PWB Options History — September 2025

In September 2025, PWB traded between $118.31 and $125.46. ATM implied volatility averaged 16.5%, placing in the 10.6% IV rank vs the trailing year. The 30-day expected move averaged 4.8%. IV traded above realized volatility by 6.1% (HV 20d: 10.4%). Max pain ranged from $118.00 to $120.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 0.00.

Notable Days

  • 2025-09-04: Highest Volume — 160 contracts
  • 2025-09-10: Largest IV spike — 17.2% change
  • 2025-09-02: Highest IV Rank — 15.5%
  • 2025-09-02: Largest Expected Move — 5.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$122.74$118.31$125.46$118.36$125.16
Max Pain$118.20$118.00$120.00$120.00$118.00
ATM IV16.5%13.9%18.7%18.7%16.8%
Expected Move4.8%4.5%5.4%5.4%4.8%
HV 20d10.4%9.3%11.2%10.8%9.6%
HV 60d12.4%11.3%13.1%13.0%11.3%
IV Rank10.6%5.1%15.5%15.5%11.3%
IV Percentile48.0%13.9%67.1%67.1%52.8%
Term Structure1.7%-0.0%2.5%0.2%1.7%
VWIV14.4%11.6%17.2%17.2%11.6%
Skew 25d3.4%0.2%7.4%7.4%0.6%
Skew 10d4.0%2.1%7.3%4.5%3.3%
Call IV 25d13.2%11.0%15.3%14.1%15.3%
Put IV 25d16.5%14.2%21.5%21.5%15.9%
Bid-Ask Spread %112.99105.23119.16114.80116.93
Gamma HHI0.410.310.530.440.31
Net GEX56.3K38.3K82.1K55.8K43.2K
Net DEX-829.8K-1.1M-572.7K-578.9K-753.2K
Net VEX-2.4K-2.8K-2.1K-2.6K-2.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.000.000.000.000.00
Total Volume9.571016000
Total OI105.0489411410194

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$118.36$120.0018.7%5.4%10.8%15.5%0.0%7.4%0.2%55.8K-578.9K-2.6K0.00114.80N/AN/A001010
2025-09-03$118.31$120.0018.5%5.3%10.5%15.0%0.0%2.9%-0.0%60.7K-572.7K-2.6K0.00117.74N/AN/A001010
2025-09-04$119.84$0.0015.4%4.5%10.7%8.3%17.2%7.2%1.6%65.3K-646.2K-2.6K0.00105.23N/AN/A16001010
2025-09-05$119.50$118.0014.4%4.7%10.6%6.2%0.0%4.6%2.0%78.7K-702.2K-2.8K0.00106.96N/AN/A001130
2025-09-08$120.89$118.0015.6%4.6%11.0%8.8%0.0%5.4%1.9%76.5K-801.7K-2.7K0.00106.49N/AN/A001130
2025-09-09$121.69$118.0013.9%4.7%11.2%5.1%0.0%5.6%2.2%82.1K-842.3K-2.7K0.00106.62N/AN/A001130
2025-09-10$122.32$118.0016.3%4.7%11.1%10.3%0.0%4.5%2.5%68.3K-900.9K-2.6K0.00112.53N/AN/A001130
2025-09-11$123.02$118.0016.3%4.7%10.7%10.3%0.0%3.5%2.4%63.1K-943.6K-2.5K0.00115.92N/AN/A001130
2025-09-12$122.85$118.0015.9%4.6%10.7%9.3%0.0%2.6%2.5%66.1K-933.5K-2.5K0.00113.46N/AN/A001130
2025-09-15$123.52$118.0016.4%4.7%10.7%10.5%0.0%3.2%1.4%60.5K-973.7K-2.4K0.00114.70N/AN/A001130
2025-09-16$123.52$118.0016.5%4.7%10.7%10.8%0.0%2.9%2.1%60.3K-970.2K-2.4K0.00112.30N/AN/A001130
2025-09-17$123.12$118.0016.7%4.8%9.4%11.1%11.6%5.8%2.2%64.7K-955.0K-2.4K0.00111.99N/AN/A101130
2025-09-18$124.56$118.0016.3%4.7%10.0%10.3%0.0%0.7%1.7%49.0K-1.0M-2.3K0.00111.95N/AN/A001140
2025-09-19$125.31$118.0016.1%4.6%9.6%9.7%0.0%3.5%2.1%40.6K-1.1M-2.3K0.00112.72N/AN/A001140
2025-09-22$125.46$118.0017.1%4.9%9.3%11.9%0.0%2.0%1.4%38.3K-829.4K-2.2K0.00113.13N/AN/A00940
2025-09-23$124.65$118.0017.3%5.0%9.7%12.4%0.0%1.1%2.1%39.4K-805.8K-2.2K0.00114.28N/AN/A00940
2025-09-24$123.95$118.0017.0%4.9%10.1%11.7%0.0%0.2%1.7%41.4K-779.9K-2.3K0.00114.57N/AN/A00940
2025-09-25$123.15$118.0017.7%5.1%10.5%13.4%0.0%3.8%1.3%43.2K-745.5K-2.3K0.00113.95N/AN/A00940
2025-09-26$123.53$118.0016.2%4.6%10.5%10.1%0.0%2.8%2.0%43.2K-763.6K-2.3K0.00119.16N/AN/A00940
2025-09-29$124.73$118.0016.6%4.8%10.2%10.8%0.0%0.2%1.2%40.8K-814.6K-2.2K0.00117.44N/AN/A400940
2025-09-30$125.16$118.0016.8%4.8%9.6%11.3%0.0%0.6%1.7%43.2K-753.2K-2.1K0.00116.93N/AN/A00940