EWI Options History — January 2025

In January 2025, EWI traded between $35.59 and $38.84. ATM implied volatility averaged 15.2%, placing in the 10.6% IV rank vs the trailing year. The 30-day expected move averaged 3.6%. IV traded below realized volatility by 0.3% (HV 20d: 15.5%). Max pain ranged from $30.00 to $39.00. Net GEX was positive for 15 of 20 trading days. Term structure was in contango for 16 of 20 days. Put/call ratio averaged 5.92.

Notable Days

2025-01-13: Highest Volume — 1,248 contracts
2025-01-07: Largest IV spike — 87.9% change
2025-01-14: Highest IV Rank — 51.2%
2025-01-07: Largest Expected Move — 5.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$37.45	$35.59	$38.84	$35.59	$38.55
Max Pain	$32.95	$30.00	$39.00	$37.00	$39.00
ATM IV	15.2%	10.9%	31.5%	11.3%	11.2%
Expected Move	3.6%	3.1%	5.3%	3.3%	3.2%
HV 20d	15.5%	12.8%	18.4%	17.4%	14.2%
HV 60d	15.7%	15.0%	16.2%	15.0%	15.9%
IV Rank	10.6%	0.0%	51.2%	0.7%	0.9%
IV Percentile	28.8%	0.0%	94.0%	2.0%	1.6%
Term Structure	10.5%	-5.3%	32.4%	0.9%	0.4%
VWIV	13.0%	9.7%	20.3%	10.5%	14.0%
Skew 25d	2.8%	-0.9%	7.9%	5.2%	1.3%
Skew 10d	2.0%	-7.2%	6.5%	6.5%	-1.3%
Call IV 25d	11.4%	9.0%	14.2%	10.3%	12.6%
Put IV 25d	14.2%	12.6%	18.6%	15.5%	13.9%
Bid-Ask Spread %	125.19	98.34	133.63	104.41	128.54
Gamma HHI	0.49	0.23	0.78	0.47	0.25
Net GEX	13.6K	-31.3K	64.8K	21.2K	-29.2K
Net DEX	462	-233.5K	137.1K	104.3K	127.9K
Net VEX	-1.1K	-1.8K	-713	-934	-1.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	5.92	0.00	29.00	2.00	29.00
Total Volume	214.5	0	1,248	3	30
Total OI	2,897.55	248	6,700	3,924	537

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
2025-01-02	$35.59	$37.00	11.3%	3.3%	17.4%	0.7%	10.5%	5.2%	0.9%	21.2K	104.3K	-934	2.00	104.41	N/A	N/A	1	2	1,882	2,042
2025-01-03	$35.68	$37.00	16.4%	4.7%	17.2%	13.2%	0.0%	-0.9%	-5.3%	24.6K	85.9K	-1.0K	0.00	98.34	N/A	N/A	0	251	1,882	2,043
2025-01-06	$36.33	$30.00	15.1%	3.4%	16.4%	10.2%	0.0%	3.6%	13.5%	48.3K	-24.9K	-1.1K	0.00	127.27	N/A	N/A	0	683	1,882	2,043
2025-01-07	$36.41	$30.00	28.4%	5.3%	16.4%	43.6%	0.0%	5.8%	19.1%	36.1K	-74.5K	-1.2K	0.00	131.39	N/A	N/A	0	0	1,882	2,723
2025-01-08	$36.66	$30.00	20.4%	3.4%	16.3%	23.3%	0.0%	0.2%	32.4%	43.4K	-93.7K	-1.1K	0.00	128.71	N/A	N/A	0	0	1,882	2,723
2025-01-10	$36.45	$30.00	23.8%	3.6%	16.4%	31.9%	14.4%	-0.7%	22.8%	45.9K	-76.0K	-1.1K	3.00	128.31	N/A	N/A	1	3	1,882	2,723
2025-01-13	$36.14	$30.00	17.3%	3.7%	16.5%	15.5%	0.0%	5.0%	31.5%	41.6K	43.5K	-900	0.00	125.63	N/A	N/A	0	1,248	1,883	2,722
2025-01-14	$36.70	$30.00	31.5%	4.4%	17.6%	51.2%	0.0%	7.9%	29.0%	61.9K	-85.4K	-934	0.00	117.45	N/A	N/A	0	496	1,883	3,970
2025-01-15	$37.23	$30.00	11.5%	3.3%	18.3%	1.1%	9.7%	3.1%	25.5%	64.8K	-233.5K	-996	0.00	130.24	N/A	N/A	102	0	1,883	3,970
2025-01-16	$37.44	$30.00	11.2%	3.2%	18.4%	0.3%	0.0%	1.8%	9.4%	5.1K	-2.5K	-873	4.41	128.07	N/A	N/A	213	939	1,780	3,970
2025-01-17	$37.78	$30.00	11.7%	3.4%	15.8%	1.5%	20.3%	5.3%	15.2%	3.5K	5.9K	-718	1.75	126.17	N/A	N/A	8	14	1,992	4,708
2025-01-21	$38.27	$30.00	11.7%	3.3%	12.8%	1.5%	10.3%	2.8%	6.3%	9.2K	-84.9K	-713	13.00	130.43	N/A	N/A	1	13	83	165
2025-01-22	$37.92	$30.00	10.9%	3.1%	13.5%	0.0%	0.0%	3.7%	6.2%	5.6K	-42.0K	-853	0.00	127.91	N/A	N/A	0	1	84	178
2025-01-23	$38.38	$30.00	13.7%	3.9%	13.8%	7.0%	13.4%	2.2%	3.0%	5.9K	-66.0K	-814	3.33	122.44	N/A	N/A	3	10	84	179
2025-01-24	$38.64	$30.00	11.3%	3.2%	13.9%	0.9%	11.3%	1.6%	-0.1%	4.8K	-76.3K	-872	0.00	128.58	N/A	N/A	0	221	87	189
2025-01-27	$38.84	$39.00	12.3%	3.5%	13.9%	3.4%	0.0%	2.0%	-1.6%	-30.8K	105.9K	-1.6K	0.00	131.71	N/A	N/A	0	1	87	410
2025-01-28	$38.58	$39.00	12.1%	3.5%	14.3%	3.1%	0.0%	2.0%	0.0%	-30.4K	137.1K	-1.7K	0.00	128.72	N/A	N/A	0	0	87	410
2025-01-29	$38.61	$39.00	11.4%	3.3%	14.0%	1.4%	0.0%	2.0%	-0.3%	-31.3K	132.2K	-1.6K	0.22	133.63	N/A	N/A	23	5	87	410
2025-01-30	$38.70	$39.00	11.4%	3.3%	14.0%	1.3%	0.0%	3.0%	2.1%	-28.3K	126.2K	-1.8K	2.50	125.96	N/A	N/A	6	15	109	415
2025-01-31	$38.55	$39.00	11.2%	3.2%	14.2%	0.9%	14.0%	1.3%	0.4%	-29.2K	127.9K	-1.7K	29.00	128.54	N/A	N/A	1	29	110	427