EWZ Options History — March 2023

In March 2023, EWZ traded between $25.27 and $28.16. ATM implied volatility averaged 34.0%, placing in the 16.5% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded above realized volatility by 8.7% (HV 20d: 25.3%). Max pain ranged from $27.00 to $29.00. Net GEX was positive for 3 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 2.89.

Notable Days

  • 2023-03-23: Highest Volume — 625,971 contracts
  • 2023-03-16: Largest IV drop — 10.5% change
  • 2023-03-15: Highest IV Rank — 23.9%
  • 2023-03-15: Largest Expected Move — 10.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$26.82$25.27$28.16$27.45$27.37
Max Pain$27.61$27.00$29.00$29.00$27.00
ATM IV34.0%31.1%36.7%33.7%34.0%
Expected Move9.8%9.0%10.6%9.6%9.7%
HV 20d25.3%22.8%29.7%23.8%29.7%
HV 60d32.7%27.2%36.8%36.7%27.2%
IV Rank16.5%8.4%23.9%15.5%16.4%
IV Percentile23.4%7.5%40.9%18.7%21.0%
Term Structure0.1%-1.2%1.3%-0.3%0.8%
VWIV34.2%31.4%37.1%32.9%35.0%
Skew 25d4.3%3.1%5.8%3.9%3.5%
Skew 10d8.3%5.7%10.7%7.5%7.3%
Call IV 25d32.2%30.0%34.2%31.9%32.5%
Put IV 25d36.5%33.1%39.8%35.8%36.0%
Bid-Ask Spread %20.692.1446.5513.3733.62
Gamma HHI0.120.080.180.120.15
Net GEX-29.5M-55.5M36.8M-47.1M36.8M
Net DEX1.05B-68.7M1.49B1.08B292.8M
Net VEX-7.8M-9.8M-6.8M-6.8M-9.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.890.4810.555.211.21
Total Volume248,805.696101,425625,971299,540244,380
Total OI2,807,057.4782,278,1683,165,5842,608,9393,165,584

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-03-01$27.45$29.0033.7%9.6%23.8%15.5%32.9%3.9%-0.3%-47.1M1.08B-6.8M5.2113.37N/AN/A48,218251,3221,126,2581,482,681
2023-03-02$27.13$28.5033.5%9.4%24.0%15.0%32.2%3.9%0.2%-55.5M1.20B-6.8M3.8938.25N/AN/A25,799100,3551,148,4701,500,845
2023-03-03$27.21$28.5032.0%9.0%23.3%10.8%33.0%3.7%-0.1%-40.4M1.28B-6.9M7.303.36N/AN/A18,476134,8231,157,9761,600,457
2023-03-06$27.69$28.0032.1%9.2%22.8%11.1%32.1%3.7%0.5%-30.6M999.5M-6.8M1.037.48N/AN/A65,34567,5711,151,6871,526,743
2023-03-07$27.34$28.0031.1%9.3%23.1%8.4%31.4%3.1%0.6%-37.3M1.10B-7.3M10.552.14N/AN/A10,727113,1551,214,1471,550,254
2023-03-08$28.16$28.0032.7%9.3%25.0%12.7%33.2%3.8%0.1%-18.3M755.9M-7.5M4.612.29N/AN/A79,860368,4391,213,9231,586,545
2023-03-09$27.68$28.0033.6%9.4%24.8%15.3%33.6%3.6%-0.3%-26.5M934.3M-7.8M5.282.89N/AN/A18,71198,8411,287,7191,620,168
2023-03-10$26.98$28.0034.9%10.0%24.5%18.8%37.1%4.6%-0.5%-54.0M1.28B-7.7M2.112.76N/AN/A93,367196,7281,288,8441,642,647
2023-03-13$26.66$28.0036.6%10.1%24.2%23.5%35.1%5.1%-1.2%-48.0M1.37B-7.7M1.8943.31N/AN/A61,477115,9041,316,2571,666,435
2023-03-14$26.59$28.0034.1%9.6%23.3%16.8%33.9%4.5%-0.7%-49.1M1.40B-7.4M0.9846.55N/AN/A51,15150,2741,337,0961,624,830
2023-03-15$26.24$28.0036.7%10.6%23.6%23.9%36.2%5.8%0.1%-51.3M1.49B-7.3M2.2545.87N/AN/A104,832235,4431,363,7501,607,347
2023-03-16$26.84$28.0032.9%9.7%25.2%13.2%33.3%5.1%1.3%-49.6M1.22B-7.3M4.2035.99N/AN/A35,120147,6531,334,7641,607,812
2023-03-17$26.34$27.0034.8%10.1%25.6%18.6%35.4%5.4%1.0%-45.0M1.35B-7.3M1.072.40N/AN/A126,970135,8061,377,4571,590,289
2023-03-20$26.23$27.0035.5%10.2%25.4%20.5%34.8%4.2%-1.0%-29.9M1.09B-7.5M0.482.92N/AN/A72,47534,917947,2681,330,900
2023-03-21$26.27$27.0033.3%9.6%25.2%14.6%34.0%4.2%-0.1%-29.5M1.05B-7.5M0.7441.74N/AN/A92,77068,992993,2741,345,445
2023-03-22$26.16$27.0033.3%9.5%25.2%14.3%33.7%4.2%-0.3%-28.9M1.07B-7.8M3.7135.60N/AN/A93,002344,6471,073,6671,391,546
2023-03-23$25.27$27.0035.6%10.2%26.4%20.8%36.7%5.0%-0.1%-35.4M1.43B-7.6M3.2024.63N/AN/A148,966477,0051,137,9741,421,940
2023-03-24$25.64$27.0034.5%9.9%25.3%17.7%33.0%5.3%0.2%-36.0M1.39B-8.4M0.613.46N/AN/A125,81976,8181,225,0321,580,385
2023-03-27$26.09$27.0034.5%10.0%26.4%17.8%34.2%4.8%0.7%-24.9M1.08B-8.7M0.9435.18N/AN/A62,50558,8541,274,3021,572,282
2023-03-28$26.68$27.0035.2%10.2%27.8%19.6%34.7%4.6%0.6%-14.2M785.5M-9.1M1.3910.19N/AN/A116,604161,6111,314,7961,595,887
2023-03-29$27.04$27.0035.3%10.1%28.3%19.9%35.9%3.9%0.2%2.9M507.5M-9.6M3.0810.24N/AN/A128,131395,1481,415,6201,695,084
2023-03-30$27.70$27.0033.2%9.6%29.3%14.3%34.9%4.1%0.8%32.8M-68.7M-9.7M0.6531.55N/AN/A160,035103,4851,489,5441,666,391
2023-03-31$27.37$27.0034.0%9.7%29.7%16.4%35.0%3.5%0.8%36.8M292.8M-9.8M1.2133.62N/AN/A110,722133,6581,472,3331,693,251