KWEB Options History — October 2025

In October 2025, KWEB traded between $38.50 and $43.00. ATM implied volatility averaged 33.9%, placing in the 13.6% IV rank vs the trailing year. The 30-day expected move averaged 9.7%. IV traded above realized volatility by 1.8% (HV 20d: 32.0%). Max pain ranged from $38.00 to $39.00. Net GEX was positive for 22 of 23 trading days. Term structure was in contango for 10 of 23 days. Put/call ratio averaged 0.52.

Notable Days

2025-10-10: Highest Volume — 416,618 contracts
2025-10-10: Largest IV spike — 32.3% change
2025-10-10: Highest IV Rank — 27.3%
2025-10-10: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$40.75	$38.50	$43.00	$42.47	$39.95
Max Pain	$38.91	$38.00	$39.00	$38.00	$39.00
ATM IV	33.9%	29.3%	41.8%	30.9%	29.3%
Expected Move	9.7%	7.7%	11.5%	8.3%	8.7%
HV 20d	32.0%	22.2%	36.9%	22.7%	36.4%
HV 60d	27.1%	22.8%	28.9%	23.8%	28.6%
IV Rank	13.6%	5.7%	27.3%	8.5%	5.7%
IV Percentile	46.1%	17.5%	74.2%	28.6%	17.5%
Term Structure	-0.2%	-2.6%	2.3%	0.3%	0.3%
VWIV	35.0%	27.8%	40.4%	30.5%	32.4%
Skew 25d	-0.1%	-9.7%	3.8%	-2.4%	0.5%
Skew 10d	1.1%	-8.5%	10.8%	-4.2%	1.2%
Call IV 25d	35.2%	30.6%	48.5%	33.2%	30.6%
Put IV 25d	35.1%	29.2%	44.0%	30.7%	31.0%
Bid-Ask Spread %	37.98	11.11	68.32	14.04	51.97
Gamma HHI	0.08	0.06	0.12	0.08	0.09
Net GEX	60.5M	-24.9M	118.2M	91.6M	63.0M
Net DEX	-1.70B	-3.24B	-172.8M	-2.79B	-1.38B
Net VEX	-15.6M	-16.4M	-14.8M	-16.2M	-16.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.52	0.07	1.24	0.48	0.11
Total Volume	166,880.478	54,753	416,618	139,645	163,725
Total OI	3,216,353.087	2,994,856	3,536,041	3,020,974	3,536,041

