KWEB Options History — January 2023

In January 2023, KWEB traded between $31.80 and $36.09. ATM implied volatility averaged 48.4%, placing in the 8.7% IV rank vs the trailing year. The 30-day expected move averaged 14.1%. IV traded below realized volatility by 0.6% (HV 20d: 49.0%). Max pain ranged from $27.42 to $30.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 0.43.

Notable Days

2023-01-04: Highest Volume — 204,517 contracts
2023-01-30: Largest IV spike — 8.4% change
2023-01-05: Highest IV Rank — 22.9%
2023-01-04: Largest Expected Move — 16.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$34.58	$31.80	$36.09	$31.80	$33.86
Max Pain	$29.74	$27.42	$30.00	$27.42	$30.00
ATM IV	48.4%	42.6%	56.4%	54.9%	45.9%
Expected Move	14.1%	12.5%	16.8%	16.2%	13.7%
HV 20d	49.0%	41.8%	53.1%	46.1%	44.9%
HV 60d	64.8%	56.3%	71.5%	70.7%	57.1%
IV Rank	8.7%	0.0%	22.9%	20.0%	5.8%
IV Percentile	13.0%	0.0%	42.1%	34.9%	6.3%
Term Structure	-0.1%	-1.0%	1.2%	-0.3%	0.1%
VWIV	49.6%	44.2%	59.2%	57.5%	48.2%
Skew 25d	2.4%	1.3%	3.7%	1.7%	1.8%
Skew 10d	5.2%	2.4%	8.7%	2.4%	3.6%
Call IV 25d	47.8%	42.0%	56.1%	55.0%	45.7%
Put IV 25d	50.2%	44.1%	58.4%	56.7%	47.5%
Bid-Ask Spread %	4.69	2.35	14.49	14.49	2.88
Gamma HHI	0.12	0.08	0.36	0.08	0.09
Net GEX	58.4M	36.5M	94.4M	44.9M	36.5M
Net DEX	-1.86B	-2.45B	-1.12B	-1.51B	-1.12B
Net VEX	-7.3M	-8.1M	-6.7M	-7.5M	-7.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.43	0.07	0.99	0.33	0.51
Total Volume	110,300.8	37,230	204,517	105,873	63,739
Total OI	1,947,230.05	1,537,602	2,271,269	2,011,801	1,725,750

Daily Data (20 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
2023-01-03	$31.80	$27.42	54.9%	16.2%	46.1%	20.0%	57.5%	1.7%	-0.3%	44.9M	-1.51B	-7.5M	0.33	14.49	79,517	26,356	1,471,989	539,812
2023-01-04	$34.38	$27.42	56.3%	16.8%	53.1%	22.6%	59.2%	1.3%	-1.0%	57.9M	-2.29B	-7.9M	0.26	6.68	162,670	41,847	1,495,877	550,509
2023-01-05	$34.91	$30.00	56.4%	16.0%	53.1%	22.9%	56.4%	2.7%	-0.6%	60.3M	-2.45B	-8.1M	0.15	2.61	174,972	25,946	1,541,164	570,986
2023-01-06	$34.64	$30.00	54.3%	15.7%	52.7%	19.1%	56.2%	1.3%	0.1%	58.8M	-2.28B	-7.9M	0.53	2.60	49,509	26,158	1,527,873	586,949
2023-01-09	$34.64	$30.00	52.0%	15.0%	50.1%	14.9%	52.6%	2.0%	0.4%	63.3M	-2.20B	-7.5M	0.28	2.96	84,857	24,153	1,507,494	548,179
2023-01-10	$35.05	$30.00	51.6%	14.9%	49.9%	14.2%	51.3%	2.5%	0.5%	64.3M	-2.27B	-7.6M	0.49	2.63	56,468	27,837	1,495,038	561,240
2023-01-11	$34.88	$30.00	49.8%	14.5%	48.2%	11.0%	49.5%	2.0%	0.7%	64.2M	-2.20B	-7.5M	0.12	2.64	110,610	12,865	1,504,273	580,373
2023-01-12	$34.33	$30.00	46.7%	13.6%	48.6%	5.4%	47.7%	2.1%	1.2%	65.5M	-2.04B	-7.4M	0.91	10.15	32,773	29,833	1,572,648	587,449
2023-01-13	$35.34	$30.00	45.1%	13.1%	49.3%	2.5%	45.5%	2.3%	1.0%	77.1M	-2.37B	-7.4M	0.39	8.72	71,628	27,662	1,582,856	604,845
2023-01-17	$34.25	$30.00	47.2%	13.6%	49.6%	6.3%	47.4%	3.0%	0.1%	68.6M	-1.95B	-7.1M	0.53	3.86	56,037	29,441	1,583,767	582,571
2023-01-18	$33.38	$30.00	47.8%	13.7%	50.9%	7.3%	49.2%	3.7%	-0.8%	55.7M	-1.64B	-6.9M	0.99	2.35	56,996	56,645	1,603,905	604,714
2023-01-19	$33.91	$30.00	47.2%	13.5%	50.8%	6.2%	47.4%	2.0%	-0.6%	66.1M	-1.83B	-7.0M	0.39	6.13	81,434	31,632	1,633,522	631,992
2023-01-20	$34.80	$30.00	45.7%	13.2%	50.9%	3.6%	46.6%	1.7%	-0.4%	94.4M	-2.13B	-7.0M	0.27	5.81	97,374	26,561	1,623,566	647,703
2023-01-23	$35.13	$30.00	45.6%	13.3%	49.7%	3.3%	47.8%	3.1%	-0.0%	47.2M	-1.56B	-7.1M	0.47	3.00	46,390	21,975	1,093,435	469,704
2023-01-24	$34.98	$30.00	44.4%	12.8%	49.7%	1.3%	45.4%	2.8%	-0.1%	44.2M	-1.45B	-6.8M	0.07	2.99	109,482	7,996	1,069,630	479,126
2023-01-25	$35.13	$30.00	44.3%	13.1%	48.2%	1.0%	46.8%	3.2%	0.0%	43.4M	-1.40B	-6.7M	0.84	3.88	20,254	16,976	1,054,048	483,554
2023-01-26	$36.09	$30.00	43.6%	12.6%	46.0%	0.0%	44.7%	3.5%	-0.7%	53.6M	-1.67B	-7.0M	0.19	3.06	104,341	19,671	1,069,116	494,859
2023-01-27	$35.89	$30.00	42.6%	12.5%	41.8%	0.0%	44.2%	2.1%	-1.0%	63.7M	-1.70B	-7.1M	0.53	3.55	67,617	36,152	1,149,588	505,953
2023-01-30	$34.22	$30.00	46.2%	13.9%	45.5%	6.3%	48.7%	2.2%	-0.0%	38.0M	-1.18B	-6.7M	0.43	2.82	132,969	56,673	1,117,340	491,204
2023-01-31	$33.86	$30.00	45.9%	13.7%	44.9%	5.8%	48.2%	1.8%	0.1%	36.5M	-1.12B	-7.0M	0.51	2.88	42,222	21,517	1,198,977	526,773