IWM Options History — May 2023

In May 2023, IWM traded between $170.07 and $178.28. ATM implied volatility averaged 21.1%, placing in the 10.5% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 1.6% (HV 20d: 19.4%). Max pain ranged from $176.00 to $180.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 9 of 22 days. Put/call ratio averaged 1.88.

Notable Days

2023-05-17: Highest Volume — 1,442,212 contracts
2023-05-05: Largest IV drop — 12.3% change
2023-05-04: Highest IV Rank — 29.3%
2023-05-04: Largest Expected Move — 7.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$174.58	$170.07	$178.28	$175.31	$173.84
Max Pain	$178.45	$176.00	$180.00	$177.00	$178.00
ATM IV	21.1%	19.2%	24.4%	19.2%	21.0%
Expected Move	6.2%	5.6%	7.0%	5.6%	6.3%
HV 20d	19.4%	17.1%	21.6%	17.3%	18.4%
HV 60d	21.5%	20.7%	21.9%	20.7%	21.6%
IV Rank	10.5%	0.0%	29.3%	0.0%	10.0%
IV Percentile	10.3%	0.0%	34.9%	0.0%	11.5%
Term Structure	0.0%	-0.4%	0.8%	0.1%	-0.2%
VWIV	23.1%	20.3%	26.7%	20.3%	23.7%
Skew 25d	6.2%	5.1%	7.5%	5.7%	5.2%
Skew 10d	12.5%	10.7%	14.6%	11.2%	10.9%
Call IV 25d	18.3%	16.4%	20.6%	16.4%	18.9%
Put IV 25d	24.5%	22.1%	28.1%	22.1%	24.1%
Bid-Ask Spread %	1.54	1.25	3.24	1.51	1.54
Gamma HHI	0.07	0.05	0.09	0.07	0.07
Net GEX	-1.63B	-2.49B	-658.4M	-1.64B	-2.05B
Net DEX	20.44B	10.45B	32.41B	18.70B	23.70B
Net VEX	-255.3M	-264.5M	-243.4M	-243.4M	-250.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.88	1.09	3.06	1.92	1.64
Total Volume	916,053.182	612,032	1,442,212	766,815	982,304
Total OI	10,456,862.091	9,496,304	11,331,421	9,496,304	10,717,536

