EWZ Options History — March 2025

In March 2025, EWZ traded between $24.05 and $26.94. ATM implied volatility averaged 25.1%, placing in the 32.3% IV rank vs the trailing year. The 30-day expected move averaged 7.8%. IV traded below realized volatility by 1.3% (HV 20d: 26.4%). Max pain ranged from $21.00 to $25.00. Net GEX was positive for 12 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.69.

Notable Days

2025-03-19: Highest Volume — 193,158 contracts
2025-03-14: Largest IV spike — 26.8% change
2025-03-05: Highest IV Rank — 41.9%
2025-03-10: Largest Expected Move — 9.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$25.54	$24.05	$26.94	$24.05	$25.91
Max Pain	$23.14	$21.00	$25.00	$25.00	$24.00
ATM IV	25.1%	20.0%	28.2%	26.8%	26.1%
Expected Move	7.8%	7.1%	9.2%	8.2%	7.5%
HV 20d	26.4%	24.0%	29.8%	24.1%	24.0%
HV 60d	26.6%	23.2%	29.4%	28.8%	23.4%
IV Rank	32.3%	16.6%	41.9%	37.6%	35.4%
IV Percentile	52.2%	2.4%	84.5%	75.0%	66.3%
Term Structure	-1.0%	-12.6%	11.8%	1.1%	-12.6%
VWIV	27.7%	24.5%	32.8%	28.7%	26.5%
Skew 25d	0.6%	-15.8%	15.2%	1.2%	15.2%
Skew 10d	-2.5%	-36.5%	14.9%	3.8%	0.8%
Call IV 25d	25.5%	13.4%	44.5%	26.9%	13.4%
Put IV 25d	26.1%	14.1%	34.6%	28.1%	28.6%
Bid-Ask Spread %	34.99	10.27	59.02	42.36	14.54
Gamma HHI	0.14	0.11	0.28	0.12	0.11
Net GEX	21.3M	-32.8M	77.1M	-31.0M	13.8M
Net DEX	-778.8M	-2.03B	300.2M	300.2M	-756.1M
Net VEX	-9.0M	-9.7M	-8.2M	-8.3M	-9.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.69	0.07	1.97	0.56	0.40
Total Volume	103,299.571	31,781	193,158	48,924	62,566
Total OI	2,934,450.762	2,315,694	3,425,514	2,945,609	2,438,743

