VAW Options History — February 2009

In February 2009, VAW traded between $38.11 and $45.43. ATM implied volatility averaged 51.1%, placing in the 35.5% IV rank vs the trailing year. The 30-day expected move averaged 14.8%. IV traded above realized volatility by 6.8% (HV 20d: 44.3%). Max pain ranged from $47.00 to $50.00. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 6.94.

Notable Days

  • 2009-02-04: Highest Volume — 340 contracts
  • 2009-02-20: Largest IV spike — 44.6% change
  • 2009-02-20: Highest IV Rank — 63.9%
  • 2009-02-20: Largest Expected Move — 21.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$41.68$38.11$45.43$41.48$38.39
Max Pain$49.21$47.00$50.00$47.00$49.00
ATM IV51.1%43.2%74.7%53.9%49.5%
Expected Move14.8%13.2%21.4%15.4%14.2%
HV 20d44.3%38.1%47.4%44.4%42.7%
HV 60d60.2%48.6%67.7%67.7%48.6%
IV Rank35.5%26.0%63.9%38.9%33.6%
IV Percentile68.7%59.1%94.4%72.2%64.7%
Term Structure-1.3%-15.0%6.2%0.2%0.6%
VWIV49.1%44.2%58.4%48.6%50.6%
Skew 25d7.4%-8.3%19.2%3.0%0.5%
Skew 10d17.9%1.4%42.2%8.7%1.4%
Call IV 25d46.8%42.4%55.5%50.2%48.8%
Put IV 25d54.2%40.9%74.8%53.2%49.3%
Bid-Ask Spread %95.4474.04104.6879.62103.11
Gamma HHI0.240.170.480.200.27
Net GEX-30.3K-55.3K-6.6K-10.9K-6.6K
Net DEX2.4M1.6M3.6M1.8M1.9M
Net VEX-4.1K-6.9K-2.0K-3.7K-2.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio6.940.0061.005.830.00
Total Volume36.84203408210
Total OI1,468.4749261,7821,2531,025

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-02-02$41.48$47.0053.9%15.4%44.4%38.9%0.0%3.0%0.2%-10.9K1.8M-3.7K5.8379.62N/AN/A1270578675
2009-02-03$42.30$47.0052.9%15.2%45.3%37.7%48.6%5.4%3.3%-17.8K2.0M-4.2K0.0088.99N/AN/A410588745
2009-02-04$42.98$47.0045.9%13.2%45.0%29.2%45.3%5.6%1.6%-16.2K1.6M-4.9K4.6774.04N/AN/A60280595745
2009-02-05$43.98$47.0049.3%14.1%45.8%33.4%0.0%13.2%6.2%-42.0K2.3M-6.3K0.0089.64N/AN/A006531,025
2009-02-06$45.43$50.0043.8%13.8%47.4%26.7%0.0%11.2%-1.2%-49.8K1.9M-6.9K0.0092.82N/AN/A1106531,025
2009-02-09$45.34$50.0048.9%14.2%46.6%32.8%45.9%11.9%-1.8%-45.7K1.7M-6.8K61.0087.45N/AN/A1616641,025
2009-02-10$43.35$50.0044.5%14.1%47.0%27.6%0.0%12.8%-1.0%-53.8K2.1M-6.4K0.0097.75N/AN/A506641,086
2009-02-11$43.36$50.0043.2%13.4%47.0%26.0%0.0%9.7%1.7%-53.8K2.9M-5.2K0.0093.87N/AN/A006591,086
2009-02-12$43.81$50.0046.7%13.4%44.5%30.2%0.0%9.6%-0.6%-55.3K2.9M-5.0K0.0096.33N/AN/A006591,086
2009-02-13$43.27$50.0046.0%13.2%43.7%29.4%45.4%12.5%-1.1%-51.6K2.9M-4.9K2.0097.64N/AN/A5106591,086
2009-02-17$41.13$50.0056.3%16.1%46.6%41.8%0.0%8.7%-4.9%-32.0K3.4M-3.3K0.0095.26N/AN/A006641,096
2009-02-18$40.93$50.0058.3%16.7%41.5%44.2%58.4%9.8%-7.7%-26.1K3.5M-3.1K6.6797.11N/AN/A3206641,086
2009-02-19$40.44$50.0051.6%14.8%38.4%36.1%50.7%3.0%-1.7%-27.3K3.6M-2.9K10.00104.68N/AN/A1106651,106
2009-02-20$40.63$50.0074.7%21.4%38.1%63.9%44.2%19.2%-15.0%-26.8K3.4M-3.5K0.00102.99N/AN/A106661,116
2009-02-23$38.11$50.0049.0%14.0%43.1%33.0%0.0%-8.3%-3.7%-18.9K1.8M-2.4K0.00102.89N/AN/A110297629
2009-02-24$39.49$50.0052.9%15.2%45.6%37.7%53.0%2.8%-1.0%-18.3K2.0M-2.1K0.00104.48N/AN/A600308629
2009-02-25$38.83$49.0052.4%15.0%45.5%37.1%0.0%5.1%-0.1%-11.5K1.8M-2.3K0.00101.51N/AN/A00368629
2009-02-26$38.60$49.0050.4%14.5%43.4%34.7%50.6%4.7%0.6%-11.3K1.8M-2.2K0.00103.29N/AN/A280368629
2009-02-27$38.39$49.0049.5%14.2%42.7%33.6%0.0%0.5%0.6%-6.6K1.9M-2.0K0.00103.11N/AN/A010396629