W Options History — January 2020

In January 2020, W traded between $92.60 and $109.97. ATM implied volatility averaged 52.0%, placing in the 31.3% IV rank vs the trailing year. The 30-day expected move averaged 14.0%. IV traded above realized volatility by 15.4% (HV 20d: 36.6%). Max pain ranged from $95.00 to $100.00. Net GEX was positive for 16 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 1.66.

Notable Days

  • 2020-01-13: Highest Volume — 26,496 contracts
  • 2020-01-27: Largest IV spike — 22.6% change
  • 2020-01-31: Highest IV Rank — 80.2%
  • 2020-01-07: Largest Expected Move — 17.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$101.41$92.60$109.97$92.60$93.71
Max Pain$99.05$95.00$100.00$95.00$100.00
ATM IV52.0%41.4%75.9%47.1%75.9%
Expected Move14.0%11.8%17.1%13.4%14.6%
HV 20d36.6%30.8%48.8%44.1%48.8%
HV 60d61.7%39.3%66.9%66.0%43.6%
IV Rank31.3%9.4%80.2%21.2%80.2%
IV Percentile44.0%6.3%97.2%36.9%97.2%
Term Structure4.6%-3.7%25.1%-0.1%-3.0%
VWIV48.9%41.8%59.1%48.1%50.5%
Skew 25d2.8%-0.4%5.5%1.7%4.8%
Skew 10d5.5%1.1%10.4%3.8%8.3%
Call IV 25d50.6%41.0%74.6%46.1%74.6%
Put IV 25d53.3%43.0%79.4%47.8%79.4%
Bid-Ask Spread %41.188.0569.6614.1316.01
Gamma HHI0.090.040.180.050.08
Net GEX531.0K-1.7M2.1M558.9K-1.7M
Net DEX-10.4M-83.8M133.1M19.5M133.1M
Net VEX-1.6M-1.8M-1.3M-1.3M-1.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.660.474.760.791.89
Total Volume8,305.7622,39626,4966,12018,645
Total OI103,318.85784,116126,110101,072100,716

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-01-02$92.60$95.0047.1%13.4%44.1%21.2%48.1%1.7%-0.1%558.9K19.5M-1.3M0.7914.13N/AN/A3,4272,69348,91152,161
2020-01-03$93.72$95.0046.0%13.2%42.7%18.9%46.8%2.5%0.7%1.9M3.8M-1.4M0.7518.42N/AN/A1,3711,02550,65352,959
2020-01-06$94.58$95.0044.5%16.3%41.9%15.8%56.9%2.6%1.7%-247.8K6.1M-1.4M1.2062.44N/AN/A1,2421,49149,02851,477
2020-01-07$95.57$95.0045.4%17.1%37.0%17.6%59.1%2.4%1.4%278.0K-5.4M-1.4M3.2661.63N/AN/A1,4694,78749,64452,220
2020-01-08$95.58$100.0044.8%16.7%34.7%16.6%57.3%1.4%1.8%-215.9K4.8M-1.4M4.3464.58N/AN/A1,2835,57350,31656,276
2020-01-09$96.35$100.0044.8%16.1%34.5%16.5%56.6%3.0%3.2%285.9K524.8K-1.4M1.4864.71N/AN/A3,2814,84450,78257,346
2020-01-10$94.90$100.0045.9%15.7%35.2%18.8%55.6%2.5%0.5%1.5M16.8M-1.4M4.7666.15N/AN/A2,15010,24452,72459,388
2020-01-13$101.14$100.0047.2%16.6%41.2%21.4%58.3%3.4%10.7%99.5K-19.8M-1.6M3.4461.72N/AN/A5,97420,52250,50462,975
2020-01-14$103.85$100.0048.2%13.4%41.8%23.4%47.9%1.7%-1.7%-746.1K-23.6M-1.8M1.3359.15N/AN/A6,0378,00752,60372,292
2020-01-15$105.86$100.0044.6%12.7%39.0%16.0%44.8%-0.4%-0.1%239.7K-59.3M-1.7M2.1561.96N/AN/A3,7508,07252,88672,110
2020-01-16$105.98$100.0043.5%12.3%35.1%13.9%43.4%0.6%-1.2%574.2K-66.0M-1.7M0.8069.50N/AN/A4,0073,21453,05770,425
2020-01-17$106.74$100.0041.4%11.8%34.6%9.4%41.8%2.0%-0.3%1.1M-83.8M-1.7M0.4769.66N/AN/A4,0051,87955,02671,084
2020-01-21$107.69$100.0043.3%12.4%34.1%13.4%43.7%2.0%23.7%1.4M-43.2M-1.7M0.8141.16N/AN/A3,3992,76036,43047,686
2020-01-22$109.97$100.0044.1%12.7%32.3%15.2%44.2%1.8%23.9%2.1M-75.9M-1.8M0.8440.19N/AN/A3,3492,80838,64648,452
2020-01-23$107.15$100.0050.2%13.0%30.8%27.5%45.1%2.5%23.9%2.0M-35.4M-1.7M1.6837.38N/AN/A1,8193,04839,65849,980
2020-01-24$106.40$100.0054.9%12.9%31.2%37.1%44.4%2.9%25.1%1.0M-23.1M-1.7M1.1410.85N/AN/A1,4701,68240,06850,698
2020-01-27$104.22$100.0067.3%13.5%32.7%62.6%47.2%5.1%-3.5%-80.4K6.1M-1.7M1.2011.13N/AN/A2,5403,05437,72047,666
2020-01-28$106.15$100.0069.6%13.3%32.9%67.4%46.0%5.5%-3.2%615.3K-15.4M-1.7M0.758.05N/AN/A6,7065,00539,24048,531
2020-01-29$104.01$100.0072.0%12.8%32.0%72.2%44.5%4.9%-3.2%361.3K15.5M-1.8M0.6714.26N/AN/A1,8701,25145,01752,826
2020-01-30$103.41$100.0072.3%12.9%32.1%72.8%45.1%4.9%-3.7%27.8K25.7M-1.8M1.0811.67N/AN/A2,2442,42446,18953,326
2020-01-31$93.71$100.0075.9%14.6%48.8%80.2%50.5%4.8%-3.0%-1.7M133.1M-1.6M1.8916.01N/AN/A6,45412,19146,69654,020