Daily Data (22 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 Vol	Put Vol	Call OI	Put OI
2023-05-01	$175.31	$177.00	19.2%	5.6%	17.3%	0.0%	20.3%	5.7%	0.1%	-1.64B	18.70B	-243.4M	1.92	1.51	262,984	503,831	2,921,332	6,574,972
2023-05-02	$171.66	$176.00	21.5%	6.4%	18.6%	13.0%	23.6%	6.7%	-0.1%	-2.27B	28.67B	-246.1M	2.46	1.49	406,296	999,805	2,920,512	6,673,453
2023-05-03	$172.55	$176.00	22.4%	6.8%	17.1%	18.0%	24.5%	6.8%	-0.2%	-1.85B	25.36B	-251.7M	2.51	3.24	377,150	946,138	3,067,205	6,778,737
2023-05-04	$170.07	$180.00	24.4%	7.0%	17.7%	29.3%	26.7%	7.5%	-0.2%	-2.39B	32.41B	-252.9M	3.03	1.28	314,095	952,691	3,102,683	6,860,638
2023-05-05	$174.63	$180.00	21.4%	6.2%	20.2%	12.3%	25.0%	6.4%	-0.0%	-1.57B	19.39B	-259.1M	3.06	1.36	247,583	757,498	3,213,201	7,036,412
2023-05-08	$174.13	$180.00	21.5%	6.3%	19.9%	13.2%	23.2%	6.9%	0.5%	-1.80B	21.38B	-257.2M	2.26	1.46	202,142	456,713	3,176,259	7,070,792
2023-05-09	$173.72	$180.00	21.9%	6.4%	19.5%	15.0%	23.0%	7.1%	0.5%	-1.79B	22.52B	-258.6M	2.26	1.25	187,672	424,360	3,192,530	7,100,617
2023-05-10	$174.69	$180.00	20.4%	6.0%	19.5%	6.9%	22.9%	6.4%	0.6%	-1.54B	19.84B	-258.7M	2.46	1.39	318,609	783,811	3,232,753	7,233,480
2023-05-11	$172.84	$180.00	20.8%	6.1%	19.3%	9.1%	22.0%	6.3%	0.6%	-2.23B	25.40B	-256.4M	1.68	1.36	247,938	415,633	3,230,691	7,236,095
2023-05-12	$172.41	$180.00	20.8%	6.1%	19.0%	8.8%	22.2%	6.1%	0.8%	-2.47B	27.00B	-256.0M	1.23	1.30	314,047	384,746	3,292,554	7,332,133
2023-05-15	$174.75	$179.00	20.1%	5.8%	19.1%	4.8%	22.5%	6.4%	-0.2%	-1.66B	19.39B	-251.7M	1.58	1.48	331,979	525,719	3,251,999	7,334,259
2023-05-16	$172.64	$178.00	20.8%	6.0%	19.5%	9.2%	23.3%	6.4%	-0.1%	-2.49B	26.24B	-252.7M	1.36	1.35	310,439	422,730	3,307,932	7,481,441
2023-05-17	$176.31	$178.00	20.0%	5.7%	21.0%	4.7%	20.3%	5.4%	-0.3%	-929.4M	13.57B	-251.5M	1.16	1.71	668,401	773,811	3,393,240	7,542,878
2023-05-18	$177.25	$178.00	19.6%	5.6%	21.0%	2.4%	21.3%	5.1%	-0.4%	-658.4M	10.80B	-254.9M	1.09	1.69	334,063	364,862	3,522,726	7,656,762
2023-05-19	$176.06	$178.00	19.8%	5.7%	21.1%	3.5%	21.6%	5.7%	-0.3%	-1.02B	14.39B	-256.4M	1.58	1.43	339,637	535,998	3,591,021	7,740,400
2023-05-22	$178.28	$178.00	20.2%	5.9%	21.6%	5.3%	22.7%	6.1%	0.3%	-692.0M	10.45B	-254.7M	1.94	1.42	263,797	512,778	3,161,650	6,917,072
2023-05-23	$177.81	$178.00	20.8%	6.1%	19.7%	8.8%	23.1%	6.3%	0.2%	-880.0M	12.38B	-259.8M	2.27	1.60	342,861	778,005	3,232,989	7,088,178
2023-05-24	$175.62	$178.00	22.2%	6.6%	19.7%	17.2%	24.6%	6.7%	-0.0%	-1.55B	19.85B	-264.5M	1.57	1.59	330,524	518,203	3,309,529	7,274,444
2023-05-25	$174.34	$178.00	22.6%	6.7%	19.4%	19.5%	24.4%	6.1%	-0.1%	-1.74B	22.86B	-262.2M	1.15	1.43	415,211	477,100	3,420,904	7,298,122
2023-05-26	$176.16	$178.00	21.2%	6.3%	19.5%	11.4%	23.6%	5.9%	0.0%	-1.10B	17.07B	-262.5M	1.67	1.47	299,346	500,219	3,519,977	7,401,389
2023-05-30	$175.75	$178.00	20.9%	6.3%	19.5%	9.4%	23.7%	5.3%	-0.2%	-1.56B	18.34B	-254.8M	1.47	1.43	251,350	370,091	3,394,499	7,244,970
2023-05-31	$173.84	$178.00	21.0%	6.3%	18.4%	10.0%	23.7%	5.2%	-0.2%	-2.05B	23.70B	-250.4M	1.64	1.54	371,773	610,531	3,390,690	7,326,846