Daily Data (23 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
2025-10-01	$42.47	$38.00	30.9%	8.3%	22.7%	8.5%	30.5%	-2.4%	0.3%	91.6M	-2.79B	-16.2M	0.48	14.04	94,259	45,386	1,676,142	1,344,832
2025-10-02	$42.97	$38.00	30.8%	8.3%	22.2%	8.2%	30.0%	-2.3%	0.2%	118.2M	-3.18B	-15.9M	0.43	14.26	75,041	32,136	1,720,851	1,341,756
2025-10-03	$42.64	$39.00	29.3%	7.7%	22.6%	5.7%	27.8%	-1.8%	0.5%	105.7M	-2.93B	-15.9M	0.59	31.84	47,089	28,007	1,733,619	1,358,780
2025-10-06	$43.00	$39.00	30.8%	9.1%	22.2%	8.2%	33.2%	-1.8%	0.4%	106.4M	-3.24B	-14.8M	0.16	17.39	133,771	21,102	1,723,564	1,356,306
2025-10-07	$42.11	$39.00	30.7%	9.0%	22.9%	8.1%	32.9%	-2.0%	0.1%	94.6M	-2.75B	-15.3M	0.07	18.03	192,524	12,876	1,822,292	1,367,456
2025-10-08	$42.36	$39.00	31.0%	9.0%	22.8%	8.6%	32.3%	-1.9%	0.2%	97.1M	-2.85B	-15.3M	0.50	15.44	36,602	18,151	1,819,641	1,371,792
2025-10-09	$41.30	$39.00	31.6%	9.1%	23.5%	9.6%	33.3%	-1.6%	-0.0%	69.5M	-2.08B	-15.8M	0.96	18.05	55,514	53,037	1,827,164	1,380,966
2025-10-10	$38.50	$39.00	41.8%	11.5%	34.5%	27.3%	40.4%	3.8%	-2.6%	2.8M	-172.8M	-15.6M	1.22	53.91	187,616	229,002	1,837,521	1,421,152
2025-10-13	$39.86	$39.00	36.8%	10.2%	36.8%	18.7%	36.9%	1.1%	-1.5%	25.5M	-1.15B	-15.5M	0.64	45.79	179,764	114,665	1,858,029	1,460,203
2025-10-14	$39.09	$39.00	37.7%	10.6%	36.9%	20.2%	38.6%	-9.7%	-0.2%	6.0M	-597.9M	-15.6M	1.00	49.00	80,923	80,692	1,888,648	1,458,864
2025-10-15	$39.66	$39.00	37.5%	10.6%	35.9%	19.8%	38.1%	3.0%	-0.6%	20.2M	-1.04B	-15.8M	0.47	46.35	129,360	60,650	1,915,500	1,489,073
2025-10-16	$39.45	$39.00	38.4%	11.0%	35.7%	21.3%	38.8%	3.0%	-0.1%	4.4M	-838.5M	-15.9M	0.95	50.55	40,316	38,306	1,955,619	1,535,204
2025-10-17	$39.53	$39.00	36.9%	10.5%	35.7%	18.8%	37.9%	2.3%	-0.5%	-24.9M	-1.02B	-15.4M	0.52	11.11	170,031	89,157	1,973,012	1,532,381
2025-10-20	$40.41	$39.00	36.8%	10.6%	36.7%	18.7%	37.3%	1.8%	-1.7%	44.3M	-1.30B	-15.7M	0.39	53.67	79,200	30,753	1,707,292	1,287,564
2025-10-21	$39.94	$39.00	36.5%	10.5%	36.3%	18.1%	38.3%	1.6%	-0.3%	39.0M	-1.05B	-15.5M	0.21	38.18	67,920	13,984	1,751,702	1,292,592
2025-10-22	$39.47	$39.00	36.0%	10.3%	35.4%	17.3%	38.3%	2.2%	-0.7%	29.1M	-742.3M	-15.3M	1.24	46.22	58,150	72,087	1,776,087	1,294,991
2025-10-23	$40.36	$39.00	34.6%	9.9%	36.5%	14.8%	36.8%	1.6%	-0.6%	59.1M	-1.24B	-15.1M	0.19	39.75	219,521	40,782	1,765,187	1,262,519
2025-10-24	$40.55	$39.00	33.5%	9.7%	36.3%	12.9%	34.5%	1.4%	-1.0%	101.8M	-1.39B	-16.3M	0.43	31.17	75,656	32,262	1,874,997	1,267,329
2025-10-27	$41.36	$39.00	32.0%	9.3%	36.3%	10.3%	34.1%	-0.6%	-0.3%	97.8M	-2.03B	-15.0M	0.40	48.44	119,630	48,401	1,862,474	1,250,229
2025-10-28	$41.00	$39.00	32.7%	9.4%	36.4%	11.5%	34.0%	-1.1%	0.3%	89.1M	-1.86B	-16.0M	0.81	56.26	72,025	58,368	1,963,185	1,273,799
2025-10-29	$41.09	$39.00	32.1%	9.6%	36.1%	10.6%	35.0%	1.8%	2.3%	89.8M	-1.95B	-16.4M	0.17	68.32	98,062	17,054	1,998,883	1,308,044
2025-10-30	$40.22	$39.00	31.1%	9.2%	36.4%	8.8%	33.1%	-0.6%	2.2%	61.6M	-1.42B	-15.3M	0.13	53.87	288,190	36,504	2,017,515	1,315,324
2025-10-31	$39.95	$39.00	29.3%	8.7%	36.4%	5.7%	32.4%	0.5%	0.3%	63.0M	-1.38B	-16.0M	0.11	51.97	147,221	16,504	2,215,335	1,320,706