KWEB Options History — February 2025

In February 2025, KWEB traded between $30.88 and $36.58. ATM implied volatility averaged 43.2%, placing in the 44.4% IV rank vs the trailing year. The 30-day expected move averaged 12.5%. IV traded above realized volatility by 7.7% (HV 20d: 35.5%). Max pain ranged from $30.00 to $32.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 0.50.

Notable Days

2025-02-14: Highest Volume — 820,116 contracts
2025-02-21: Largest IV spike — 10.9% change
2025-02-21: Highest IV Rank — 59.9%
2025-02-21: Largest Expected Move — 14.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$33.85	$30.88	$36.58	$30.88	$33.75
Max Pain	$31.11	$30.00	$32.00	$30.00	$32.00
ATM IV	43.2%	38.3%	49.8%	40.0%	44.1%
Expected Move	12.5%	10.8%	14.4%	11.6%	13.2%
HV 20d	35.5%	30.3%	43.7%	30.3%	43.7%
HV 60d	36.9%	34.7%	38.9%	38.5%	38.6%
IV Rank	44.4%	32.8%	59.9%	36.6%	46.4%
IV Percentile	88.2%	79.4%	96.0%	84.9%	87.3%
Term Structure	-0.6%	-2.1%	0.8%	-0.7%	0.2%
VWIV	45.2%	40.2%	52.2%	43.4%	47.7%
Skew 25d	-4.3%	-6.8%	-1.5%	-5.2%	-1.5%
Skew 10d	-9.5%	-31.6%	13.2%	-10.1%	-0.4%
Call IV 25d	46.5%	41.1%	54.0%	43.9%	46.2%
Put IV 25d	42.2%	38.1%	47.7%	38.7%	44.7%
Bid-Ask Spread %	22.05	10.15	47.11	47.11	26.57
Gamma HHI	0.10	0.08	0.16	0.08	0.16
Net GEX	114.3M	33.0M	166.4M	69.4M	33.0M
Net DEX	-2.58B	-4.63B	-1.15B	-1.15B	-1.41B
Net VEX	-10.8M	-11.8M	-9.1M	-9.1M	-10.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.50	0.11	2.68	0.42	1.11
Total Volume	331,588.211	128,115	820,116	216,579	325,508
Total OI	3,058,963.263	2,479,304	3,655,328	2,479,304	3,302,666

Daily Data (19 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
2025-02-03	$30.88	$30.00	40.0%	11.6%	30.3%	36.6%	43.4%	-5.2%	-0.7%	69.4M	-1.15B	-9.1M	0.42	47.11	152,978	63,601	1,892,339	586,965
2025-02-04	$31.91	$30.00	42.5%	12.2%	32.0%	42.8%	44.3%	-5.5%	-0.3%	90.8M	-1.74B	-10.0M	0.28	30.10	210,192	58,635	1,942,717	628,882
2025-02-05	$31.20	$30.00	38.9%	10.8%	32.7%	34.2%	43.0%	-4.5%	0.3%	74.5M	-1.32B	-9.6M	0.30	37.29	147,549	43,919	2,027,755	668,160
2025-02-06	$31.74	$31.00	38.3%	11.1%	32.7%	32.8%	40.2%	-2.9%	0.8%	92.8M	-1.63B	-10.0M	0.22	11.98	124,049	27,242	2,092,341	701,924
2025-02-07	$32.41	$31.00	41.0%	11.5%	33.0%	39.2%	43.3%	-3.9%	-1.5%	115.2M	-2.10B	-10.6M	0.22	10.15	207,638	44,653	2,138,268	706,826
2025-02-10	$33.45	$31.00	42.3%	11.9%	30.5%	42.2%	42.1%	-5.6%	-0.6%	123.7M	-2.60B	-10.7M	0.31	12.66	166,556	51,733	2,107,384	675,532
2025-02-11	$32.84	$31.00	41.1%	11.8%	32.1%	39.3%	44.6%	-4.8%	0.2%	118.0M	-2.26B	-10.6M	0.11	17.93	151,677	16,939	2,137,688	696,785
2025-02-12	$33.80	$31.00	42.3%	12.0%	32.4%	42.2%	43.4%	-4.9%	-0.6%	143.6M	-2.91B	-11.2M	0.20	10.20	281,346	55,389	2,221,662	709,596
2025-02-13	$34.25	$31.00	41.3%	11.8%	32.4%	39.7%	42.7%	-4.7%	0.1%	166.4M	-3.30B	-11.3M	0.22	12.53	168,595	36,654	2,316,958	749,244
2025-02-14	$35.61	$31.00	45.6%	13.0%	33.8%	49.9%	46.4%	-6.8%	-0.4%	158.0M	-4.26B	-11.7M	0.22	21.65	672,806	147,310	2,343,138	766,841
2025-02-18	$35.58	$31.00	44.5%	12.7%	33.4%	47.3%	46.9%	-4.4%	0.4%	160.3M	-3.92B	-11.1M	0.48	24.88	347,057	167,271	2,366,588	807,913
2025-02-19	$34.92	$31.00	44.2%	12.7%	34.8%	46.8%	44.0%	-4.5%	-0.8%	142.9M	-3.35B	-11.4M	0.98	27.49	124,670	122,446	2,553,929	939,196
2025-02-20	$35.56	$31.00	44.9%	12.9%	34.5%	48.3%	45.3%	-5.4%	-1.5%	157.7M	-3.80B	-11.5M	0.20	36.18	487,516	95,734	2,556,665	1,023,616
2025-02-21	$36.58	$31.00	49.8%	14.4%	35.0%	59.9%	52.2%	-6.3%	-2.1%	165.0M	-4.63B	-11.8M	0.24	27.90	533,710	128,741	2,604,854	1,050,474
2025-02-24	$34.31	$32.00	47.3%	14.0%	42.6%	54.1%	50.3%	-2.6%	-1.4%	80.3M	-1.91B	-11.0M	0.36	18.08	373,948	134,480	2,272,789	836,217
2025-02-25	$34.38	$32.00	45.1%	13.2%	42.6%	48.7%	47.0%	-2.7%	-1.1%	75.6M	-1.93B	-11.0M	0.62	19.72	78,944	49,171	2,313,461	900,826
2025-02-26	$35.23	$32.00	44.5%	13.0%	42.9%	47.4%	46.8%	-2.6%	-0.7%	109.3M	-2.58B	-11.1M	0.33	12.22	267,343	88,611	2,344,847	919,767
2025-02-27	$34.72	$32.00	44.0%	13.1%	43.4%	46.2%	45.7%	-2.4%	-0.9%	94.7M	-2.21B	-11.0M	2.68	14.27	39,595	105,970	2,342,174	873,315
2025-02-28	$33.75	$32.00	44.1%	13.2%	43.7%	46.4%	47.7%	-1.5%	0.2%	33.0M	-1.41B	-10.6M	1.11	26.57	154,163	171,345	2,357,548	945,118