PWB Options History — December 2025

In December 2025, PWB traded between $123.25 and $129.73. ATM implied volatility averaged 17.6%, placing in the 12.4% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded below realized volatility by 1.5% (HV 20d: 19.1%). Max pain ranged from $120.00 to $120.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 0.00.

Notable Days

2025-12-19: Highest Volume — 40 contracts
2025-12-15: Largest IV drop — 15.6% change
2025-12-01: Highest IV Rank — 20.8%
2025-12-01: Largest Expected Move — 6.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$127.59	$123.25	$129.73	$126.33	$127.23
Max Pain	$120.00	$120.00	$120.00	$120.00	$120.00
ATM IV	17.6%	14.4%	21.2%	21.2%	14.6%
Expected Move	5.1%	4.1%	6.1%	6.1%	4.2%
HV 20d	19.1%	16.4%	23.1%	23.0%	17.0%
HV 60d	18.1%	17.2%	19.1%	17.4%	19.1%
IV Rank	12.4%	5.2%	20.8%	20.8%	5.6%
IV Percentile	47.0%	13.1%	73.8%	73.8%	13.5%
Term Structure	1.2%	-1.8%	5.0%	-1.0%	5.0%
Skew 25d	3.8%	-1.6%	7.7%	2.6%	2.4%
Skew 10d	4.9%	2.1%	9.7%	4.1%	3.5%
Call IV 25d	13.8%	11.5%	16.6%	15.6%	13.1%
Put IV 25d	17.6%	14.0%	21.4%	18.1%	15.5%
Bid-Ask Spread %	113.39	100.35	131.41	110.41	128.65
Gamma HHI	0.22	0.15	0.35	0.22	0.15
Net GEX	66.0K	46.6K	82.0K	72.1K	72.5K
Net DEX	-1.0M	-1.3M	-843.5K	-1.0M	-1.0M
Net VEX	-3.1K	-3.6K	-2.5K	-3.6K	-3.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	3.773	0	40	0	0
Total OI	142.636	114	156	154	134

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	Spread %	Call Wall	Put Wall	Call Vol	Call OI	Put OI
2025-12-01	$126.33	$120.00	21.2%	6.1%	23.0%	20.8%	0.0%	2.6%	-1.0%	72.1K	-1.0M	-3.6K	110.41	N/A	N/A	0	151	3
2025-12-02	$126.94	$120.00	21.1%	6.0%	23.1%	20.6%	0.0%	2.0%	-1.8%	73.0K	-1.1M	-3.6K	107.51	N/A	N/A	0	151	3
2025-12-03	$126.98	$120.00	20.2%	5.8%	22.2%	18.8%	0.0%	6.1%	-1.0%	77.1K	-1.1M	-3.5K	108.29	N/A	N/A	0	151	3
2025-12-04	$126.94	$0.00	19.9%	5.5%	21.9%	18.0%	0.0%	7.7%	0.6%	75.4K	-1.1M	-3.5K	100.35	N/A	N/A	0	151	3
2025-12-05	$127.94	$0.00	16.9%	5.3%	20.7%	11.6%	0.0%	3.7%	1.8%	72.4K	-1.2M	-3.5K	101.50	N/A	N/A	0	151	3
2025-12-08	$127.86	$0.00	18.8%	5.5%	20.7%	15.6%	0.0%	3.0%	1.5%	72.5K	-1.1M	-3.5K	105.30	N/A	N/A	0	151	3
2025-12-09	$128.42	$0.00	17.3%	5.5%	18.7%	12.5%	0.0%	4.1%	1.4%	79.2K	-1.2M	-3.3K	102.02	N/A	N/A	0	151	3
2025-12-10	$129.36	$0.00	18.3%	5.2%	18.7%	14.5%	0.0%	4.0%	0.5%	76.8K	-1.2M	-3.3K	102.41	N/A	N/A	0	151	3
2025-12-11	$129.47	$0.00	18.4%	5.3%	18.7%	13.8%	0.0%	6.5%	-0.7%	82.0K	-1.3M	-3.2K	102.08	N/A	N/A	0	151	3
2025-12-12	$126.19	$0.00	19.6%	5.6%	18.7%	16.6%	0.0%	4.9%	-0.0%	73.3K	-1.0M	-3.2K	102.41	N/A	N/A	2	151	3
2025-12-15	$125.61	$0.00	16.6%	4.7%	18.8%	9.8%	0.0%	7.1%	3.0%	72.1K	-1.0M	-3.2K	110.67	N/A	N/A	0	153	3
2025-12-16	$125.59	$0.00	18.4%	5.3%	17.7%	13.8%	0.0%	6.7%	1.3%	51.8K	-969.2K	-3.1K	109.45	N/A	N/A	0	153	3
2025-12-17	$123.25	$0.00	19.8%	5.7%	18.9%	17.0%	0.0%	-1.6%	0.9%	70.5K	-843.5K	-3.0K	111.27	N/A	N/A	0	153	3
2025-12-18	$125.57	$0.00	18.2%	5.2%	20.0%	13.3%	0.0%	4.6%	0.6%	57.4K	-975.1K	-3.1K	114.40	N/A	N/A	1	153	3
2025-12-19	$128.26	$0.00	16.4%	4.7%	18.5%	9.6%	0.0%	5.7%	2.3%	46.6K	-1.1M	-3.1K	113.79	N/A	N/A	40	153	3
2025-12-22	$128.77	$0.00	15.6%	4.5%	18.5%	7.8%	0.0%	2.5%	1.9%	53.9K	-930.3K	-2.6K	122.85	N/A	N/A	0	112	2
2025-12-23	$129.10	$0.00	15.4%	4.4%	17.1%	7.4%	0.0%	2.5%	1.7%	54.4K	-937.4K	-2.6K	124.42	N/A	N/A	0	112	2
2025-12-24	$129.73	$0.00	14.4%	4.1%	17.0%	5.2%	0.0%	2.6%	2.9%	53.4K	-979.3K	-2.5K	127.76	N/A	N/A	0	112	2
2025-12-26	$129.62	$0.00	14.6%	4.2%	16.4%	5.7%	0.0%	2.0%	2.3%	53.5K	-980.3K	-2.5K	129.70	N/A	N/A	0	112	2
2025-12-29	$129.09	$0.00	15.6%	4.5%	16.5%	7.8%	0.0%	1.7%	1.6%	54.3K	-946.6K	-2.5K	127.83	N/A	N/A	0	112	2
2025-12-30	$128.68	$0.00	14.8%	4.2%	16.5%	6.0%	0.0%	1.8%	2.3%	56.8K	-939.8K	-2.5K	131.41	N/A	N/A	40	112	2
2025-12-31	$127.23	$0.00	14.6%	4.2%	17.0%	5.6%	0.0%	2.4%	5.0%	72.5K	-1.0M	-3.0K	128.65	N/A	N/A	0	132	2