VAW Options History — December 2025

In December 2025, VAW traded between $199.13 and $211.48. ATM implied volatility averaged 16.2%, placing in the 8.8% IV rank vs the trailing year. The 30-day expected move averaged 4.6%. IV traded above realized volatility by 0.1% (HV 20d: 16.1%). Max pain ranged from $190.00 to $200.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 1.16.

Notable Days

  • 2025-12-16: Highest Volume — 10 contracts
  • 2025-12-08: Largest IV spike — 36.5% change
  • 2025-12-09: Highest IV Rank — 22.0%
  • 2025-12-08: Largest Expected Move — 5.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$205.95$199.13$211.48$203.08$207.87
Max Pain$199.27$190.00$200.00$190.00$200.00
ATM IV16.2%11.2%22.8%17.5%12.0%
Expected Move4.6%3.2%5.8%5.0%3.4%
HV 20d16.1%12.9%19.2%17.3%13.5%
HV 60d15.4%14.7%16.0%15.4%15.5%
IV Rank8.8%0.0%22.0%12.1%1.5%
IV Percentile33.7%0.0%89.7%51.6%0.8%
Term Structure0.8%-2.4%3.0%-0.2%0.8%
VWIV15.7%13.9%17.4%17.4%15.1%
Skew 25d1.5%-5.8%7.5%6.6%-1.4%
Skew 10d4.0%-3.1%16.2%16.2%1.5%
Call IV 25d15.1%9.7%19.9%14.1%15.2%
Put IV 25d16.6%10.4%21.1%20.7%13.7%
Bid-Ask Spread %110.18101.54114.73112.60113.68
Gamma HHI0.190.160.240.160.18
Net GEX17.5K-4.5K36.1K30.5K23.0K
Net DEX-265.1K-402.6K-113.6K-331.2K-268.2K
Net VEX-1.5K-1.6K-1.3K-1.5K-1.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.160.008.008.000.00
Total Volume2.63601090
Total OI6555785563

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$203.08$190.0017.5%5.0%17.3%12.1%17.4%6.6%-0.2%30.5K-331.2K-1.5K8.00112.60N/AN/A183619
2025-12-02$201.66$197.0017.7%5.1%16.7%12.5%0.0%-3.0%2.6%19.7K-179.8K-1.6K0.00113.48N/AN/A013727
2025-12-03$203.24$197.0016.8%4.8%16.6%10.8%0.0%4.5%-2.4%16.6K-223.2K-1.6K0.00114.73N/AN/A103728
2025-12-04$201.78$200.0020.2%5.2%17.0%17.2%0.0%3.1%0.0%17.6K-195.7K-1.6K0.00108.58N/AN/A003828
2025-12-05$201.74$200.0016.4%5.0%16.9%9.9%13.9%-1.5%-1.4%18.9K-202.4K-1.6K0.00104.50N/AN/A103828
2025-12-08$199.26$200.0022.3%5.8%17.5%21.1%0.0%3.1%-0.1%22.1K-114.6K-1.5K0.00102.24N/AN/A003928
2025-12-09$199.13$200.0022.8%5.1%16.9%22.0%0.0%-5.8%0.8%25.3K-113.6K-1.5K0.00104.58N/AN/A003928
2025-12-10$202.72$200.0016.2%4.7%17.9%8.2%0.0%5.9%0.8%36.1K-227.6K-1.4K0.00101.54N/AN/A003928
2025-12-11$207.31$200.0016.5%4.7%19.2%8.8%0.0%2.7%0.8%15.5K-380.0K-1.3K0.50110.19N/AN/A633928
2025-12-12$206.89$200.0016.6%4.7%18.7%8.9%0.0%0.2%1.2%7.9K-402.6K-1.6K0.00111.45N/AN/A014531
2025-12-15$207.01$200.0018.2%5.2%18.2%11.9%16.3%7.0%-0.2%4.8K-400.2K-1.5K0.00110.35N/AN/A014532
2025-12-16$206.83$200.0017.4%5.0%16.7%10.5%0.0%-3.0%1.2%2.8K-359.8K-1.5K0.00110.69N/AN/A1004533
2025-12-17$205.96$200.0016.9%4.8%16.9%9.5%16.2%0.1%1.1%-4.5K-121.4K-1.5K0.80112.14N/AN/A543233
2025-12-18$207.09$200.0016.1%4.6%16.9%7.9%0.0%1.2%2.2%4.5K-231.5K-1.5K0.00112.41N/AN/A093630
2025-12-19$207.69$200.0013.6%3.9%15.4%3.3%0.0%1.3%1.2%5.1K-229.0K-1.5K0.00112.65N/AN/A003631
2025-12-22$209.77$200.0014.2%4.1%14.5%4.4%15.3%1.1%1.8%20.2K-285.8K-1.4K0.00108.92N/AN/A103323
2025-12-23$210.38$200.0013.2%3.8%14.5%2.4%0.0%0.1%1.3%23.4K-308.0K-1.4K0.00112.10N/AN/A003423
2025-12-24$210.69$200.0012.2%3.5%13.6%0.6%15.1%-1.7%3.0%23.5K-317.5K-1.3K0.00109.87N/AN/A103423
2025-12-26$211.48$200.0014.2%4.1%12.9%4.4%0.0%5.4%0.8%24.4K-344.7K-1.3K0.00111.53N/AN/A053523
2025-12-29$209.64$200.0015.2%4.3%13.4%6.2%0.0%7.5%0.6%22.3K-288.7K-1.4K0.00112.65N/AN/A003528
2025-12-30$209.75$200.0011.2%3.2%13.4%0.0%0.0%-0.3%2.7%24.2K-305.7K-1.3K0.00113.13N/AN/A003528
2025-12-31$207.87$200.0012.0%3.4%13.5%1.5%0.0%-1.4%0.8%23.0K-268.2K-1.3K0.00113.68N/AN/A003528