PWB Options History — February 2026

In February 2026, PWB traded between $129.20 and $137.28. ATM implied volatility averaged 22.2%, placing in the 22.1% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded below realized volatility by 1.9% (HV 20d: 24.0%). Max pain ranged from $100.00 to $120.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 0.00.

Notable Days

2026-02-24: Highest Volume — 1 contracts
2026-02-03: Largest IV spike — 20.3% change
2026-02-05: Highest IV Rank — 33.4%
2026-02-05: Largest Expected Move — 6.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$134.37	$129.20	$137.28	$136.05	$135.13
Max Pain	$103.16	$100.00	$120.00	$120.00	$100.00
ATM IV	22.2%	17.1%	27.3%	17.1%	22.7%
Expected Move	6.3%	4.9%	6.9%	4.9%	6.5%
HV 20d	24.0%	18.7%	25.5%	18.7%	25.4%
HV 60d	20.0%	19.3%	21.0%	19.3%	19.7%
IV Rank	22.1%	11.0%	33.4%	11.0%	23.2%
IV Percentile	77.3%	45.2%	96.0%	45.2%	79.8%
Term Structure	-0.3%	-2.6%	2.7%	2.7%	-0.8%
VWIV	19.0%	19.0%	19.0%	19.0%	19.0%
Skew 25d	9.9%	5.0%	15.5%	7.7%	9.2%
Skew 10d	6.2%	5.2%	8.7%	5.3%	6.0%
Call IV 25d	15.4%	12.0%	19.6%	12.7%	15.3%
Put IV 25d	25.3%	20.3%	29.8%	20.5%	24.5%
Bid-Ask Spread %	107.63	98.94	116.31	116.31	108.57
Gamma HHI	0.17	0.15	0.19	0.15	0.19
Net GEX	53.3K	40.6K	70.6K	48.8K	53.1K
Net DEX	-1.4M	-1.5M	-1.1M	-1.5M	-1.3M
Net VEX	-1.5K	-2.2K	-944	-1.6K	-1.1K
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	0.053	0	1	0	0
Total OI	130.368	114	136	136	115

Daily Data (19 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
2026-02-02	$136.05	$120.00	17.1%	4.9%	18.7%	11.0%	0.0%	7.7%	2.7%	48.8K	-1.5M	-1.6K	116.31	N/A	N/A	0	134	2
2026-02-03	$135.38	$120.00	20.6%	5.9%	18.7%	18.6%	0.0%	11.2%	-0.4%	54.1K	-1.5M	-1.7K	109.53	N/A	N/A	0	134	2
2026-02-04	$131.19	$120.00	24.2%	6.9%	21.5%	26.5%	0.0%	10.3%	-0.8%	65.5K	-1.2M	-2.1K	112.16	N/A	N/A	0	134	2
2026-02-05	$129.20	$100.00	27.3%	6.9%	22.1%	33.4%	0.0%	9.8%	-0.9%	70.6K	-1.1M	-2.2K	98.94	N/A	N/A	0	134	2
2026-02-06	$133.90	$100.00	22.6%	6.0%	25.1%	23.1%	0.0%	15.5%	1.4%	61.4K	-1.4M	-1.8K	100.08	N/A	N/A	0	134	2
2026-02-09	$135.60	$100.00	19.1%	6.1%	24.8%	15.5%	0.0%	9.8%	0.1%	50.1K	-1.5M	-1.6K	102.65	N/A	N/A	0	134	2
2026-02-10	$134.15	$100.00	20.3%	5.8%	25.0%	18.1%	0.0%	5.6%	0.9%	53.3K	-1.5M	-1.5K	112.95	N/A	N/A	0	134	2
2026-02-11	$135.54	$100.00	21.3%	6.1%	25.2%	20.2%	0.0%	10.7%	0.1%	49.9K	-1.5M	-1.5K	105.49	N/A	N/A	0	134	2
2026-02-12	$133.77	$100.00	22.2%	6.4%	25.5%	22.3%	0.0%	12.4%	0.1%	55.5K	-1.4M	-1.6K	104.65	N/A	N/A	0	134	2
2026-02-13	$133.44	$100.00	22.7%	6.5%	25.4%	23.4%	0.0%	12.1%	-0.6%	54.3K	-1.4M	-1.6K	104.79	N/A	N/A	0	134	2
2026-02-17	$133.70	$100.00	22.8%	6.5%	25.3%	23.4%	0.0%	10.5%	-0.8%	56.2K	-1.4M	-1.5K	111.19	N/A	N/A	0	134	2
2026-02-18	$134.65	$100.00	21.7%	6.2%	24.8%	21.2%	0.0%	11.6%	-0.2%	50.0K	-1.5M	-1.4K	106.43	N/A	N/A	0	134	2
2026-02-19	$134.12	$100.00	22.2%	6.4%	24.1%	22.1%	0.0%	5.7%	-0.1%	52.4K	-1.5M	-1.4K	114.55	N/A	N/A	0	134	2
2026-02-20	$135.25	$100.00	22.5%	6.5%	24.2%	22.9%	0.0%	13.0%	-1.2%	48.6K	-1.5M	-1.3K	106.52	N/A	N/A	0	134	2
2026-02-23	$133.26	$100.00	23.9%	6.9%	24.8%	26.0%	0.0%	9.2%	-0.8%	53.2K	-1.2M	-1.3K	105.43	N/A	N/A	0	112	2
2026-02-24	$135.28	$100.00	22.8%	6.5%	25.2%	23.6%	19.0%	7.4%	-0.7%	48.3K	-1.2M	-1.2K	106.61	N/A	N/A	1	112	2
2026-02-25	$137.28	$100.00	22.5%	6.5%	25.2%	22.9%	0.0%	5.0%	-1.1%	40.6K	-1.4M	-944	109.29	N/A	N/A	0	113	2
2026-02-26	$136.15	$100.00	22.4%	6.4%	25.3%	22.7%	0.0%	12.5%	-2.6%	46.5K	-1.3M	-1.1K	108.89	N/A	N/A	0	113	2
2026-02-27	$135.13	$100.00	22.7%	6.5%	25.4%	23.2%	0.0%	9.2%	-0.8%	53.1K	-1.3M	-1.1K	108.57	N/A	N/A	0	113	2