IWC Options History — September 2018

In September 2018, IWC traded between $105.94 and $109.59. ATM implied volatility averaged 13.4%, placing in the 12.7% IV rank vs the trailing year. The 30-day expected move averaged 3.8%. IV traded above realized volatility by 4.4% (HV 20d: 9.0%). Max pain ranged from $105.00 to $110.00. Net GEX was positive for 6 of 19 trading days. Term structure was in contango for 17 of 19 days. Put/call ratio averaged 1.85.

Notable Days

2018-09-20: Highest Volume — 429 contracts
2018-09-20: Largest IV drop — 10.4% change
2018-09-11: Highest IV Rank — 18.3%
2018-09-18: Largest Expected Move — 4.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$107.24	$105.94	$109.59	$109.59	$106.19
Max Pain	$108.58	$105.00	$110.00	$105.00	$107.00
ATM IV	13.4%	12.1%	14.9%	12.7%	13.1%
Expected Move	3.8%	3.5%	4.3%	3.6%	3.8%
HV 20d	9.0%	7.7%	10.1%	9.0%	9.2%
HV 60d	10.4%	9.7%	10.8%	10.5%	9.7%
IV Rank	12.7%	7.6%	18.3%	9.9%	11.6%
IV Percentile	43.0%	14.7%	70.2%	31.0%	37.3%
Term Structure	1.1%	-0.1%	2.2%	0.4%	1.1%
VWIV	12.2%	8.6%	14.6%	14.6%	8.6%
Skew 25d	4.0%	1.9%	5.4%	3.4%	3.2%
Skew 10d	9.3%	6.2%	13.8%	7.5%	10.8%
Call IV 25d	11.9%	10.9%	14.0%	11.8%	11.7%
Put IV 25d	15.9%	14.2%	17.6%	15.2%	14.9%
Bid-Ask Spread %	59.31	27.94	103.78	42.00	43.41
Gamma HHI	0.18	0.12	0.29	0.14	0.12
Net GEX	-6.2K	-111.5K	80.4K	-4.4K	47.6K
Net DEX	-1.3M	-1.9M	-931.8K	-1.8M	-931.8K
Net VEX	-4.2K	-5.3K	-3.3K	-5.0K	-3.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.85	0.98	2.36	2.36	0.98
Total Volume	344.526	179	429	386	200
Total OI	598.684	271	738	704	278

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
2018-09-04	$109.59	$105.00	12.7%	3.6%	9.0%	9.9%	14.6%	3.4%	0.4%	-4.4K	-1.8M	-5.0K	2.36	42.00	N/A	N/A	115	271	280	424
2018-09-05	$109.05	$105.00	12.7%	3.6%	9.3%	9.9%	14.1%	3.4%	-0.1%	-4.6K	-1.7M	-5.0K	2.36	27.94	N/A	N/A	115	271	281	424
2018-09-06	$107.98	$110.00	13.8%	4.0%	10.0%	14.1%	12.7%	4.3%	1.5%	-20.6K	-1.4M	-5.3K	2.36	31.14	N/A	N/A	115	271	281	424
2018-09-07	$107.68	$110.00	13.7%	3.9%	10.1%	13.7%	12.6%	4.5%	2.0%	-27.9K	-1.3M	-5.2K	2.36	28.32	N/A	N/A	115	271	281	424
2018-09-10	$107.82	$110.00	13.8%	4.1%	10.1%	14.0%	12.8%	3.3%	1.0%	-21.6K	-1.4M	-4.6K	2.36	65.56	N/A	N/A	115	271	280	424
2018-09-11	$107.59	$110.00	14.9%	3.9%	9.8%	18.3%	11.4%	5.4%	1.6%	-31.4K	-1.3M	-4.7K	2.26	71.36	N/A	N/A	120	271	280	424
2018-09-12	$106.94	$110.00	14.4%	4.1%	9.8%	16.5%	13.0%	4.7%	1.2%	-49.9K	-1.1M	-4.8K	2.24	75.63	N/A	N/A	121	271	285	424
2018-09-13	$106.95	$110.00	13.1%	3.7%	8.0%	11.4%	12.8%	1.9%	1.8%	-43.8K	-1.2M	-4.7K	2.24	91.75	N/A	N/A	121	271	286	424
2018-09-14	$107.45	$110.00	14.2%	4.1%	7.7%	15.8%	12.5%	2.8%	1.3%	-49.0K	-1.3M	-4.2K	2.24	94.96	N/A	N/A	121	271	286	424
2018-09-17	$106.18	$110.00	14.1%	4.0%	8.8%	15.3%	13.6%	5.3%	1.5%	-33.9K	-1.3M	-4.4K	1.94	98.66	N/A	N/A	142	275	307	424
2018-09-18	$106.82	$110.00	14.8%	4.3%	9.0%	18.0%	13.1%	4.9%	0.2%	-46.0K	-1.3M	-4.1K	1.89	103.78	N/A	N/A	143	270	307	417
2018-09-19	$106.35	$110.00	13.6%	3.9%	8.2%	13.4%	11.1%	4.1%	1.6%	-111.5K	-1.3M	-3.9K	1.85	40.38	N/A	N/A	146	270	308	414
2018-09-20	$107.45	$110.00	12.2%	3.5%	8.7%	8.1%	11.5%	3.7%	2.0%	-7.3K	-1.8M	-3.6K	1.70	49.11	N/A	N/A	159	270	306	414
2018-09-21	$106.98	$108.00	12.1%	3.5%	8.8%	7.6%	11.4%	3.0%	2.2%	80.4K	-1.9M	-3.5K	1.75	42.64	N/A	N/A	154	270	324	414
2018-09-24	$106.89	$107.00	13.3%	3.8%	8.5%	12.2%	12.3%	4.5%	0.4%	51.3K	-1.0M	-3.5K	0.99	44.24	N/A	N/A	90	89	177	94
2018-09-25	$107.34	$107.00	12.9%	3.7%	8.7%	10.8%	12.1%	3.7%	1.2%	51.8K	-1.1M	-3.5K	1.10	50.28	N/A	N/A	90	99	177	94
2018-09-26	$106.38	$107.00	12.6%	3.6%	9.2%	9.5%	10.7%	5.2%	-0.0%	54.6K	-1.0M	-3.3K	1.08	87.74	N/A	N/A	92	99	177	104
2018-09-27	$105.94	$107.00	13.0%	3.7%	9.1%	11.1%	10.2%	3.9%	1.0%	48.1K	-945.0K	-3.3K	1.08	37.89	N/A	N/A	92	99	179	104
2018-09-28	$106.19	$107.00	13.1%	3.8%	9.2%	11.6%	8.6%	3.2%	1.1%	47.6K	-931.8K	-3.3K	0.98	43.41	N/A	N/A	101	99	174	104