KWEB Options History — March 2025

In March 2025, KWEB traded between $33.28 and $38.34. ATM implied volatility averaged 41.2%, placing in the 39.5% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded below realized volatility by 6.0% (HV 20d: 47.2%). Max pain ranged from $32.00 to $34.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 1 of 21 days. Put/call ratio averaged 0.51.

Notable Days

2025-03-17: Highest Volume — 414,600 contracts
2025-03-20: Largest IV drop — 6.3% change
2025-03-06: Highest IV Rank — 48.7%
2025-03-10: Largest Expected Move — 14.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$36.00	$33.28	$38.34	$33.28	$34.95
Max Pain	$33.05	$32.00	$34.00	$32.00	$34.00
ATM IV	41.2%	35.8%	45.1%	44.4%	38.3%
Expected Move	12.1%	10.0%	14.1%	13.5%	10.8%
HV 20d	47.2%	42.5%	50.9%	42.5%	45.2%
HV 60d	38.5%	36.9%	41.3%	38.7%	39.2%
IV Rank	39.5%	26.8%	48.7%	47.2%	32.7%
IV Percentile	79.6%	69.0%	91.3%	87.7%	73.0%
Term Structure	-0.7%	-3.4%	0.4%	-0.4%	-0.4%
VWIV	43.1%	34.7%	50.0%	48.1%	38.1%
Skew 25d	-1.3%	-2.7%	-0.2%	-1.6%	-0.2%
Skew 10d	-0.7%	-26.4%	17.7%	-1.4%	0.6%
Call IV 25d	42.5%	36.1%	47.4%	45.9%	38.8%
Put IV 25d	41.1%	34.5%	45.0%	44.3%	38.6%
Bid-Ask Spread %	16.17	3.02	49.87	10.34	24.46
Gamma HHI	0.10	0.07	0.18	0.09	0.07
Net GEX	92.8M	34.6M	158.8M	65.4M	34.6M
Net DEX	-2.25B	-3.79B	-814.3M	-1.37B	-814.3M
Net VEX	-9.4M	-10.8M	-8.2M	-10.0M	-8.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.51	0.14	1.78	0.79	0.96
Total Volume	172,217.667	57,689	414,600	137,250	133,383
Total OI	2,677,192.333	1,999,167	3,025,822	2,857,202	2,086,975

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 Vol	Put Vol	Call OI	Put OI
2025-03-03	$33.28	$32.00	44.4%	13.5%	42.5%	47.2%	48.1%	-1.6%	-0.4%	65.4M	-1.37B	-10.0M	0.79	10.34	76,813	60,437	2,094,386	762,816
2025-03-04	$34.33	$32.00	44.4%	13.6%	43.1%	47.1%	48.6%	-1.0%	-0.6%	85.9M	-1.95B	-10.6M	0.40	8.11	95,175	38,343	2,129,729	802,315
2025-03-05	$36.78	$32.00	45.1%	13.6%	47.8%	48.7%	48.2%	-2.0%	-0.7%	131.3M	-3.39B	-10.8M	0.27	3.64	255,732	69,105	2,107,928	812,399
2025-03-06	$36.84	$32.00	45.1%	13.7%	46.5%	48.7%	49.0%	-2.4%	-0.8%	132.5M	-3.31B	-10.6M	0.14	7.85	328,444	47,508	2,077,870	827,280
2025-03-07	$36.91	$32.00	43.6%	13.2%	46.5%	45.2%	48.2%	-2.7%	-0.5%	158.8M	-3.21B	-10.4M	0.57	13.25	83,727	47,582	2,069,212	845,365
2025-03-10	$35.31	$32.00	45.0%	14.1%	49.6%	48.5%	50.0%	-2.3%	-1.3%	89.4M	-2.18B	-9.8M	0.72	10.96	99,930	72,362	1,994,696	783,177
2025-03-11	$36.27	$32.00	44.4%	13.8%	49.3%	47.1%	49.2%	-1.1%	-0.8%	103.6M	-2.68B	-9.9M	0.27	16.75	104,193	28,099	2,002,375	827,611
2025-03-12	$35.72	$32.00	42.7%	12.9%	49.1%	43.1%	45.9%	-0.7%	-0.4%	95.8M	-2.27B	-9.5M	0.57	10.65	97,913	55,431	2,007,282	835,375
2025-03-13	$35.77	$32.00	42.5%	12.9%	48.3%	42.6%	46.2%	-1.6%	-0.7%	100.4M	-2.38B	-9.9M	0.28	3.02	45,047	12,642	2,069,763	866,653
2025-03-14	$36.70	$32.00	41.9%	13.1%	48.8%	41.1%	46.5%	-1.4%	-0.5%	121.4M	-2.91B	-9.9M	0.42	5.39	171,231	72,475	2,077,238	872,130
2025-03-17	$38.34	$34.00	44.1%	12.1%	49.3%	46.3%	42.9%	-1.6%	-1.3%	145.0M	-3.79B	-9.8M	0.20	9.08	344,194	70,406	2,030,595	872,015
2025-03-18	$37.77	$34.00	43.4%	11.9%	49.7%	44.8%	42.6%	-0.8%	-1.3%	139.2M	-3.45B	-9.7M	0.27	13.60	84,323	22,862	2,078,133	907,152
2025-03-19	$37.75	$34.00	41.1%	11.5%	49.1%	39.3%	40.3%	-1.1%	-1.1%	138.4M	-3.41B	-9.4M	0.28	40.61	64,474	17,740	2,086,181	919,759
2025-03-20	$36.36	$34.00	38.5%	10.9%	50.9%	33.1%	39.0%	-0.9%	-0.7%	100.9M	-2.53B	-8.9M	0.27	36.66	131,261	35,649	2,086,716	925,980
2025-03-21	$35.53	$34.00	37.8%	10.7%	50.5%	31.5%	38.0%	-0.7%	-0.9%	47.8M	-2.03B	-8.5M	0.27	24.54	185,521	49,523	2,101,039	924,783
2025-03-24	$35.67	$34.00	36.4%	10.3%	44.8%	28.3%	36.7%	-0.3%	-0.1%	53.1M	-1.19B	-8.3M	0.24	19.71	103,455	25,090	1,391,586	607,581
2025-03-25	$35.16	$34.00	35.8%	10.0%	45.2%	26.8%	34.7%	-1.5%	0.4%	46.6M	-1.01B	-8.2M	0.99	18.32	51,714	51,343	1,427,032	618,417
2025-03-26	$35.38	$34.00	36.1%	10.1%	44.4%	27.6%	36.4%	-1.3%	-0.1%	50.3M	-1.06B	-8.5M	0.56	49.87	72,448	40,259	1,428,099	636,138
2025-03-27	$36.23	$34.00	36.8%	10.5%	44.8%	29.1%	38.2%	-1.6%	-3.4%	64.4M	-1.43B	-8.7M	0.52	5.91	78,488	40,993	1,435,938	661,105
2025-03-28	$34.95	$34.00	37.6%	10.7%	45.5%	31.1%	37.9%	-1.3%	-0.1%	43.6M	-860.4M	-8.4M	1.78	6.83	54,401	96,855	1,456,717	673,498
2025-03-31	$34.95	$34.00	38.3%	10.8%	45.2%	32.7%	38.1%	-0.2%	-0.4%	34.6M	-814.3M	-8.4M	0.96	24.46	67,912	65,471	1,400,468	686,507