EWZ Options History — January 2025

In January 2025, EWZ traded between $22.45 and $25.41. ATM implied volatility averaged 26.1%, placing in the 35.5% IV rank vs the trailing year. The 30-day expected move averaged 7.4%. IV traded below realized volatility by 3.2% (HV 20d: 29.3%). Max pain ranged from $23.00 to $25.00. Net GEX was positive for 12 of 20 trading days. Term structure was in contango for 13 of 20 days. Put/call ratio averaged 0.78.

Notable Days

  • 2025-01-16: Highest Volume — 237,108 contracts
  • 2025-01-16: Largest IV spike — 10.6% change
  • 2025-01-02: Highest IV Rank — 43.5%
  • 2025-01-02: Largest Expected Move — 8.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$23.74$22.45$25.41$22.74$25.41
Max Pain$23.20$23.00$25.00$25.00$23.00
ATM IV26.1%23.2%28.7%28.7%26.3%
Expected Move7.4%7.0%8.2%8.2%7.1%
HV 20d29.3%19.3%37.2%37.2%20.7%
HV 60d28.7%27.7%29.8%27.9%29.2%
IV Rank35.5%26.5%43.5%43.5%36.1%
IV Percentile68.5%29.8%86.9%86.9%72.6%
Term Structure1.3%-10.0%22.5%1.1%8.4%
VWIV26.7%24.9%30.1%30.0%25.5%
Skew 25d1.0%-2.5%6.2%-0.2%1.4%
Skew 10d1.9%-7.0%8.7%1.0%1.4%
Call IV 25d26.0%21.8%29.7%29.7%24.8%
Put IV 25d27.1%25.4%29.5%29.5%26.2%
Bid-Ask Spread %35.5015.1448.7021.4829.77
Gamma HHI0.140.080.200.150.14
Net GEX10.4M-32.5M57.3M-25.5M57.3M
Net DEX-49.2M-1.21B934.5M885.1M-1.21B
Net VEX-7.6M-8.6M-6.9M-7.0M-8.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.780.202.830.760.63
Total Volume123,752.2539,972237,108113,936191,100
Total OI2,835,648.952,190,5793,334,8723,008,4602,541,730

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-01-02$22.74$25.0028.7%8.2%37.2%43.5%30.0%-0.2%1.1%-25.5M885.1M-7.0M0.7621.48N/AN/A64,74749,1891,729,2271,279,233
2025-01-03$22.45$25.0028.5%8.2%37.1%42.9%30.1%0.2%-0.2%-32.5M934.5M-6.9M0.3828.72N/AN/A78,20329,8971,780,0711,282,054
2025-01-06$22.86$23.0027.8%7.9%37.2%40.6%28.1%-0.4%0.0%-21.7M723.4M-7.0M0.9318.10N/AN/A66,35861,6421,798,1391,268,570
2025-01-07$23.14$23.0027.5%7.8%37.2%39.8%27.6%-0.4%1.4%-13.6M559.8M-7.2M0.6715.14N/AN/A64,33543,2571,841,6041,263,009
2025-01-08$22.88$23.0027.3%7.8%36.8%39.2%27.9%-2.5%2.4%-17.9M663.8M-7.2M0.9721.29N/AN/A67,43165,4661,889,0411,295,237
2025-01-10$22.73$23.0026.2%7.4%36.3%35.9%26.3%0.8%-0.3%-22.5M653.8M-7.2M1.4128.28N/AN/A35,99450,6201,954,5091,305,274
2025-01-13$22.80$23.0026.1%7.4%35.0%35.4%26.8%1.1%-0.6%-20.9M608.3M-7.1M0.8443.02N/AN/A40,50533,8481,962,8741,295,787
2025-01-14$22.98$23.0025.8%7.2%34.6%34.6%25.7%1.5%-1.1%-11.9M407.6M-7.0M1.1136.20N/AN/A32,28435,7951,963,3491,229,067
2025-01-15$23.77$23.0023.2%7.5%37.0%26.5%26.8%1.1%0.7%5.9M-28.6M-7.5M0.2546.23N/AN/A120,60030,3971,984,6711,244,528
2025-01-16$23.38$23.0025.7%7.5%36.8%34.1%25.9%1.4%0.6%5.9M189.6M-7.3M2.8334.94N/AN/A61,986175,1222,042,7551,261,472
2025-01-17$23.55$23.0025.3%7.3%35.1%32.8%25.7%4.3%0.4%20.0M73.0M-7.4M0.3934.93N/AN/A79,28031,1172,066,5831,268,289
2025-01-21$23.89$23.0025.4%7.3%22.9%33.4%26.5%1.1%-10.0%20.5M-308.1M-7.3M0.4048.70N/AN/A49,62619,8441,212,050978,529
2025-01-22$24.23$23.0025.2%7.2%21.6%32.8%25.4%0.8%0.2%26.1M-450.9M-7.4M0.2046.58N/AN/A195,30539,2931,210,393987,250
2025-01-23$24.18$23.0025.8%7.4%21.5%34.4%26.8%0.5%0.1%31.1M-504.2M-8.2M1.0645.43N/AN/A90,48295,9061,338,9431,007,632
2025-01-24$24.31$23.0024.5%7.0%19.5%30.6%24.9%0.5%0.1%30.4M-610.0M-8.5M0.3948.44N/AN/A89,56435,1911,413,8821,081,593
2025-01-27$24.66$23.0025.6%7.3%19.8%34.0%26.2%1.3%-7.7%40.7M-786.3M-8.6M0.7933.27N/AN/A31,30924,6701,447,4861,032,423
2025-01-28$24.77$23.0024.7%7.1%19.4%31.1%25.2%1.1%-9.9%43.5M-848.4M-8.4M0.5939.34N/AN/A36,23321,2011,444,0171,025,466
2025-01-29$24.63$23.0025.1%7.2%19.3%32.2%25.5%1.0%18.0%39.8M-769.4M-8.5M0.7647.07N/AN/A22,69117,2811,451,4121,038,859
2025-01-30$25.34$23.0027.4%7.2%21.1%39.6%26.1%6.2%22.5%52.5M-1.17B-8.5M0.2342.99N/AN/A160,44236,8341,452,1381,043,833
2025-01-31$25.41$23.0026.3%7.1%20.7%36.1%25.5%1.4%8.4%57.3M-1.21B-8.6M0.6329.77N/AN/A117,06774,0331,488,7441,052,986