PWB Options History — May 2022

In May 2022, PWB traded between $59.20 and $66.71. ATM implied volatility averaged 38.2%, placing in the 15.4% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded below realized volatility by 1.2% (HV 20d: 39.4%). Max pain ranged from $66.00 to $74.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 0.04.

Notable Days

2022-05-02: Highest Volume — 73 contracts
2022-05-09: Largest IV spike — 33.3% change
2022-05-09: Highest IV Rank — 34.6%
2022-05-09: Largest Expected Move — 12.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$62.10	$59.20	$66.71	$64.32	$64.54
Max Pain	$67.14	$66.00	$74.00	$74.00	$66.00
ATM IV	38.2%	30.7%	66.1%	37.3%	33.1%
Expected Move	10.3%	8.8%	12.6%	10.7%	9.5%
HV 20d	39.4%	29.4%	44.0%	30.6%	43.1%
HV 60d	33.1%	30.0%	34.8%	30.1%	34.7%
IV Rank	15.4%	10.3%	34.6%	14.8%	11.9%
IV Percentile	67.5%	54.4%	81.2%	69.6%	63.2%
Term Structure	-3.5%	-9.0%	1.2%	-3.1%	-4.0%
VWIV	33.6%	26.5%	46.5%	43.8%	33.1%
Skew 25d	5.2%	-0.2%	11.5%	7.8%	3.6%
Skew 10d	5.6%	-10.1%	10.5%	10.5%	7.1%
Call IV 25d	33.0%	27.2%	40.2%	31.2%	36.4%
Put IV 25d	38.2%	32.3%	45.2%	39.0%	40.0%
Bid-Ask Spread %	122.86	112.75	139.20	124.72	127.67
Gamma HHI	0.93	0.89	0.96	0.94	0.96
Net GEX	9.4K	6.5K	14.0K	10.2K	14.0K
Net DEX	-74.0K	-151.9K	-22.7K	-111.8K	-109.5K
Net VEX	-302	-448	-174	-421	-263
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.04	0.04	0.04	0.04	0.04
Total Volume	72.714	72	73	73	72
Total OI	53.667	53	54	53	53

Daily Data (21 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
2022-05-02	$64.32	$74.00	37.3%	10.7%	30.6%	14.8%	43.8%	7.8%	-3.1%	10.2K	-111.8K	-421	0.04	124.72	N/A	N/A	70	3	51	2
2022-05-03	$64.43	$74.00	34.6%	9.9%	29.4%	13.0%	43.4%	9.0%	0.4%	10.5K	-115.3K	-431	0.04	131.34	N/A	N/A	70	3	51	3
2022-05-04	$66.71	$74.00	33.5%	9.6%	32.3%	12.2%	46.5%	3.2%	-4.5%	11.5K	-151.9K	-448	0.04	139.20	N/A	N/A	70	3	51	3
2022-05-05	$63.77	$66.00	42.1%	10.4%	35.3%	18.1%	30.4%	5.5%	-4.1%	9.9K	-112.7K	-426	0.04	114.55	N/A	N/A	70	3	51	3
2022-05-06	$63.21	$66.00	49.6%	11.6%	34.8%	23.2%	34.9%	8.7%	-6.8%	9.0K	-95.3K	-395	0.04	115.31	N/A	N/A	70	3	51	3
2022-05-09	$60.04	$66.00	66.1%	12.6%	38.4%	34.6%	35.0%	0.1%	-9.0%	6.5K	-67.3K	-331	0.04	118.84	N/A	N/A	70	3	51	3
2022-05-10	$60.73	$66.00	49.2%	11.3%	38.3%	22.9%	32.7%	4.0%	-6.6%	8.1K	-55.0K	-304	0.04	115.52	N/A	N/A	70	3	51	3
2022-05-11	$59.56	$66.00	42.9%	12.3%	38.6%	18.7%	32.4%	5.8%	-6.6%	7.5K	-47.7K	-277	0.04	121.19	N/A	N/A	70	3	51	3
2022-05-12	$59.20	$66.00	41.5%	11.9%	37.0%	17.7%	34.2%	4.5%	-7.4%	6.7K	-38.6K	-257	0.04	114.62	N/A	N/A	70	3	51	3
2022-05-13	$61.88	$66.00	31.3%	9.0%	41.2%	10.6%	33.0%	-0.2%	-2.7%	9.2K	-59.0K	-297	0.04	112.75	N/A	N/A	70	3	51	3
2022-05-16	$61.35	$66.00	35.1%	10.1%	41.2%	13.3%	30.3%	5.8%	-4.0%	9.2K	-64.2K	-288	0.04	125.91	N/A	N/A	70	3	51	3
2022-05-17	$62.91	$66.00	30.7%	8.8%	41.7%	10.3%	31.3%	3.7%	-2.0%	10.9K	-70.3K	-298	0.04	126.67	N/A	N/A	70	3	51	3
2022-05-18	$60.09	$66.00	38.7%	11.1%	44.0%	15.8%	32.1%	4.8%	-4.6%	7.2K	-51.4K	-269	0.04	125.60	N/A	N/A	70	3	51	3
2022-05-19	$60.15	$66.00	34.5%	9.9%	43.3%	12.9%	29.2%	5.7%	-0.1%	7.7K	-43.4K	-229	0.04	125.86	N/A	N/A	70	3	51	3
2022-05-20	$59.71	$66.00	36.7%	10.5%	42.6%	14.4%	31.3%	5.2%	-1.9%	6.7K	-22.7K	-174	0.04	117.34	N/A	N/A	70	3	51	3
2022-05-23	$61.27	$66.00	34.3%	9.8%	44.0%	12.7%	26.5%	11.5%	-3.3%	9.8K	-60.0K	-263	0.04	123.83	N/A	N/A	69	3	50	3
2022-05-24	$60.59	$66.00	33.8%	9.7%	42.8%	12.4%	33.0%	5.2%	-1.5%	7.7K	-33.1K	-191	0.04	119.73	N/A	N/A	69	3	50	3
2022-05-25	$61.43	$66.00	33.4%	9.6%	43.2%	12.1%	30.5%	5.5%	-0.9%	9.8K	-37.4K	-198	0.04	126.88	N/A	N/A	69	3	50	3
2022-05-26	$63.30	$66.00	32.8%	9.4%	43.3%	11.7%	30.5%	5.7%	1.2%	12.0K	-84.3K	-277	0.04	123.88	N/A	N/A	69	3	50	3
2022-05-27	$65.01	$66.00	31.4%	9.0%	43.0%	10.7%	30.8%	4.6%	-2.0%	13.6K	-122.7K	-300	0.04	128.62	N/A	N/A	69	3	50	3
2022-05-31	$64.54	$66.00	33.1%	9.5%	43.1%	11.9%	33.1%	3.6%	-4.0%	14.0K	-109.5K	-263	0.04	127.67	N/A	N/A	69	3	50	3