VAW Options History — January 2025

In January 2025, VAW traded between $185.57 and $199.12. ATM implied volatility averaged 16.2%, placing in the 38.1% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 1.8% (HV 20d: 14.4%). Max pain ranged from $183.00 to $199.00. Net GEX was positive for 15 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.21.

Notable Days

2025-01-15: Highest Volume — 8 contracts
2025-01-06: Largest IV spike — 29.6% change
2025-01-08: Highest IV Rank — 71.9%
2025-01-08: Largest Expected Move — 5.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$193.36	$185.57	$199.12	$186.36	$197.00
Max Pain	$192.10	$183.00	$199.00	$194.00	$190.00
ATM IV	16.2%	11.9%	22.3%	17.0%	15.1%
Expected Move	4.5%	3.4%	5.3%	4.9%	4.3%
HV 20d	14.4%	11.8%	18.4%	13.7%	11.9%
HV 60d	14.5%	13.7%	15.1%	13.9%	14.5%
IV Rank	38.1%	14.3%	71.9%	42.8%	32.1%
IV Percentile	67.1%	13.1%	97.2%	83.3%	58.3%
Term Structure	0.4%	-1.9%	3.0%	0.4%	-0.9%
VWIV	14.5%	10.8%	18.1%	18.1%	16.7%
Skew 25d	1.7%	-2.1%	10.0%	-1.6%	0.1%
Skew 10d	1.1%	-5.7%	7.5%	-5.7%	1.7%
Call IV 25d	12.6%	8.4%	23.2%	23.2%	13.0%
Put IV 25d	14.3%	9.9%	21.7%	21.7%	13.0%
Bid-Ask Spread %	111.95	86.87	134.22	134.22	117.53
Gamma HHI	0.14	0.12	0.16	0.12	0.15
Net GEX	25.7K	-7.7K	47.9K	-890	40.5K
Net DEX	-127.9K	-315.5K	145.9K	142.9K	-278.0K
Net VEX	-1.5K	-1.8K	-1.1K	-1.3K	-1.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.21	0.00	0.60	0.50	0.00
Total Volume	1.6	0	8	0	0
Total OI	84.65	78	93	80	87

Daily Data (20 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
2025-01-02	$186.36	$194.00	17.0%	4.9%	13.7%	42.8%	0.0%	-1.6%	0.4%	-890	142.9K	-1.3K	0.00	134.22	N/A	N/A	0	0	54	26
2025-01-03	$186.01	$183.00	13.1%	3.8%	13.8%	20.9%	0.0%	-0.3%	-0.2%	-5.0K	134.0K	-1.2K	0.00	121.23	N/A	N/A	0	0	54	24
2025-01-06	$187.10	$199.00	17.0%	4.9%	14.3%	42.4%	0.0%	1.5%	-0.6%	-705	95.3K	-1.2K	0.00	107.51	N/A	N/A	0	0	54	24
2025-01-07	$186.03	$199.00	19.0%	5.2%	14.3%	53.8%	18.1%	0.7%	-1.4%	-286	110.2K	-1.3K	0.50	102.73	N/A	N/A	2	1	54	24
2025-01-08	$187.24	$199.00	22.3%	5.3%	14.8%	71.9%	0.0%	1.0%	-0.0%	2.6K	108.1K	-1.3K	0.00	107.11	N/A	N/A	0	0	56	25
2025-01-10	$185.57	$199.00	18.9%	5.0%	14.6%	53.3%	0.0%	1.5%	0.5%	-7.7K	145.9K	-1.1K	0.00	109.12	N/A	N/A	2	0	56	25
2025-01-13	$188.94	$199.00	17.5%	4.6%	16.7%	45.5%	17.1%	10.0%	2.2%	5.9K	64.1K	-1.3K	0.40	86.87	N/A	N/A	5	2	58	25
2025-01-14	$191.43	$190.00	17.6%	4.6%	17.6%	45.9%	0.0%	3.5%	1.1%	32.6K	-80.0K	-1.7K	0.00	96.38	N/A	N/A	3	0	66	27
2025-01-15	$194.14	$190.00	15.2%	4.4%	18.4%	32.8%	14.5%	2.3%	1.3%	37.6K	-185.7K	-1.8K	0.60	108.89	N/A	N/A	5	3	63	27
2025-01-16	$195.36	$190.00	15.7%	4.5%	18.3%	35.1%	12.0%	4.9%	2.1%	39.7K	-215.0K	-1.8K	0.00	110.61	N/A	N/A	3	0	64	28
2025-01-17	$197.00	$190.00	14.0%	4.0%	18.4%	25.7%	10.8%	-2.1%	0.9%	47.9K	-290.9K	-1.7K	0.00	100.68	N/A	N/A	0	1	64	28
2025-01-21	$199.12	$190.00	11.9%	3.4%	13.3%	14.3%	12.1%	-0.3%	3.0%	40.6K	-297.3K	-1.6K	0.00	112.18	N/A	N/A	0	3	59	25
2025-01-22	$198.31	$190.00	14.9%	4.3%	12.9%	31.2%	0.0%	1.1%	-0.0%	42.8K	-315.5K	-1.7K	0.00	117.45	N/A	N/A	0	0	59	25
2025-01-23	$198.66	$190.00	14.4%	4.1%	12.8%	28.2%	0.0%	3.2%	1.2%	42.3K	-303.5K	-1.8K	0.00	116.57	N/A	N/A	0	0	60	25
2025-01-24	$198.23	$190.00	14.5%	4.2%	12.9%	28.7%	0.0%	1.2%	0.7%	43.2K	-313.6K	-1.7K	0.00	117.73	N/A	N/A	0	0	60	25
2025-01-27	$198.05	$190.00	15.8%	4.5%	12.9%	35.6%	0.0%	1.9%	0.8%	39.9K	-281.0K	-1.7K	0.00	119.10	N/A	N/A	0	0	60	25
2025-01-28	$197.86	$190.00	16.2%	4.6%	13.0%	37.9%	0.0%	1.2%	0.5%	40.4K	-287.9K	-1.7K	0.00	118.67	N/A	N/A	0	0	60	25
2025-01-29	$197.29	$190.00	17.3%	5.0%	12.4%	44.3%	16.7%	3.4%	-1.9%	32.6K	-233.3K	-1.6K	0.00	115.02	N/A	N/A	2	0	60	25
2025-01-30	$197.56	$190.00	16.4%	4.7%	11.8%	39.1%	0.0%	1.8%	-1.3%	39.6K	-276.2K	-1.6K	0.00	119.33	N/A	N/A	0	0	62	25
2025-01-31	$197.00	$190.00	15.1%	4.3%	11.9%	32.1%	0.0%	0.1%	-0.9%	40.5K	-278.0K	-1.6K	0.00	117.53	N/A	N/A	0	0	62	25