 25d	7.2%	4.0%	15.3%	7.5%	4.0%
Skew 10d	10.9%	-3.3%	28.3%	15.8%	4.3%
Call IV 25d	37.1%	31.2%	50.9%	37.6%	31.6%
Put IV 25d	44.3%	35.6%	56.8%	45.1%	35.6%
Bid-Ask Spread %	34.22	11.53	62.41	47.66	35.74
Gamma HHI	0.10	0.07	0.16	0.08	0.13
Net GEX	-6.5M	-31.6M	76.9M	-28.3M	69.0M
Net DEX	1.11B	-789.9M	2.28B	1.86B	-425.6M
Net VEX	-9.8M	-10.7M	-8.8M	-10.1M	-9.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.84	0.46	1.67	0.86	0.92
Total Volume	181,724.667	108,476	332,523	332,523	183,011
Total OI	2,804,515.714	2,422,559	3,068,989	2,773,292	2,709,193

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2022-05-02	$31.57	$37.00	40.5%	12.6%	29.7%	58.4%	43.2%	7.5%	5.8%	-28.3M	1.86B	-10.1M	0.86	47.66	N/A	N/A	178,564	153,959	1,379,852	1,393,440
2022-05-03	$32.08	$37.00	39.9%	12.1%	29.9%	55.9%	43.1%	7.5%	4.6%	-25.2M	1.69B	-10.4M	0.94	41.16	N/A	N/A	55,977	52,499	1,345,638	1,360,045
2022-05-04	$32.99	$37.00	36.4%	11.0%	32.0%	40.7%	38.6%	6.2%	4.7%	-20.1M	1.40B	-10.7M	1.67	53.40	N/A	N/A	54,248	90,561	1,353,954	1,371,379
2022-05-05	$31.57	$36.00	42.0%	12.8%	34.3%	64.9%	45.4%	8.5%	5.2%	-29.7M	1.85B	-9.9M	0.78	23.16	N/A	N/A	125,124	96,976	1,364,704	1,379,327
2022-05-06	$31.34	$36.00	45.1%	12.9%	33.7%	78.4%	43.5%	7.2%	8.9%	-27.8M	2.00B	-9.6M	0.69	62.41	N/A	N/A	110,522	75,838	1,421,482	1,430,931
2022-05-09	$30.24	$36.00	55.9%	13.7%	34.8%	100.0%	43.3%	5.9%	-2.8%	-31.6M	2.28B	-8.8M	0.53	54.84	N/A	N/A	127,050	67,929	1,324,797	1,433,455
2022-05-10	$30.23	$36.00	51.1%	13.6%	35.0%	83.4%	46.4%	10.8%	-3.5%	-29.6M	2.26B	-8.9M	0.62	25.02	N/A	N/A	96,474	60,169	1,372,664	1,452,351
2022-05-11	$30.64	$35.00	58.5%	12.9%	35.9%	100.0%	43.6%	12.1%	-7.8%	-29.3M	2.21B	-9.1M	0.54	37.30	N/A	N/A	78,518	42,578	1,401,528	1,477,207
2022-05-12	$31.01	$35.00	48.7%	12.7%	36.6%	68.8%	44.5%	6.5%	-7.1%	-28.7M	2.10B	-9.2M	0.73	18.71	N/A	N/A	81,706	59,369	1,412,477	1,480,578
2022-05-13	$31.99	$35.00	44.3%	12.1%	39.4%	54.9%	42.7%	15.3%	-2.4%	-21.2M	1.74B	-9.5M	0.55	38.18	N/A	N/A	91,604	50,012	1,437,394	1,493,518
2022-05-16	$32.33	$35.00	43.3%	12.2%	39.6%	51.6%	39.3%	7.1%	-2.9%	-21.1M	1.52B	-9.7M	0.60	15.70	N/A	N/A	69,422	41,487	1,444,444	1,459,823
2022-05-17	$33.19	$35.00	40.9%	11.6%	41.4%	44.0%	39.5%	7.0%	-1.1%	-8.8M	1.13B	-10.0M	0.93	19.70	N/A	N/A	92,070	85,635	1,466,420	1,486,096
2022-05-18	$32.09	$35.00	44.4%	12.7%	42.4%	55.0%	39.5%	8.7%	-1.7%	-23.1M	1.59B	-10.1M	0.96	39.21	N/A	N/A	77,596	74,328	1,493,051	1,516,693
2022-05-19	$32.95	$35.00	41.6%	12.0%	43.1%	46.2%	41.0%	7.4%	-1.3%	-10.9M	1.22B	-10.0M	0.94	40.47	N/A	N/A	76,677	71,941	1,508,927	1,534,212
2022-05-20	$33.65	$35.00	39.4%	11.7%	42.4%	39.2%	41.7%	4.9%	-1.4%	-20.6M	864.5M	-10.4M	1.63	54.08	N/A	N/A	70,882	115,559	1,522,269	1,546,720
2022-05-23	$34.77	$35.00	40.1%	11.9%	43.5%	41.5%	40.6%	6.7%	-1.0%	-7.7M	-85.9M	-10.0M	0.74	12.90	N/A	N/A	166,149	123,298	1,143,438	1,279,121
2022-05-24	$34.80	$35.00	40.0%	11.8%	39.8%	41.2%	41.3%	4.7%	-0.6%	-3.0M	-113.5M	-10.0M	0.46	11.53	N/A	N/A	174,432	80,934	1,196,344	1,326,057
2022-05-25	$34.78	$35.00	38.1%	11.5%	39.6%	35.1%	39.7%	4.8%	-1.1%	25.2M	-265.8M	-10.2M	1.08	30.02	N/A	N/A	90,296	97,634	1,337,351	1,347,436
2022-05-26	$35.58	$35.00	35.5%	10.9%	40.1%	26.7%	35.8%	4.8%	-1.4%	59.1M	-689.5M	-10.2M	0.69	24.42	N/A	N/A	117,314	81,319	1,353,221	1,367,085
2022-05-27	$35.70	$35.00	34.9%	10.8%	39.5%	24.8%	39.5%	4.1%	-1.3%	76.9M	-789.9M	-10.2M	0.68	33.02	N/A	N/A	104,834	71,723	1,401,720	1,368,488
2022-05-31	$35.34	$35.00	34.3%	11.3%	36.0%	22.9%	36.0%	4.0%	-0.8%	69.0M	-425.6M	-9.6M	0.92	35.74	N/A	N/A	95,314	87,697	1,360,022	1,349,171