EWI Options History — February 2025

In February 2025, EWI traded between $38.11 and $41.45. ATM implied volatility averaged 13.9%, placing in the 7.7% IV rank vs the trailing year. The 30-day expected move averaged 4.0%. IV traded below realized volatility by 0.4% (HV 20d: 14.3%). Max pain ranged from $38.00 to $40.00. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 16 of 19 days. Put/call ratio averaged 15.13.

Notable Days

2025-02-12: Highest Volume — 122 contracts
2025-02-28: Largest IV spike — 87.4% change
2025-02-28: Highest IV Rank — 29.4%
2025-02-28: Largest Expected Move — 6.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$40.08	$38.11	$41.45	$38.11	$40.66
Max Pain	$39.21	$38.00	$40.00	$39.00	$40.00
ATM IV	13.9%	10.8%	22.6%	12.9%	22.6%
Expected Move	4.0%	3.1%	6.5%	3.7%	6.5%
HV 20d	14.3%	13.4%	15.9%	14.0%	15.9%
HV 60d	15.4%	14.8%	16.6%	16.0%	15.7%
IV Rank	7.7%	0.0%	29.4%	5.0%	29.4%
IV Percentile	27.7%	0.0%	86.1%	14.3%	86.1%
Term Structure	5.1%	-5.7%	16.1%	8.1%	-2.7%
VWIV	16.6%	11.8%	24.6%	11.8%	17.4%
Skew 25d	4.1%	-11.6%	9.8%	2.3%	-11.6%
Skew 10d	0.5%	-13.3%	10.5%	3.4%	-13.3%
Call IV 25d	12.7%	9.6%	28.6%	12.9%	28.6%
Put IV 25d	16.8%	13.1%	22.3%	15.2%	16.9%
Bid-Ask Spread %	108.94	79.08	125.49	124.77	123.24
Gamma HHI	0.34	0.24	0.54	0.24	0.25
Net GEX	-55.5K	-86.4K	-31.8K	-35.2K	-73.7K
Net DEX	53.8K	-209.1K	248.6K	248.6K	190.2K
Net VEX	-2.0K	-2.4K	-1.4K	-2.0K	-2.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	15.13	0.00	121.00	0.00	0.00
Total Volume	37.316	0	122	1	1
Total OI	829	567	1,073	567	950

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
2025-02-03	$38.11	$39.00	12.9%	3.7%	14.0%	5.0%	0.0%	2.3%	8.1%	-35.2K	248.6K	-2.0K	0.00	124.77	N/A	N/A	1	0	111	456
2025-02-04	$38.88	$39.00	15.0%	4.3%	15.2%	10.4%	11.8%	1.6%	1.9%	-31.8K	116.9K	-1.8K	5.50	124.43	N/A	N/A	10	55	111	456
2025-02-05	$39.00	$39.00	15.2%	4.3%	14.3%	10.7%	0.0%	3.0%	2.2%	-42.8K	140.9K	-1.9K	0.00	125.49	N/A	N/A	0	0	120	511
2025-02-06	$39.25	$38.00	15.7%	3.2%	14.3%	12.1%	0.0%	5.0%	12.0%	-40.6K	103.3K	-2.0K	1.38	115.53	N/A	N/A	8	11	120	511
2025-02-07	$38.89	$38.00	14.9%	5.4%	15.0%	10.1%	0.0%	4.4%	4.7%	-41.9K	188.5K	-2.1K	3.50	115.00	N/A	N/A	6	21	120	523
2025-02-10	$39.16	$38.00	12.3%	5.3%	14.7%	3.7%	18.1%	5.3%	2.4%	-53.0K	145.5K	-2.0K	15.40	113.00	N/A	N/A	5	77	124	545
2025-02-11	$39.75	$39.00	13.6%	3.2%	14.5%	6.9%	17.9%	7.6%	3.9%	-60.9K	91.8K	-2.2K	30.00	117.96	N/A	N/A	2	60	128	622
2025-02-12	$39.94	$39.00	10.8%	3.1%	13.9%	0.0%	24.6%	7.2%	8.8%	-67.9K	97.7K	-2.3K	121.00	122.70	N/A	N/A	1	121	130	672
2025-02-13	$40.17	$39.00	11.2%	3.2%	13.4%	0.9%	15.4%	6.9%	10.4%	-61.5K	67.5K	-2.2K	7.00	115.91	N/A	N/A	2	14	131	793
2025-02-14	$40.52	$39.00	13.5%	3.9%	13.5%	6.7%	17.5%	8.1%	3.4%	-49.8K	-62.0K	-1.9K	0.92	100.00	N/A	N/A	13	12	133	806
2025-02-18	$41.05	$39.00	13.8%	3.9%	13.8%	7.3%	14.0%	0.7%	3.4%	-31.9K	-209.1K	-1.4K	8.14	102.54	N/A	N/A	7	57	130	818
2025-02-19	$40.58	$39.00	10.9%	3.1%	14.4%	0.1%	19.1%	9.6%	7.3%	-61.8K	35.5K	-2.1K	0.00	105.91	N/A	N/A	0	21	132	875
2025-02-20	$40.80	$40.00	16.0%	4.6%	13.7%	12.9%	19.7%	7.4%	16.1%	-63.9K	-59.1K	-1.8K	22.25	104.99	N/A	N/A	4	89	132	890
2025-02-21	$40.59	$40.00	12.9%	3.7%	13.7%	5.1%	13.0%	9.8%	13.5%	-86.4K	177.2K	-2.4K	0.56	98.90	N/A	N/A	18	10	134	939
2025-02-24	$40.81	$40.00	14.2%	4.1%	13.6%	8.4%	13.3%	7.6%	-5.7%	-68.6K	26.0K	-1.9K	0.00	90.27	N/A	N/A	0	6	118	770
2025-02-25	$41.45	$40.00	11.8%	3.4%	14.4%	2.5%	18.1%	1.4%	7.8%	-54.3K	-99.1K	-1.6K	1.19	110.14	N/A	N/A	21	25	118	774
2025-02-26	$41.36	$40.00	15.1%	4.3%	14.0%	10.6%	13.1%	2.2%	0.6%	-53.8K	-176.1K	-1.5K	0.25	79.96	N/A	N/A	4	1	134	788
2025-02-27	$40.63	$40.00	12.1%	3.5%	15.9%	3.1%	17.4%	-0.0%	-0.7%	-73.8K	-2.3K	-1.9K	25.00	79.08	N/A	N/A	1	25	137	789
2025-02-28	$40.66	$40.00	22.6%	6.5%	15.9%	29.4%	0.0%	-11.6%	-2.7%	-73.7K	190.2K	-2.3K	0.00	123.24	N/A	N/A	1	0	137	813