EWC Options History — July 2016

In July 2016, EWC traded between $24.47 and $25.40. ATM implied volatility averaged 17.0%, placing in the 30.4% IV rank vs the trailing year. The 30-day expected move averaged 4.7%. IV traded below realized volatility by 3.2% (HV 20d: 20.2%). Max pain ranged from $24.00 to $26.00. Net GEX was positive for 10 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 0.91.

Notable Days

2016-07-15: Highest Volume — 19,887 contracts
2016-07-07: Largest IV spike — 24.8% change
2016-07-07: Highest IV Rank — 56.2%
2016-07-07: Largest Expected Move — 6.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$25.00	$24.47	$25.40	$24.83	$25.26
Max Pain	$25.45	$24.00	$26.00	$25.00	$26.00
ATM IV	17.0%	13.8%	24.8%	18.5%	13.8%
Expected Move	4.7%	4.0%	6.6%	5.3%	4.0%
HV 20d	20.2%	11.9%	23.5%	23.5%	12.2%
HV 60d	18.6%	17.4%	19.6%	19.6%	17.4%
IV Rank	30.4%	19.9%	56.2%	35.3%	19.9%
IV Percentile	20.4%	2.4%	76.6%	29.0%	2.4%
Term Structure	1.2%	-0.6%	5.6%	0.2%	5.6%
VWIV	17.2%	13.2%	23.7%	21.4%	16.2%
Skew 25d	4.4%	2.1%	7.5%	3.3%	7.5%
Skew 10d	15.3%	3.7%	65.3%	65.3%	12.5%
Call IV 25d	14.5%	11.9%	18.3%	17.9%	11.9%
Put IV 25d	19.0%	15.5%	23.5%	21.1%	19.4%
Bid-Ask Spread %	65.03	32.43	131.87	64.09	131.87
Gamma HHI	0.41	0.21	0.51	0.49	0.43
Net GEX	116.3K	-661.9K	777.6K	-379.8K	654.7K
Net DEX	5.4M	-6.0M	15.8M	14.0M	-2.2M
Net VEX	-170.0K	-222.7K	-120.9K	-121.3K	-212.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.91	0.09	2.47	1.96	0.22
Total Volume	7,877.4	2,443	19,887	2,443	11,442
Total OI	30,837.55	21,286	39,578	21,286	39,578

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
2016-07-01	$24.83	$25.00	18.5%	5.3%	23.5%	35.3%	21.4%	3.3%	0.2%	-379.8K	14.0M	-121.3K	1.96	64.09	N/A	N/A	826	1,617	4,768	16,518
2016-07-05	$24.63	$24.00	17.9%	5.5%	23.0%	33.3%	22.0%	5.8%	1.2%	-385.6K	13.9M	-121.1K	2.15	72.20	N/A	N/A	826	1,777	4,772	16,528
2016-07-06	$24.72	$24.00	19.9%	5.6%	22.7%	39.9%	19.6%	4.2%	0.8%	-453.5K	14.8M	-120.9K	2.06	82.02	N/A	N/A	833	1,717	4,772	16,931
2016-07-07	$24.47	$24.00	24.8%	6.6%	22.9%	56.2%	23.6%	7.5%	-0.6%	-365.5K	14.8M	-122.5K	2.47	78.11	N/A	N/A	847	2,089	4,792	17,071
2016-07-08	$24.64	$24.00	20.6%	5.4%	23.1%	42.1%	23.7%	6.4%	0.3%	-538.6K	15.8M	-124.3K	1.51	68.92	N/A	N/A	1,236	1,866	4,806	17,636
2016-07-11	$24.67	$24.00	23.2%	4.8%	22.1%	50.8%	19.9%	5.3%	0.4%	-525.5K	15.5M	-125.2K	1.79	56.96	N/A	N/A	1,049	1,879	5,151	17,836
2016-07-12	$25.06	$26.00	17.7%	4.4%	22.8%	32.6%	14.2%	4.0%	0.8%	-178.7K	12.9M	-126.1K	1.63	70.50	N/A	N/A	1,049	1,710	5,368	17,849
2016-07-13	$25.19	$26.00	15.9%	4.6%	22.4%	26.8%	14.5%	4.6%	0.7%	-182.7K	11.7M	-125.2K	1.60	43.03	N/A	N/A	1,053	1,689	5,368	17,835
2016-07-14	$25.40	$26.00	15.5%	4.4%	22.4%	25.4%	14.8%	3.4%	1.5%	-349.5K	10.3M	-123.5K	1.01	45.75	N/A	N/A	1,551	1,565	5,306	17,832
2016-07-15	$25.30	$26.00	14.9%	4.3%	22.4%	23.3%	13.2%	2.9%	0.7%	-661.9K	9.5M	-125.4K	0.09	49.15	N/A	N/A	18,308	1,579	5,803	17,788
2016-07-18	$25.38	$26.00	14.4%	4.1%	22.3%	21.8%	14.3%	2.1%	0.8%	775.4K	-6.0M	-222.7K	0.15	55.15	N/A	N/A	9,584	1,483	21,635	17,363
2016-07-19	$25.19	$26.00	14.4%	4.1%	22.1%	21.6%	14.3%	2.6%	1.6%	777.6K	-4.1M	-220.7K	0.16	38.28	N/A	N/A	9,312	1,482	21,637	17,363
2016-07-20	$25.19	$26.00	15.4%	4.4%	22.1%	25.2%	15.5%	2.8%	1.3%	710.9K	-2.8M	-215.9K	0.16	32.43	N/A	N/A	9,293	1,482	21,717	17,399
2016-07-21	$25.16	$26.00	15.3%	4.4%	21.7%	24.5%	15.3%	3.2%	1.6%	646.8K	-4.1M	-219.0K	0.15	61.56	N/A	N/A	9,848	1,477	21,717	17,399
2016-07-22	$25.11	$26.00	14.7%	4.2%	21.1%	22.7%	14.5%	2.8%	1.8%	584.6K	-3.6M	-218.4K	0.15	82.62	N/A	N/A	9,848	1,477	21,551	17,394
2016-07-25	$24.80	$26.00	16.1%	4.6%	16.5%	27.2%	20.9%	4.6%	1.4%	559.8K	-1.1M	-214.2K	0.22	61.32	N/A	N/A	9,388	2,055	21,551	17,394
2016-07-26	$24.96	$26.00	17.3%	5.0%	14.0%	31.2%	16.9%	5.0%	-0.1%	533.2K	-239.0K	-211.2K	0.22	61.08	N/A	N/A	9,381	2,055	21,591	17,582
2016-07-27	$24.93	$26.00	14.5%	4.2%	13.4%	22.1%	14.6%	4.6%	2.7%	515.2K	618.8K	-212.8K	0.22	109.29	N/A	N/A	9,381	2,055	21,593	17,982
2016-07-28	$25.01	$26.00	15.6%	4.5%	11.9%	25.8%	15.4%	5.9%	0.9%	590.0K	-1.0M	-216.5K	0.22	36.19	N/A	N/A	9,381	2,058	21,593	17,982
2016-07-29	$25.26	$26.00	13.8%	4.0%	12.2%	19.9%	16.2%	7.5%	5.6%	654.7K	-2.2M	-212.5K	0.22	131.87	N/A	N/A	9,381	2,061	21,593	17,985