VAW Options History — February 2025

In February 2025, VAW traded between $195.11 and $202.05. ATM implied volatility averaged 16.5%, placing in the 39.6% IV rank vs the trailing year. The 30-day expected move averaged 4.8%. IV traded above realized volatility by 4.8% (HV 20d: 11.7%). Max pain ranged from $190.00 to $205.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.30.

Notable Days

2025-02-24: Highest Volume — 12 contracts
2025-02-25: Largest IV drop — 18.4% change
2025-02-24: Highest IV Rank — 51.2%
2025-02-24: Largest Expected Move — 5.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$197.69	$195.11	$202.05	$196.67	$195.49
Max Pain	$202.63	$190.00	$205.00	$190.00	$205.00
ATM IV	16.5%	13.5%	18.6%	17.6%	18.3%
Expected Move	4.8%	4.3%	5.3%	5.0%	5.2%
HV 20d	11.7%	10.3%	13.2%	11.6%	13.2%
HV 60d	14.1%	13.6%	14.6%	14.5%	14.0%
IV Rank	39.6%	23.0%	51.2%	45.8%	49.5%
IV Percentile	71.6%	35.3%	88.9%	84.9%	86.5%
Term Structure	0.1%	-3.1%	2.7%	0.6%	-0.6%
VWIV	17.1%	17.1%	17.1%	17.1%	17.1%
Skew 25d	1.6%	0.1%	4.0%	3.1%	0.3%
Skew 10d	3.3%	-5.1%	16.2%	5.1%	4.5%
Call IV 25d	12.6%	9.9%	19.4%	14.1%	19.4%
Put IV 25d	14.2%	11.3%	19.7%	17.2%	19.7%
Bid-Ask Spread %	114.73	87.55	135.46	116.30	135.46
Gamma HHI	0.20	0.13	0.29	0.13	0.26
Net GEX	32.4K	15.8K	55.1K	31.0K	16.9K
Net DEX	-244.4K	-432.6K	-86.0K	-208.6K	-132.1K
Net VEX	-1.4K	-1.6K	-1.1K	-1.5K	-1.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.30	0.00	1.40	0.00	0.50
Total Volume	1.684	0	12	0	0
Total OI	77.632	35	93	87	49

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	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-02-03	$196.67	$190.00	17.6%	5.0%	11.6%	45.8%	0.0%	3.1%	0.6%	31.0K	-208.6K	-1.5K	0.00	116.30	N/A	N/A	0	0	62	25
2025-02-04	$197.91	$190.00	16.7%	4.8%	11.5%	40.9%	0.0%	1.4%	-3.1%	44.2K	-292.7K	-1.5K	0.00	119.04	N/A	N/A	0	0	62	25
2025-02-05	$197.84	$190.00	15.7%	4.5%	11.5%	35.1%	17.1%	0.1%	1.5%	40.7K	-276.8K	-1.4K	0.00	115.90	N/A	N/A	0	1	62	25
2025-02-06	$198.86	$205.00	16.3%	4.7%	11.1%	38.7%	0.0%	4.0%	-0.5%	42.5K	-298.2K	-1.5K	0.00	110.16	N/A	N/A	0	0	62	26
2025-02-07	$196.36	$205.00	13.5%	4.7%	12.4%	23.0%	0.0%	1.2%	-0.0%	31.4K	-213.9K	-1.3K	0.00	113.22	N/A	N/A	0	1	62	26
2025-02-10	$197.67	$205.00	14.7%	4.8%	11.7%	30.0%	0.0%	2.4%	-0.5%	29.9K	-240.8K	-1.3K	0.00	110.67	N/A	N/A	2	0	62	27
2025-02-11	$198.66	$205.00	17.3%	4.6%	10.4%	44.1%	0.0%	2.4%	-0.6%	37.2K	-279.7K	-1.3K	0.00	119.25	N/A	N/A	4	0	62	27
2025-02-12	$196.99	$205.00	16.3%	4.7%	10.3%	38.5%	0.0%	1.5%	2.7%	33.0K	-225.4K	-1.4K	0.00	108.10	N/A	N/A	0	0	62	27
2025-02-13	$200.28	$205.00	15.4%	4.4%	10.7%	33.9%	0.0%	2.7%	0.4%	39.7K	-335.9K	-1.3K	0.00	115.00	N/A	N/A	1	0	62	27
2025-02-14	$200.01	$205.00	15.9%	4.6%	10.6%	36.7%	0.0%	1.7%	0.2%	49.3K	-359.8K	-1.4K	0.50	120.45	N/A	N/A	2	1	63	27
2025-02-18	$202.05	$205.00	16.4%	4.7%	10.8%	39.5%	0.0%	2.6%	-0.3%	55.1K	-432.6K	-1.3K	0.00	120.61	N/A	N/A	4	0	65	26
2025-02-19	$199.95	$205.00	16.1%	4.6%	10.9%	37.4%	0.0%	2.1%	0.7%	34.3K	-367.9K	-1.3K	0.00	115.57	N/A	N/A	0	0	67	26
2025-02-20	$198.64	$205.00	16.7%	4.8%	11.1%	40.6%	0.0%	0.7%	-1.3%	37.3K	-319.6K	-1.3K	0.00	124.12	N/A	N/A	0	0	67	26
2025-02-21	$195.25	$205.00	16.7%	4.8%	12.7%	40.9%	0.0%	1.1%	1.3%	28.7K	-206.5K	-1.2K	0.00	87.55	N/A	N/A	1	0	67	26
2025-02-24	$195.25	$205.00	18.6%	5.3%	12.6%	51.2%	0.0%	0.5%	-0.5%	15.8K	-86.0K	-1.1K	1.40	112.39	N/A	N/A	5	7	28	7
2025-02-25	$196.28	$205.00	15.2%	4.3%	12.8%	32.3%	0.0%	1.4%	0.9%	17.6K	-117.3K	-1.5K	0.00	99.08	N/A	N/A	0	0	33	13
2025-02-26	$196.81	$205.00	17.8%	5.1%	12.9%	47.0%	0.0%	0.2%	0.3%	16.2K	-139.1K	-1.5K	0.00	118.33	N/A	N/A	0	0	33	13
2025-02-27	$195.11	$205.00	17.9%	5.1%	13.2%	47.5%	0.0%	0.8%	0.3%	15.8K	-110.3K	-1.5K	0.50	118.61	N/A	N/A	2	1	33	13
2025-02-28	$195.49	$205.00	18.3%	5.2%	13.2%	49.5%	0.0%	0.3%	-0.6%	16.9K	-132.1K	-1.6K	0.00	135.46	N/A	N/A	0	0	35	14