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
2025-03-03	$24.05	$25.00	26.8%	8.2%	24.1%	37.6%	28.7%	1.2%	1.1%	-31.0M	300.2M	-8.3M	0.56	42.36	N/A	N/A	31,294	17,630	1,623,407	1,322,202
2025-03-04	$24.06	$25.00	26.6%	8.1%	24.1%	37.0%	28.4%	-15.8%	5.1%	-32.8M	286.8M	-8.2M	1.97	53.46	N/A	N/A	33,176	65,385	1,637,669	1,328,726
2025-03-05	$24.64	$25.00	28.2%	8.0%	25.9%	41.9%	27.9%	-14.0%	-2.4%	-15.9M	-103.6M	-8.5M	0.64	49.83	N/A	N/A	50,713	32,220	1,651,172	1,327,981
2025-03-06	$24.57	$25.00	23.1%	7.9%	25.9%	26.2%	30.1%	0.8%	-12.0%	-14.5M	-66.1M	-8.5M	0.07	54.46	N/A	N/A	59,130	4,408	1,677,041	1,338,658
2025-03-07	$24.84	$25.00	24.1%	7.6%	25.8%	29.4%	27.0%	1.1%	-11.7%	-6.9M	-272.1M	-8.7M	0.40	53.08	N/A	N/A	69,250	27,355	1,683,752	1,342,228
2025-03-10	$24.24	$25.00	28.0%	9.2%	26.4%	41.2%	32.8%	-10.6%	0.3%	-23.9M	70.4M	-8.2M	1.05	58.95	N/A	N/A	92,037	96,411	1,684,938	1,301,254
2025-03-11	$24.39	$25.00	25.0%	8.7%	26.0%	32.0%	31.0%	10.7%	11.8%	-20.3M	-22.0M	-8.6M	1.48	59.02	N/A	N/A	37,915	56,210	1,744,994	1,360,302
2025-03-12	$24.52	$25.00	20.0%	7.9%	25.9%	16.6%	28.4%	-2.4%	11.2%	-18.5M	-147.4M	-8.5M	0.80	50.30	N/A	N/A	21,484	17,221	1,767,686	1,383,057
2025-03-13	$24.80	$25.00	21.4%	7.7%	25.8%	21.0%	27.4%	8.7%	0.2%	-5.2M	-350.6M	-8.5M	0.41	55.95	N/A	N/A	97,463	39,935	1,778,759	1,385,537
2025-03-14	$25.84	$25.00	27.2%	8.2%	29.8%	38.8%	29.1%	0.3%	-0.2%	43.3M	-1.21B	-9.5M	0.20	56.57	N/A	N/A	140,979	27,629	1,844,615	1,400,473
2025-03-17	$26.52	$21.00	27.6%	7.9%	28.5%	40.0%	28.1%	1.1%	-0.5%	67.0M	-1.72B	-9.7M	0.25	26.52	N/A	N/A	112,573	28,143	1,880,845	1,390,627
2025-03-18	$26.53	$21.00	26.9%	7.6%	28.5%	37.8%	29.4%	1.6%	-0.2%	68.2M	-1.71B	-9.6M	0.61	19.70	N/A	N/A	91,395	55,462	1,891,009	1,407,274
2025-03-19	$26.94	$21.00	26.8%	7.6%	28.6%	37.7%	28.7%	0.7%	-0.7%	77.1M	-2.03B	-9.7M	0.36	27.60	N/A	N/A	142,241	50,917	1,911,028	1,439,628
2025-03-20	$26.63	$21.00	25.1%	7.3%	29.0%	32.4%	26.1%	1.5%	0.2%	68.1M	-1.76B	-9.7M	0.48	20.65	N/A	N/A	88,644	42,125	1,932,267	1,467,925
2025-03-21	$26.52	$21.00	25.0%	7.3%	27.2%	32.0%	26.0%	1.5%	-0.2%	53.1M	-1.73B	-9.5M	0.40	26.15	N/A	N/A	47,423	18,901	1,935,258	1,490,256
2025-03-24	$26.23	$21.00	20.3%	7.1%	26.8%	17.6%	25.7%	0.5%	-2.4%	37.2M	-1.06B	-9.2M	0.84	12.39	N/A	N/A	17,241	14,540	1,376,192	939,502
2025-03-25	$26.48	$21.00	24.3%	7.2%	26.8%	29.9%	24.5%	-8.6%	2.5%	40.1M	-1.16B	-9.2M	0.55	10.55	N/A	N/A	90,993	50,370	1,386,339	954,592
2025-03-26	$26.34	$21.00	24.3%	7.2%	25.8%	29.9%	24.6%	-1.4%	-11.5%	41.1M	-1.05B	-9.2M	0.38	10.65	N/A	N/A	41,400	15,781	1,399,595	978,977
2025-03-27	$26.30	$21.00	24.6%	7.3%	25.6%	30.7%	25.0%	8.9%	0.4%	39.2M	-1.04B	-9.1M	1.43	10.27	N/A	N/A	26,317	37,513	1,407,907	988,839
2025-03-28	$25.98	$23.00	25.5%	7.5%	24.0%	33.5%	26.0%	11.4%	0.7%	67.1M	-831.1M	-9.2M	1.22	21.73	N/A	N/A	52,634	64,267	1,416,443	1,005,769
2025-03-31	$25.91	$24.00	26.1%	7.5%	24.0%	35.4%	26.5%	15.2%	-12.6%	13.8M	-756.1M	-9.1M	0.40	14.54	N/A	N/A	44,684	17,882	1,409,747	1,028,996