EWZ Options History — May 2025

In May 2025, EWZ traded between $26.41 and $28.36. ATM implied volatility averaged 26.0%, placing in the 35.1% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded below realized volatility by 1.2% (HV 20d: 27.2%). Max pain ranged from $25.00 to $26.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.59.

Notable Days

  • 2025-05-22: Highest Volume — 257,834 contracts
  • 2025-05-15: Largest IV spike — 66.0% change
  • 2025-05-30: Highest IV Rank — 67.2%
  • 2025-05-07: Largest Expected Move — 8.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$27.56$26.41$28.36$26.93$27.18
Max Pain$25.90$25.00$26.00$25.00$26.00
ATM IV26.0%17.7%36.4%24.8%36.4%
Expected Move7.7%7.2%8.1%7.3%7.8%
HV 20d27.2%22.2%43.8%43.8%23.4%
HV 60d31.8%31.0%32.7%31.8%31.1%
IV Rank35.1%9.5%67.2%31.3%67.2%
IV Percentile49.3%0.8%95.2%41.7%95.2%
Term Structure1.1%-11.3%29.0%-0.1%29.0%
VWIV26.3%23.6%27.5%26.2%26.6%
Skew 25d4.5%-4.3%14.5%2.9%9.5%
Skew 10d5.7%-13.6%49.7%5.4%37.1%
Call IV 25d21.6%12.8%34.4%24.0%20.1%
Put IV 25d26.0%13.3%46.7%26.9%29.7%
Bid-Ask Spread %54.9028.8578.8729.4171.72
Gamma HHI0.170.110.670.130.12
Net GEX54.2M-10.5M259.7M43.5M19.6M
Net DEX-1.08B-1.78B-568.7M-972.2M-568.7M
Net VEX-9.9M-10.2M-9.6M-10.2M-9.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.590.221.130.290.95
Total Volume84,226.61919,733257,83423,95342,940
Total OI2,414,892.3332,142,1542,712,5212,447,2092,328,288

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$26.93$25.0024.8%7.3%43.8%31.3%26.2%2.9%-0.1%43.5M-972.2M-10.2M0.2929.41N/AN/A18,5915,3621,394,9281,052,281
2025-05-02$27.14$25.0025.5%7.2%43.8%33.5%24.8%2.9%-2.1%44.1M-1.10B-10.1M0.9044.21N/AN/A14,31512,8261,402,0631,057,438
2025-05-05$26.71$26.0025.3%8.0%36.2%32.8%26.8%2.2%-11.3%38.2M-860.7M-9.9M0.4148.15N/AN/A35,05114,4681,383,2861,048,149
2025-05-06$26.63$26.0024.6%7.9%34.4%30.7%27.5%2.4%0.1%35.0M-807.1M-9.7M1.1350.78N/AN/A9,54510,7771,381,1361,059,691
2025-05-07$26.41$26.0020.3%8.1%33.0%17.6%27.1%8.2%-10.3%29.4M-660.2M-9.6M0.7158.68N/AN/A32,72023,1071,380,2741,061,099
2025-05-08$27.52$26.0024.3%7.9%28.5%30.0%27.0%1.8%-6.3%55.4M-1.31B-9.9M0.2845.40N/AN/A111,45231,2941,386,1701,074,878
2025-05-09$27.56$26.0024.6%7.9%24.4%30.8%27.3%1.2%-0.2%56.2M-1.33B-9.9M0.5339.23N/AN/A112,42859,7271,392,0311,088,242
2025-05-12$27.48$26.0021.0%7.9%23.3%19.8%27.4%5.8%13.9%52.7M-1.29B-9.7M0.4736.01N/AN/A61,59828,6761,423,2911,115,299
2025-05-13$28.36$26.0025.6%7.8%24.9%33.9%26.8%14.5%2.1%66.3M-1.78B-10.2M0.2528.85N/AN/A88,89922,4821,458,7501,117,434
2025-05-14$28.23$26.0017.7%7.6%24.7%9.5%26.6%-4.3%3.5%71.3M-1.71B-10.1M1.0734.09N/AN/A69,13974,2561,477,1351,126,307
2025-05-15$27.99$26.0029.4%7.8%24.9%45.6%26.8%-1.8%5.8%76.4M-1.54B-10.2M0.3851.85N/AN/A99,66837,8881,505,2481,150,996
2025-05-16$28.01$26.0020.4%7.4%24.3%18.0%24.4%8.4%2.7%259.7M-1.52B-10.0M0.2259.04N/AN/A88,69319,2181,535,7371,176,784
2025-05-19$28.19$26.0024.6%7.3%24.0%30.9%23.6%3.9%3.2%50.1M-1.07B-10.0M0.4878.87N/AN/A35,60417,0861,245,650896,504
2025-05-20$28.13$26.0025.2%7.3%22.6%32.6%25.2%3.3%1.7%52.0M-1.06B-9.8M0.8755.27N/AN/A29,01525,1351,270,802906,738
2025-05-21$27.70$26.0026.3%7.5%23.2%36.0%26.0%3.4%-7.2%40.6M-840.7M-9.9M0.5067.08N/AN/A45,77123,0631,293,464923,509
2025-05-22$27.55$26.0031.0%7.9%22.4%50.6%27.0%3.1%14.1%34.0M-772.1M-10.0M0.8271.42N/AN/A141,589116,2451,298,456941,861
2025-05-23$27.61$26.0027.9%7.7%22.4%40.9%25.8%3.6%-10.6%-10.5M-777.5M-10.1M0.7361.45N/AN/A61,01344,6981,355,6491,075,886
2025-05-27$27.94$26.0024.5%7.8%22.6%30.4%26.6%7.3%-9.9%49.0M-973.1M-9.9M0.3971.20N/AN/A29,26911,3901,334,136965,892
2025-05-28$27.69$26.0034.0%8.0%22.7%59.8%25.9%3.3%1.7%36.5M-828.6M-9.9M0.5975.69N/AN/A27,77416,2541,331,954973,564
2025-05-29$27.73$26.0032.5%8.0%22.2%55.0%26.7%12.3%4.3%39.0M-860.1M-9.8M0.3574.51N/AN/A14,6625,0711,345,330976,409
2025-05-30$27.18$26.0036.4%7.8%23.4%67.2%26.6%9.5%29.0%19.6M-568.7M-9.7M0.9571.72N/AN/A21,99020,9501,349,492978,796