PWB Options History — March 2007

In March 2007, PWB traded between $16.13 and $17.03. ATM implied volatility averaged 21.3%. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 3.3% (HV 20d: 18.1%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 9 of 22 days.

Notable Days

  • 2007-03-15: Largest IV drop — 63.1% change
  • 2007-03-02: Largest Expected Move — 6.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$16.64$16.13$17.03$16.52$16.76
Max Pain$15.00$15.00$15.00$15.00$15.00
ATM IV21.3%11.3%45.4%19.3%19.4%
Expected Move4.5%3.2%6.4%5.5%5.6%
HV 20d18.1%14.1%20.8%16.0%14.1%
HV 60d13.9%13.6%14.3%13.9%13.6%
Term Structure-2.1%-10.2%5.1%-8.0%-10.2%
Skew 25d0.6%-0.2%3.4%0.1%-0.1%
Skew 10d1.4%-0.1%2.6%1.6%1.6%
Call IV 25d19.4%16.2%28.4%22.9%23.5%
Put IV 25d20.0%17.0%29.2%22.9%23.4%
Bid-Ask Spread %129.29123.25149.46123.55131.74
Gamma HHI0.800.670.960.670.90
Net GEX6.5K2.9K10.0K8.7K3.5K
Net DEX-176.7K-212.7K-148.8K-203.7K-149.7K
Net VEX-155-227-90-211-116
Div Yield0.0%0.0%0.0%0.0%0.0%
Total Volume00000
Total OI127.909100152152100

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-03-01$16.52$15.0019.3%5.5%16.0%0.0%0.0%0.1%-8.0%8.7K-203.7K-2110.00123.55N/AN/A001520
2007-03-02$16.33$15.0022.3%6.4%16.4%0.0%0.0%0.8%-5.4%9.2K-190.9K-2240.00123.84N/AN/A001520
2007-03-05$16.13$0.0022.4%4.2%16.5%0.0%0.0%-0.1%-1.5%9.9K-178.9K-2270.00124.26N/AN/A001520
2007-03-06$16.44$0.0026.6%4.3%18.3%0.0%0.0%-0.2%0.5%8.9K-196.6K-2080.00123.25N/AN/A001520
2007-03-07$16.43$0.0028.0%4.2%18.3%0.0%0.0%-0.1%2.5%9.0K-194.6K-2080.00123.80N/AN/A001520
2007-03-08$16.58$0.0023.6%3.9%18.5%0.0%0.0%0.9%0.2%8.7K-208.4K-1810.00124.03N/AN/A001520
2007-03-09$16.58$0.0027.6%3.9%18.5%0.0%0.0%0.3%0.1%8.6K-208.0K-1780.00124.28N/AN/A001520
2007-03-12$16.64$0.0031.9%3.8%18.4%0.0%0.0%0.6%-0.3%8.5K-212.7K-1570.00125.68N/AN/A001520
2007-03-13$16.37$0.0037.2%4.4%19.2%0.0%0.0%0.2%0.5%9.9K-192.0K-1900.00123.84N/AN/A001520
2007-03-14$16.36$0.0045.4%4.7%19.0%0.0%0.0%0.2%1.5%9.7K-191.6K-1900.00123.91N/AN/A001520
2007-03-15$16.49$0.0016.7%4.8%19.0%0.0%0.0%-0.0%-3.7%9.4K-202.5K-1670.00124.69N/AN/A001520
2007-03-16$16.43$0.0015.9%4.5%18.9%0.0%0.0%0.1%-2.5%10.0K-185.0K-1590.00124.41N/AN/A001420
2007-03-19$16.62$0.0014.4%4.1%19.5%0.0%0.0%0.5%-4.8%3.6K-148.8K-1200.00126.13N/AN/A001000
2007-03-20$16.73$0.0012.3%3.5%19.6%0.0%0.0%2.1%1.8%3.5K-151.1K-1150.00127.38N/AN/A001000
2007-03-21$17.03$0.0011.3%3.2%20.8%0.0%0.0%1.6%2.9%2.9K-156.8K-1020.00129.98N/AN/A001000
2007-03-22$17.01$0.0017.3%5.0%20.8%0.0%0.0%1.0%-4.1%3.2K-152.3K-1210.00149.46N/AN/A001000
2007-03-23$17.03$0.0013.0%3.7%20.7%0.0%0.0%3.4%5.1%3.2K-152.4K-1140.00149.46N/AN/A001000
2007-03-26$17.02$0.0018.6%5.3%20.7%0.0%0.0%1.1%-5.2%3.2K-152.3K-1190.00149.46N/AN/A001000
2007-03-27$16.91$0.0014.1%4.0%14.8%0.0%0.0%0.1%-2.8%3.0K-156.9K-900.00133.63N/AN/A001000
2007-03-28$16.82$0.0015.8%4.5%14.7%0.0%0.0%0.6%-5.8%3.5K-150.6K-1110.00129.17N/AN/A001000
2007-03-29$16.79$0.0016.1%4.6%14.8%0.0%0.0%0.1%-6.2%3.6K-151.0K-1070.00128.47N/AN/A001000
2007-03-30$16.76$0.0019.4%5.6%14.1%0.0%0.0%-0.1%-10.2%3.5K-149.7K-1160.00131.74N/AN/A001000