KWEB Options History — November 2025

In November 2025, KWEB traded between $36.28 and $39.94. ATM implied volatility averaged 31.8%, placing in the 10.1% IV rank vs the trailing year. The 30-day expected move averaged 8.8%. IV traded above realized volatility by 6.3% (HV 20d: 25.5%). Max pain ranged from $38.00 to $39.00. Net GEX was positive for 14 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 0.63.

Notable Days

2025-11-06: Highest Volume — 260,403 contracts
2025-11-28: Largest IV drop — 20.5% change
2025-11-26: Highest IV Rank — 23.2%
2025-11-20: Largest Expected Move — 9.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$38.38	$36.28	$39.94	$39.94	$37.53
Max Pain	$38.74	$38.00	$39.00	$39.00	$38.00
ATM IV	31.8%	28.9%	39.5%	30.1%	31.4%
Expected Move	8.8%	7.9%	9.6%	8.6%	7.9%
HV 20d	25.5%	21.6%	36.3%	36.2%	22.0%
HV 60d	28.0%	27.6%	28.9%	28.6%	28.2%
IV Rank	10.1%	5.0%	23.2%	7.1%	9.3%
IV Percentile	40.3%	14.3%	79.0%	24.2%	38.1%
Term Structure	1.7%	-2.1%	6.5%	2.5%	-0.0%
VWIV	31.8%	28.7%	34.0%	31.1%	29.6%
Skew 25d	0.6%	-2.7%	3.4%	-0.9%	0.8%
Skew 10d	2.3%	-11.5%	13.9%	0.7%	4.0%
Call IV 25d	31.6%	28.8%	33.7%	31.5%	30.2%
Put IV 25d	32.2%	28.6%	35.4%	30.6%	31.0%
Bid-Ask Spread %	52.55	14.31	78.04	61.97	34.30
Gamma HHI	0.09	0.07	0.12	0.09	0.12
Net GEX	23.5M	-38.5M	74.7M	71.1M	60.9M
Net DEX	-368.6M	-1.41B	1.12B	-1.41B	25.5M
Net VEX	-13.1M	-15.9M	-11.0M	-15.9M	-11.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.19	1.15	0.52	1.15
Total Volume	112,367.421	42,071	260,403	131,633	43,364
Total OI	3,473,115.579	3,214,535	3,662,640	3,457,476	3,341,172

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
2025-11-03	$39.94	$39.00	30.1%	8.6%	36.2%	7.1%	31.1%	-0.9%	2.5%	71.1M	-1.41B	-15.9M	0.52	61.97	86,830	44,803	2,177,672	1,279,804
2025-11-04	$39.09	$39.00	30.1%	9.3%	36.2%	7.0%	32.4%	-0.8%	3.4%	35.4M	-793.6M	-15.1M	0.19	55.55	197,215	38,015	2,198,933	1,293,656
2025-11-05	$39.41	$39.00	29.4%	8.6%	36.3%	5.8%	31.4%	-1.1%	2.3%	44.5M	-966.4M	-15.0M	0.66	55.75	36,349	24,089	2,156,224	1,307,442
2025-11-06	$39.69	$39.00	29.2%	8.9%	35.5%	5.5%	32.8%	-0.4%	2.4%	52.0M	-1.14B	-14.8M	0.25	54.98	208,879	51,524	2,156,534	1,313,450
2025-11-07	$38.95	$39.00	28.9%	8.7%	25.8%	5.0%	31.7%	-0.2%	2.9%	21.7M	-612.7M	-13.9M	0.48	54.73	93,497	44,675	2,201,947	1,307,845
2025-11-10	$39.84	$39.00	31.4%	9.2%	23.9%	9.4%	33.3%	-2.7%	1.0%	74.7M	-1.36B	-14.6M	0.66	43.44	47,150	31,301	2,161,853	1,298,146
2025-11-11	$39.61	$39.00	31.8%	9.1%	22.9%	10.0%	32.7%	-0.4%	-0.2%	63.0M	-1.22B	-14.6M	0.22	41.81	34,380	7,691	2,173,823	1,298,972
2025-11-12	$39.34	$39.00	31.9%	9.1%	22.5%	10.2%	33.0%	1.3%	1.2%	54.2M	-959.4M	-13.9M	1.05	42.71	34,303	36,150	2,184,743	1,302,728
2025-11-13	$38.89	$39.00	30.4%	8.8%	22.8%	7.6%	31.7%	1.3%	0.2%	28.8M	-687.8M	-13.8M	0.24	44.95	84,113	20,151	2,185,781	1,322,558
2025-11-14	$38.16	$39.00	31.0%	8.9%	23.6%	8.6%	31.8%	0.8%	0.0%	2.4M	-130.5M	-13.2M	0.80	14.31	63,498	51,080	2,229,894	1,327,323
2025-11-17	$38.00	$39.00	31.8%	9.1%	21.9%	10.0%	32.1%	1.8%	3.7%	-9.3M	16.4M	-12.4M	0.60	63.53	54,340	32,630	2,205,196	1,330,533
2025-11-18	$37.89	$39.00	31.8%	9.1%	21.7%	10.0%	34.0%	1.4%	6.5%	-17.9M	80.1M	-12.1M	1.11	59.61	60,176	66,929	2,227,448	1,338,005
2025-11-19	$37.36	$39.00	31.7%	9.1%	21.8%	9.8%	31.9%	0.9%	4.6%	-29.0M	450.4M	-11.7M	0.99	66.46	42,306	41,852	2,252,574	1,346,235
2025-11-20	$36.28	$39.00	33.7%	9.6%	21.6%	13.2%	33.7%	1.7%	1.3%	-34.2M	1.12B	-11.4M	0.91	78.04	89,901	82,066	2,275,117	1,351,514
2025-11-21	$36.53	$38.00	33.2%	8.7%	21.8%	12.4%	32.0%	2.4%	5.9%	-38.5M	719.3M	-11.0M	0.66	53.00	56,872	37,402	2,326,691	1,335,949
2025-11-24	$37.47	$38.00	34.7%	9.0%	22.7%	15.1%	31.4%	3.4%	-2.1%	8.7M	58.5M	-11.3M	0.19	58.05	65,986	12,834	2,020,704	1,193,831
2025-11-25	$37.72	$38.00	33.3%	8.2%	23.0%	12.7%	28.8%	2.2%	-1.2%	26.3M	-171.3M	-11.7M	0.82	54.55	62,599	51,444	2,052,599	1,197,286
2025-11-26	$37.61	$38.00	39.5%	8.1%	22.9%	23.2%	28.7%	-0.7%	-2.0%	31.2M	-29.3M	-11.1M	0.39	60.62	70,971	27,616	2,097,179	1,217,835
2025-11-28	$37.53	$38.00	31.4%	7.9%	22.0%	9.3%	29.6%	0.8%	-0.0%	60.9M	25.5M	-11.1M	1.15	34.30	20,145	23,219	2,114,780	1,226,392