PWB Options History — March 2008

In March 2008, PWB traded between $15.83 and $16.85. ATM implied volatility averaged 42.7%, placing in the 20.6% IV rank vs the trailing year. The 30-day expected move averaged 11.4%. IV traded above realized volatility by 18.0% (HV 20d: 24.7%). Max pain ranged from $17.00 to $18.00. Net GEX was positive for 15 of 20 trading days. Term structure was in contango for 11 of 20 days.

Notable Days

  • 2008-03-20: Highest Volume — 20 contracts
  • 2008-03-14: Largest IV spike — 148.7% change
  • 2008-03-07: Highest IV Rank — 42.3%
  • 2008-03-31: Largest Expected Move — 19.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$16.35$15.83$16.85$16.55$16.46
Max Pain$17.20$17.00$18.00$18.00$17.00
ATM IV42.7%21.4%77.3%57.1%67.7%
Expected Move11.4%6.1%19.4%16.4%19.4%
HV 20d24.7%18.2%30.6%20.8%28.8%
HV 60d25.1%23.5%26.6%24.4%26.6%
IV Rank20.6%7.2%42.3%29.6%36.3%
IV Percentile59.4%34.1%88.1%75.8%85.3%
Term Structure-5.5%-35.3%10.2%-7.5%-22.1%
Skew 25d-0.3%-17.2%17.8%1.9%-3.8%
Skew 10d2.9%-12.4%47.7%47.7%-4.0%
Call IV 25d51.2%26.4%97.3%90.0%97.3%
Put IV 25d50.9%23.0%97.2%91.9%93.5%
Bid-Ask Spread %140.44117.15173.26160.18173.26
Gamma HHI0.410.310.580.510.46
Net GEX482-2.9K2.2K-2.2K1.8K
Net DEX37.9K-25.3K138.4K90.9K-20.9K
Net VEX-170-320-113-320-146
Div Yield0.0%0.0%0.0%0.0%0.0%
Total Volume2.502000
Total OI112.57117117171

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-03-03$16.55$18.0057.1%16.4%20.8%29.6%0.0%1.9%-7.5%-2.2K90.9K-3200.00160.18N/AN/A0071100
2008-03-04$16.42$18.0061.6%17.7%20.9%32.5%0.0%0.0%-20.8%-2.9K118.5K-2040.00119.15N/AN/A0071100
2008-03-05$16.54$18.0060.3%17.3%18.2%31.7%0.0%2.0%-8.1%-2.2K92.4K-2900.00160.54N/AN/A0071100
2008-03-06$16.27$18.0045.0%12.9%18.8%22.1%0.0%-17.2%-35.3%-208138.4K-1790.00149.36N/AN/A0071100
2008-03-07$16.09$17.0077.3%13.9%19.1%42.3%0.0%-6.4%-17.0%-1.8K101.7K-2540.00162.19N/AN/A01071100
2008-03-10$15.83$17.0031.3%6.7%19.8%13.4%0.0%-5.2%6.6%401125.6K-1370.00117.15N/AN/A0107190
2008-03-11$16.28$17.0033.2%6.8%21.7%14.6%0.0%17.8%8.9%54847.2K-1350.00122.50N/AN/A0107140
2008-03-12$16.18$17.0034.0%6.5%21.7%15.1%0.0%-1.4%10.1%70247.9K-1250.00124.04N/AN/A007140
2008-03-13$16.48$17.0021.4%6.1%21.7%7.2%0.0%14.5%9.2%29842.3K-1620.00139.10N/AN/A007140
2008-03-14$16.10$17.0053.1%15.2%22.9%27.2%0.0%-6.8%-20.5%21728.8K-1740.00163.17N/AN/A007140
2008-03-17$15.89$17.0028.9%8.3%23.2%11.9%0.0%-3.1%5.8%1.2K17.6K-1130.00117.69N/AN/A007120
2008-03-18$16.54$17.0025.9%7.4%27.7%10.1%0.0%-1.7%3.2%1.1K11.8K-1470.00125.64N/AN/A007120
2008-03-19$16.17$17.0028.1%8.1%28.6%11.5%0.0%-1.7%6.7%1.3K15.1K-1270.00121.85N/AN/A007120
2008-03-20$16.18$17.0026.3%7.5%28.3%10.3%0.0%-1.0%10.2%1.4K13.3K-1350.00123.27N/AN/A0207120
2008-03-24$16.70$17.0058.1%16.7%30.6%30.3%0.0%1.3%-23.3%2.0K-24.1K-1590.00173.12N/AN/A00710
2008-03-25$16.85$17.0027.7%8.0%30.0%11.2%0.0%5.0%1.1%2.2K-25.3K-1660.00127.49N/AN/A00710
2008-03-26$16.64$17.0026.1%7.5%30.2%10.2%0.0%3.6%1.6%2.2K-23.6K-1570.00128.72N/AN/A00710
2008-03-27$16.49$17.0027.1%7.8%30.3%10.8%0.0%1.4%1.7%1.8K-19.3K-1350.00127.83N/AN/A00710
2008-03-28$16.34$17.0063.2%18.1%30.4%33.5%0.0%-5.4%-19.7%1.7K-20.0K-1330.00172.63N/AN/A00710
2008-03-31$16.46$17.0067.7%19.4%28.8%36.3%0.0%-3.8%-22.1%1.8K-20.9K-1460.00173.26N/AN/A00710