EWI Options History — March 2020

In March 2020, EWI traded between $18.23 and $27.62. ATM implied volatility averaged 65.5%, placing in the 81.6% IV rank vs the trailing year. The 30-day expected move averaged 18.2%. IV traded below realized volatility by 4.5% (HV 20d: 69.9%). Max pain ranged from $24.00 to $31.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 0 of 22 days. Put/call ratio averaged 63.38.

Notable Days

  • 2020-03-12: Highest Volume — 33,224 contracts
  • 2020-03-09: Largest IV spike — 54.9% change
  • 2020-03-09: Highest IV Rank — 100.0%
  • 2020-03-18: Largest Expected Move — 26.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$21.73$18.23$27.62$27.05$20.70
Max Pain$27.05$24.00$31.00$30.00$24.00
ATM IV65.5%31.6%92.2%39.1%54.5%
Expected Move18.2%9.1%26.4%11.2%15.6%
HV 20d69.9%25.4%96.7%25.7%96.7%
HV 60d44.0%18.8%58.3%19.0%58.1%
IV Rank81.6%53.7%100.0%80.5%53.7%
IV Percentile98.0%93.7%100.0%99.6%93.7%
Term Structure-12.2%-26.3%-1.7%-7.7%-4.6%
VWIV68.5%37.6%94.0%42.7%70.7%
Skew 25d24.4%11.0%40.0%19.6%16.5%
Skew 10d59.4%24.5%118.0%39.6%54.4%
Call IV 25d52.4%19.3%78.7%27.4%49.0%
Put IV 25d76.8%39.6%113.0%47.0%65.5%
Bid-Ask Spread %79.1156.2692.7287.0576.95
Gamma HHI0.170.110.320.290.14
Net GEX-1.0M-2.0M-337.5K-1.8M-471.2K
Net DEX31.9M11.7M57.2M25.5M13.2M
Net VEX-49.4K-75.0K-37.4K-42.8K-37.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio63.381.64386.6358.447.62
Total Volume7,079.72743733,2243,2691,060
Total OI35,001.09120,82558,51520,82529,878

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$27.05$30.0039.1%11.2%25.7%80.5%42.7%19.6%-7.7%-1.8M25.5M-42.8K58.4487.05N/AN/A553,2141,12419,701
2020-03-03$26.86$30.0040.8%11.7%25.4%85.3%41.3%14.4%-9.0%-1.8M27.0M-46.3K90.8184.60N/AN/A262,3611,12921,164
2020-03-04$27.62$30.0031.6%9.1%26.8%59.3%37.6%20.4%-6.0%-2.0M21.5M-44.8K78.5269.53N/AN/A272,1201,13421,064
2020-03-05$26.65$31.0041.1%9.1%28.4%86.3%47.9%11.0%-1.7%-1.9M28.7M-48.5K386.6356.26N/AN/A249,2791,15222,424
2020-03-06$26.18$31.0045.9%11.8%28.2%99.9%45.0%14.7%-4.9%-1.7M31.4M-50.2K112.7376.06N/AN/A303,3821,17328,329
2020-03-09$23.27$31.0071.1%15.9%48.4%100.0%60.9%27.1%-12.4%-956.1K40.8M-37.6K55.1579.49N/AN/A21311,7481,18927,985
2020-03-10$23.28$31.0073.3%16.8%48.4%100.0%67.0%25.9%-15.1%-899.6K40.4M-45.4K102.8481.93N/AN/A18318,8191,30831,100
2020-03-11$22.23$31.0059.1%16.9%49.4%77.3%61.9%17.8%-8.7%-1.5M50.5M-74.8K88.5681.57N/AN/A978,5901,45345,863
2020-03-12$18.85$31.0084.6%24.3%71.9%100.0%86.8%30.0%-20.9%-1.0M50.8M-66.6K100.9192.72N/AN/A32632,8981,51641,512
2020-03-13$20.44$31.0090.1%25.8%80.8%100.0%80.3%40.0%-26.3%-1.3M47.5M-75.0K1.7189.12N/AN/A6,95911,8891,75147,119
2020-03-16$18.23$24.0084.1%24.1%87.2%92.4%82.3%33.1%-16.1%-1.2M57.2M-70.5K110.5076.80N/AN/A13715,1397,57750,938
2020-03-17$18.69$24.0086.2%24.7%88.1%95.0%93.9%33.1%-22.3%-996.6K45.9M-57.5K55.7068.45N/AN/A774,2897,62541,232
2020-03-18$18.28$24.0092.2%26.4%87.5%100.0%92.7%34.3%-21.9%-853.4K47.0M-53.2K26.5470.57N/AN/A2727,2197,66241,062
2020-03-19$18.52$24.0084.0%24.1%88.4%90.0%94.0%30.9%-20.3%-749.5K42.4M-46.1K24.7185.03N/AN/A1734,2757,90836,725
2020-03-20$18.56$24.0070.1%20.1%88.8%72.9%85.5%30.8%-11.6%-440.6K43.1M-40.2K54.8980.67N/AN/A361,9768,06337,996
2020-03-23$18.81$24.0069.0%19.8%89.0%71.5%80.9%28.4%-10.9%-466.7K19.6M-40.7K5.3373.92N/AN/A3431,8286,65021,654
2020-03-24$19.90$24.0065.5%18.8%93.0%67.2%66.8%26.4%-12.3%-501.7K17.0M-41.0K1.6475.27N/AN/A1,0101,6526,95321,636
2020-03-25$21.04$24.0065.9%18.9%96.0%67.7%67.6%16.1%-10.2%-376.3K12.7M-42.7K6.5180.37N/AN/A1711,1147,92320,778
2020-03-26$21.34$24.0064.9%18.6%96.6%66.5%63.2%22.7%-9.7%-337.5K11.7M-42.6K3.2581.32N/AN/A3721,2088,04720,985
2020-03-27$20.80$24.0063.7%18.3%96.6%65.0%69.3%29.7%-8.1%-387.4K13.5M-42.5K18.1185.06N/AN/A386887,90921,721
2020-03-30$20.78$24.0063.3%18.1%96.6%64.5%68.4%14.9%-8.5%-447.4K13.7M-39.7K3.3787.78N/AN/A1003377,92121,991
2020-03-31$20.70$24.0054.5%15.6%96.7%53.7%70.7%16.5%-4.6%-471.2K13.2M-37.4K7.6276.95N/AN/A1239378,00121,877