VAW Options History — November 2025

In November 2025, VAW traded between $190.67 and $203.17. ATM implied volatility averaged 19.4%, placing in the 15.6% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 3.9% (HV 20d: 15.4%). Max pain ranged from $190.00 to $195.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.20.

Notable Days

2025-11-19: Highest Volume — 18 contracts
2025-11-11: Largest IV drop — 25.1% change
2025-11-10: Highest IV Rank — 21.1%
2025-11-20: Largest Expected Move — 6.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$195.82	$190.67	$203.17	$193.28	$203.17
Max Pain	$190.83	$190.00	$195.00	$195.00	$190.00
ATM IV	19.4%	16.7%	22.3%	20.4%	17.7%
Expected Move	5.6%	5.0%	6.3%	5.9%	5.1%
HV 20d	15.4%	13.8%	18.5%	15.4%	17.4%
HV 60d	14.3%	13.4%	15.5%	14.2%	15.5%
IV Rank	15.6%	10.6%	21.1%	17.6%	12.4%
IV Percentile	70.3%	44.0%	88.9%	79.8%	54.0%
Term Structure	0.2%	-2.6%	2.3%	-0.5%	-0.2%
VWIV	14.4%	11.6%	16.2%	15.3%	14.6%
Skew 25d	3.8%	-1.9%	9.6%	4.7%	4.9%
Skew 10d	1.7%	-5.9%	6.9%	1.7%	2.0%
Call IV 25d	15.8%	12.1%	22.3%	15.5%	13.9%
Put IV 25d	19.6%	14.0%	26.4%	20.2%	18.8%
Bid-Ask Spread %	104.22	94.20	116.70	115.09	109.75
Gamma HHI	0.31	0.17	0.55	0.44	0.17
Net GEX	40.8K	17.1K	79.9K	28.3K	31.3K
Net DEX	-133.8K	-340.4K	14.1K	-3.2K	-320.9K
Net VEX	-979	-1.5K	-575	-652	-1.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.20	0.00	1.57	0.00	0.00
Total Volume	3.947	0	18	0	0
Total OI	67.211	45	88	69	55

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
2025-11-03	$193.28	$195.00	20.4%	5.9%	15.4%	17.6%	0.0%	4.7%	-0.5%	28.3K	-3.2K	-652	0.00	115.09	N/A	N/A	0	0	58	11
2025-11-04	$192.34	$195.00	21.1%	6.1%	15.4%	18.9%	15.3%	-0.4%	-1.7%	28.5K	-17.9K	-705	0.00	115.03	N/A	N/A	1	0	58	11
2025-11-05	$193.05	$195.00	17.9%	5.1%	15.0%	12.8%	11.6%	1.9%	2.3%	24.5K	14.1K	-575	0.00	116.70	N/A	N/A	16	0	58	11
2025-11-06	$192.67	$0.00	16.9%	5.7%	14.4%	10.9%	0.0%	3.3%	0.6%	21.8K	-19.1K	-713	0.00	99.01	N/A	N/A	4	0	50	11
2025-11-07	$194.38	$190.00	20.1%	5.7%	14.2%	16.8%	0.0%	2.9%	0.4%	24.3K	-37.8K	-808	0.00	98.12	N/A	N/A	1	0	51	11
2025-11-10	$197.01	$190.00	22.3%	5.4%	13.9%	21.1%	0.0%	-1.9%	1.8%	41.5K	-133.9K	-893	0.00	94.20	N/A	N/A	8	0	52	11
2025-11-11	$198.34	$190.00	16.7%	5.7%	13.8%	10.6%	0.0%	1.3%	-0.5%	76.5K	-230.3K	-908	0.00	101.12	N/A	N/A	0	0	60	11
2025-11-12	$200.25	$190.00	19.6%	5.6%	14.4%	16.0%	0.0%	3.1%	-0.8%	79.9K	-340.4K	-983	1.00	104.32	N/A	N/A	1	1	60	11
2025-11-13	$198.17	$190.00	17.5%	5.0%	14.5%	12.1%	0.0%	0.2%	1.9%	71.4K	-276.0K	-949	0.00	99.36	N/A	N/A	0	0	61	11
2025-11-14	$196.09	$190.00	18.8%	5.4%	14.9%	14.6%	0.0%	3.6%	1.7%	59.1K	-180.4K	-876	0.00	98.87	N/A	N/A	0	0	61	11
2025-11-17	$192.79	$190.00	21.3%	6.1%	14.8%	19.1%	0.0%	2.0%	-1.6%	39.4K	-83.9K	-743	0.00	101.89	N/A	N/A	13	0	61	11
2025-11-18	$193.17	$190.00	19.6%	5.6%	14.8%	16.0%	0.0%	8.7%	0.8%	44.9K	-109.6K	-725	0.00	101.66	N/A	N/A	1	0	63	10
2025-11-19	$193.63	$190.00	20.4%	5.8%	14.9%	17.5%	0.0%	6.2%	0.1%	47.1K	-97.7K	-684	1.57	103.22	N/A	N/A	7	11	63	10
2025-11-20	$190.67	$190.00	22.1%	6.3%	14.9%	20.6%	0.0%	6.9%	-2.6%	29.6K	-33.6K	-1.2K	0.00	102.05	N/A	N/A	2	0	67	21
2025-11-21	$194.37	$190.00	20.4%	5.9%	16.9%	17.5%	0.0%	5.4%	-0.4%	57.4K	-113.3K	-1.2K	0.00	102.18	N/A	N/A	0	0	67	20
2025-11-24	$195.82	$190.00	18.3%	5.2%	17.3%	13.5%	16.2%	6.6%	1.6%	17.1K	-93.9K	-1.4K	0.00	102.61	N/A	N/A	6	0	26	19
2025-11-25	$199.22	$190.00	17.7%	5.1%	18.5%	12.5%	0.0%	9.6%	1.6%	24.9K	-196.4K	-1.5K	0.00	108.40	N/A	N/A	1	0	33	19
2025-11-26	$202.11	$190.00	19.5%	5.6%	17.8%	15.8%	14.6%	4.1%	-0.7%	27.7K	-268.7K	-1.5K	0.00	106.64	N/A	N/A	2	0	34	19
2025-11-28	$203.17	$190.00	17.7%	5.1%	17.4%	12.4%	0.0%	4.9%	-0.2%	31.3K	-320.9K	-1.5K	0.00	109.75	N/A	N/A	0	0	36	19