PWB Options History — December 2021

In December 2021, PWB traded between $76.40 and $81.91. ATM implied volatility averaged 26.3%, placing in the 6.8% IV rank vs the trailing year. The 30-day expected move averaged 6.5%. IV traded above realized volatility by 2.9% (HV 20d: 23.4%). Max pain ranged from $72.00 to $77.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.26.

Notable Days

2021-12-28: Highest Volume — 20 contracts
2021-12-15: Largest IV drop — 58.0% change
2021-12-14: Highest IV Rank — 22.5%
2021-12-03: Largest Expected Move — 9.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$79.44	$76.40	$81.91	$78.22	$81.09
Max Pain	$75.64	$72.00	$77.00	$72.00	$77.00
ATM IV	26.3%	18.6%	50.8%	28.6%	20.3%
Expected Move	6.5%	5.3%	9.0%	8.2%	5.8%
HV 20d	23.4%	17.2%	27.3%	17.2%	24.7%
HV 60d	18.5%	16.3%	19.8%	16.3%	18.5%
IV Rank	6.8%	1.8%	22.5%	8.2%	2.9%
IV Percentile	25.3%	5.6%	51.2%	28.8%	18.0%
Term Structure	0.6%	-2.5%	3.7%	-2.5%	-0.9%
VWIV	23.8%	17.8%	34.9%	26.2%	19.0%
Skew 25d	4.8%	-3.0%	12.9%	7.8%	10.1%
Skew 10d	7.1%	-2.0%	24.7%	5.7%	5.2%
Call IV 25d	21.8%	18.1%	30.1%	24.0%	22.2%
Put IV 25d	26.6%	16.9%	36.3%	31.8%	32.3%
Bid-Ask Spread %	125.73	100.44	137.13	128.65	137.13
Gamma HHI	0.35	0.31	0.45	0.40	0.31
Net GEX	3.2K	2.3K	4.2K	2.6K	2.7K
Net DEX	-70.4K	-84.4K	-43.9K	-62.6K	-80.7K
Net VEX	-298	-332	-260	-327	-282
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.26	0.25	0.27	0.27	0.25
Total Volume	19.182	19	20	19	20
Total OI	20.773	18	22	20	20

Daily Data (22 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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2021-12-01	$78.22	$72.00	28.6%	8.2%	17.2%	8.2%	26.2%	7.8%	-2.5%	2.6K	-62.6K	-327	0.27	128.65	N/A	N/A	15	4	16	4
2021-12-02	$78.74	$72.00	26.6%	7.6%	17.3%	7.0%	29.3%	4.6%	-2.2%	3.5K	-69.5K	-330	0.27	131.59	N/A	N/A	15	4	18	4
2021-12-03	$76.69	$72.00	31.4%	9.0%	19.4%	10.0%	34.9%	6.2%	-2.3%	3.0K	-55.6K	-332	0.27	135.72	N/A	N/A	15	4	18	4
2021-12-06	$77.54	$0.00	27.7%	7.5%	19.5%	7.7%	0.0%	8.0%	0.4%	3.3K	-58.9K	-322	0.27	117.22	N/A	N/A	15	4	18	4
2021-12-07	$79.99	$0.00	27.9%	5.5%	22.8%	7.8%	0.0%	12.9%	3.7%	4.0K	-77.4K	-314	0.27	100.44	N/A	N/A	15	4	18	4
2021-12-08	$80.73	$0.00	26.8%	5.8%	22.8%	7.1%	0.0%	3.9%	2.2%	4.2K	-83.5K	-307	0.27	130.10	N/A	N/A	15	4	18	4
2021-12-09	$79.98	$0.00	28.1%	6.4%	22.6%	7.9%	0.0%	3.0%	2.1%	4.1K	-77.8K	-310	0.27	122.56	N/A	N/A	15	4	18	4
2021-12-10	$80.12	$0.00	38.5%	6.1%	22.2%	14.6%	0.0%	5.8%	1.2%	3.7K	-76.4K	-311	0.27	104.80	N/A	N/A	15	4	18	4
2021-12-13	$79.56	$0.00	36.2%	6.2%	22.4%	13.1%	0.0%	3.5%	1.8%	4.0K	-75.0K	-300	0.27	124.44	N/A	N/A	15	4	18	4
2021-12-14	$78.03	$0.00	50.8%	6.3%	23.1%	22.5%	0.0%	8.1%	3.0%	3.4K	-61.1K	-305	0.27	105.98	N/A	N/A	15	4	18	4
2021-12-15	$79.29	$0.00	21.3%	6.1%	23.6%	3.6%	0.0%	5.5%	2.2%	4.1K	-71.1K	-295	0.27	123.91	N/A	N/A	15	4	18	4
2021-12-16	$78.10	$0.00	25.4%	7.3%	24.1%	6.2%	0.0%	3.3%	-0.9%	3.4K	-64.6K	-296	0.27	123.72	N/A	N/A	15	4	18	4
2021-12-17	$77.93	$0.00	22.8%	6.5%	24.0%	4.5%	0.0%	3.9%	1.6%	3.4K	-61.7K	-298	0.27	129.13	N/A	N/A	15	4	18	4
2021-12-20	$76.40	$0.00	26.4%	7.6%	24.7%	6.8%	24.3%	4.1%	0.7%	2.3K	-43.9K	-292	0.27	126.75	N/A	N/A	15	4	14	4
2021-12-21	$78.45	$77.00	22.4%	6.4%	26.9%	4.3%	29.2%	4.3%	1.2%	2.8K	-59.6K	-297	0.27	126.08	N/A	N/A	15	4	15	4
2021-12-22	$79.66	$77.00	18.7%	5.4%	27.0%	1.9%	25.9%	2.4%	2.7%	2.9K	-66.7K	-289	0.27	126.80	N/A	N/A	15	4	15	4
2021-12-23	$80.80	$77.00	18.6%	5.3%	27.3%	1.8%	19.9%	2.7%	-1.1%	2.9K	-76.1K	-270	0.27	134.01	N/A	N/A	15	4	15	4
2021-12-27	$81.91	$77.00	21.6%	6.2%	27.1%	3.7%	20.2%	-1.4%	-0.2%	2.7K	-79.1K	-260	0.27	136.64	N/A	N/A	15	4	15	4
2021-12-28	$81.59	$77.00	19.1%	5.5%	26.6%	2.1%	17.8%	-3.0%	-0.4%	2.5K	-80.6K	-262	0.25	131.04	N/A	N/A	16	4	15	4
2021-12-29	$81.46	$77.00	20.2%	5.8%	25.8%	2.9%	18.6%	-0.2%	0.5%	3.0K	-84.4K	-274	0.25	134.22	N/A	N/A	16	4	16	4
2021-12-30	$81.44	$77.00	19.9%	5.7%	24.6%	2.7%	20.6%	9.6%	-0.5%	2.8K	-82.6K	-276	0.25	135.19	N/A	N/A	16	4	16	4
2021-12-31	$81.09	$77.00	20.3%	5.8%	24.7%	2.9%	19.0%	10.1%	-0.9%	2.7K	-80.7K	-282	0.25	137.13	N/A	N/A	16	4	16	4