KWEB Options History — April 2025

In April 2025, KWEB traded between $27.89 and $35.01. ATM implied volatility averaged 50.3%, placing in the 48.6% IV rank vs the trailing year. The 30-day expected move averaged 13.9%. IV traded below realized volatility by 5.4% (HV 20d: 55.7%). Max pain ranged from $32.00 to $34.00. Net GEX was positive for 18 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 0.88.

Notable Days

2025-04-07: Highest Volume — 401,555 contracts
2025-04-04: Largest IV spike — 38.9% change
2025-04-07: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 20.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$31.43	$27.89	$35.01	$35.01	$32.08
Max Pain	$33.00	$32.00	$34.00	$34.00	$32.00
ATM IV	50.3%	36.8%	83.8%	37.6%	37.8%
Expected Move	13.9%	10.5%	20.0%	10.7%	10.9%
HV 20d	55.7%	35.8%	61.6%	43.9%	59.7%
HV 60d	47.5%	39.0%	50.1%	39.0%	49.0%
IV Rank	48.6%	20.7%	100.0%	31.0%	22.5%
IV Percentile	85.1%	61.9%	100.0%	71.4%	65.1%
Term Structure	-2.7%	-20.0%	0.3%	-0.4%	0.3%
VWIV	48.5%	37.9%	64.3%	38.9%	38.7%
Skew 25d	5.6%	-7.6%	37.7%	0.4%	1.3%
Skew 10d	12.1%	-3.8%	33.7%	0.9%	14.4%
Call IV 25d	48.7%	36.9%	85.5%	37.8%	38.1%
Put IV 25d	54.3%	38.2%	92.1%	38.2%	39.4%
Bid-Ask Spread %	46.21	14.20	84.59	17.58	46.78
Gamma HHI	0.07	0.05	0.19	0.07	0.07
Net GEX	20.5M	-1.2M	58.6M	38.4M	27.8M
Net DEX	-60.1M	-846.3M	715.4M	-846.3M	-403.0M
Net VEX	-7.7M	-8.7M	-6.8M	-8.4M	-7.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.88	0.11	2.86	2.86	1.12
Total Volume	196,577.429	61,690	401,555	84,316	61,690
Total OI	2,344,183.238	2,096,810	2,723,455	2,102,057	2,129,163

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
2025-04-01	$35.01	$34.00	37.6%	10.7%	43.9%	31.0%	38.9%	0.4%	-0.4%	38.4M	-846.3M	-8.4M	2.86	17.58	21,862	62,454	1,418,576	683,481
2025-04-02	$34.95	$34.00	38.2%	10.7%	35.8%	32.6%	37.9%	0.6%	-0.6%	34.9M	-797.3M	-8.4M	1.06	20.49	39,412	41,602	1,426,541	720,092
2025-04-03	$34.48	$34.00	40.2%	11.3%	36.0%	37.2%	40.2%	3.2%	-0.1%	20.3M	-619.3M	-8.4M	1.02	37.67	110,140	112,640	1,446,161	743,723
2025-04-04	$31.31	$34.00	55.8%	15.0%	48.7%	74.1%	49.7%	8.2%	-4.2%	-1.0M	508.3M	-7.6M	1.87	51.35	132,607	247,528	1,441,151	820,322
2025-04-07	$29.23	$34.00	67.8%	18.2%	51.8%	100.0%	60.5%	12.3%	-3.0%	-1.2M	626.5M	-6.9M	1.11	39.96	189,936	211,619	1,446,043	774,177
2025-04-08	$27.89	$34.00	73.8%	20.0%	51.6%	100.0%	63.7%	9.1%	-1.8%	-912.7K	715.4M	-6.8M	0.49	58.28	194,861	95,039	1,553,894	801,400
2025-04-09	$30.06	$34.00	61.5%	16.9%	60.3%	74.9%	60.6%	-7.6%	-1.6%	537.9K	433.5M	-7.6M	1.50	57.23	80,081	120,412	1,574,130	847,540
2025-04-10	$29.59	$34.00	83.8%	19.0%	60.2%	100.0%	64.3%	37.7%	-20.0%	1.0M	471.1M	-7.6M	0.49	84.59	211,828	104,486	1,601,640	877,699
2025-04-11	$30.55	$33.00	68.6%	18.2%	60.7%	74.3%	62.2%	-6.3%	-2.8%	15.5M	65.7M	-8.7M	0.15	55.90	320,705	48,320	1,761,850	901,234
2025-04-14	$31.43	$33.00	52.1%	14.8%	59.2%	46.6%	51.2%	6.6%	-1.1%	30.5M	-116.0M	-8.2M	0.11	51.72	314,967	33,942	1,882,600	823,507
2025-04-15	$31.13	$33.00	44.4%	12.7%	59.2%	33.6%	45.5%	5.7%	-1.2%	20.7M	105.4M	-7.5M	0.58	48.85	86,338	50,371	1,850,405	825,449
2025-04-16	$30.12	$33.00	45.8%	13.1%	59.6%	36.0%	46.6%	5.9%	-6.6%	4.6M	466.8M	-7.0M	0.61	52.17	85,519	51,839	1,874,028	841,144
2025-04-17	$30.34	$33.00	46.6%	13.4%	59.1%	37.3%	46.6%	5.6%	-1.3%	8.9M	300.6M	-7.2M	0.65	51.87	148,477	96,035	1,899,717	823,738
2025-04-21	$30.19	$32.00	48.7%	14.0%	58.9%	40.9%	51.3%	10.9%	-6.6%	12.0M	147.3M	-7.2M	2.06	51.28	26,930	55,514	1,410,162	757,549
2025-04-22	$31.32	$32.00	45.9%	13.5%	60.9%	36.1%	48.4%	5.2%	-2.5%	22.0M	-143.8M	-7.7M	0.38	41.94	86,597	32,657	1,409,059	800,770
2025-04-23	$31.99	$32.00	46.3%	13.2%	61.6%	36.9%	46.1%	5.9%	-1.0%	38.1M	-437.6M	-8.0M	0.28	42.88	204,845	56,429	1,447,424	784,349
2025-04-24	$32.14	$32.00	44.1%	12.8%	61.6%	33.0%	45.2%	2.3%	-1.8%	40.3M	-489.2M	-8.1M	0.24	39.14	66,465	16,130	1,485,944	817,227
2025-04-25	$31.98	$32.00	40.9%	11.8%	60.6%	27.6%	41.8%	6.8%	-0.2%	58.6M	-395.9M	-7.9M	0.70	49.51	78,646	55,295	1,504,174	826,862
2025-04-28	$31.98	$32.00	39.1%	11.3%	59.6%	24.7%	40.9%	1.9%	0.1%	28.6M	-405.3M	-7.6M	0.13	14.20	65,997	8,345	1,341,780	756,333
2025-04-29	$32.17	$32.00	36.8%	10.5%	59.7%	20.7%	38.1%	1.3%	-0.8%	31.0M	-449.6M	-7.6M	0.98	56.98	50,284	49,282	1,338,969	757,841
2025-04-30	$32.08	$32.00	37.8%	10.9%	59.7%	22.5%	38.7%	1.3%	0.3%	27.8M	-403.0M	-7.6M	1.12	46.78	29,159	32,531	1,352,716	776,447