W Options History — May 2020

In May 2020, W traded between $122.81 and $191.44. ATM implied volatility averaged 87.4%, placing in the 28.5% IV rank vs the trailing year. The 30-day expected move averaged 25.1%. IV traded below realized volatility by 31.2% (HV 20d: 118.6%). Max pain ranged from $80.00 to $170.00. Net GEX was positive for 12 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 1.45.

Notable Days

  • 2020-05-05: Highest Volume — 93,271 contracts
  • 2020-05-05: Largest IV drop — 14.1% change
  • 2020-05-01: Highest IV Rank — 45.6%
  • 2020-05-01: Largest Expected Move — 40.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$166.43$122.81$191.44$122.81$171.56
Max Pain$155.50$80.00$170.00$80.00$165.00
ATM IV87.4%73.4%116.0%116.0%75.5%
Expected Move25.1%20.4%40.6%40.6%20.8%
HV 20d118.6%106.6%150.1%149.9%106.6%
HV 60d181.2%177.2%183.7%177.2%179.7%
IV Rank28.5%20.3%45.6%45.6%21.5%
IV Percentile77.8%65.5%87.7%87.7%68.7%
Term Structure-1.0%-8.9%2.6%-8.9%0.5%
VWIV91.6%74.7%145.0%145.0%75.6%
Skew 25d15.1%8.8%23.5%20.6%8.9%
Skew 10d26.1%15.3%36.1%19.0%18.8%
Call IV 25d79.6%69.2%105.2%105.2%71.2%
Put IV 25d94.7%80.1%125.8%125.8%80.1%
Bid-Ask Spread %21.9212.7233.0014.9433.00
Gamma HHI0.110.040.570.060.21
Net GEX2.6M-6.2M28.9M857.4K8.7M
Net DEX-728.4M-1.29B-350.1M-456.3M-689.0M
Net VEX-3.7M-4.1M-2.8M-2.8M-4.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.450.762.902.810.99
Total Volume36,976.815,31793,27116,45639,848
Total OI192,685160,304233,121175,801179,101

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-05-01$122.81$80.00116.0%40.6%149.9%45.6%145.0%20.6%-8.9%857.4K-456.3M-2.8M2.8114.94N/AN/A4,32012,13678,27897,523
2020-05-04$133.96$125.00108.3%29.5%150.1%41.2%105.3%23.5%-3.2%1.4M-561.2M-2.8M1.0712.72N/AN/A17,71818,99073,61990,696
2020-05-05$164.56$125.0093.1%26.3%114.8%31.7%99.9%14.2%1.3%6.2M-1.01B-3.0M1.6414.74N/AN/A35,29757,97485,324100,939
2020-05-06$180.13$145.0094.2%26.4%115.4%32.4%100.2%18.6%-1.2%7.6M-1.18B-3.3M0.9713.37N/AN/A33,99132,85790,759118,464
2020-05-07$176.33$150.0091.9%26.2%116.5%31.1%94.3%17.5%-1.4%5.1M-1.08B-3.6M1.0615.96N/AN/A23,85125,22195,206128,966
2020-05-08$188.41$150.0085.1%24.3%115.5%27.1%88.9%20.4%-2.6%28.9M-1.29B-3.7M0.8316.41N/AN/A32,51927,04798,238134,883
2020-05-11$191.44$165.0083.1%24.2%115.7%25.9%87.3%14.1%2.6%5.6M-1.17B-3.7M1.1217.75N/AN/A13,45015,01188,109120,209
2020-05-12$185.61$165.0087.5%24.9%118.4%28.5%88.4%14.8%-1.7%3.8M-1.05B-3.8M1.0521.75N/AN/A17,49018,33189,966126,022
2020-05-13$181.92$170.0096.6%27.6%113.8%33.8%105.2%18.7%-0.3%-368.0K-950.8M-3.9M2.9022.51N/AN/A8,82625,63691,153130,985
2020-05-14$172.86$170.0094.1%26.4%118.3%32.3%101.2%18.6%-2.6%-5.6M-732.6M-3.9M1.8017.51N/AN/A12,89023,18790,769135,721
2020-05-15$173.65$170.0083.7%24.1%118.3%26.3%87.6%16.8%-0.2%-6.2M-737.0M-3.9M1.9119.95N/AN/A12,66324,17191,126139,041
2020-05-18$155.06$170.0081.5%23.2%124.1%25.0%81.9%13.9%-1.8%-2.6M-350.1M-3.9M1.6123.92N/AN/A18,83130,32969,89290,412
2020-05-19$162.14$167.5084.4%24.2%121.6%26.7%89.1%15.8%-0.6%-1.1M-458.2M-4.0M1.0225.73N/AN/A14,94415,27673,88395,365
2020-05-20$162.08$167.5085.4%24.5%121.5%27.3%91.7%15.1%-3.2%-1.1M-449.9M-4.1M1.7727.61N/AN/A8,29514,71177,85799,413
2020-05-21$163.61$165.0082.0%23.4%119.6%25.3%85.3%10.1%2.4%267.9K-495.3M-4.1M1.7126.69N/AN/A5,6469,67179,184101,508
2020-05-22$165.18$165.0078.5%22.4%107.7%23.3%80.7%9.0%2.2%1.3M-527.0M-4.1M0.7626.64N/AN/A10,3937,89379,976103,167
2020-05-26$158.78$165.0076.9%21.1%108.2%22.3%74.7%9.3%-1.1%-362.2K-448.8M-3.9M0.8028.65N/AN/A12,56410,09773,25291,165
2020-05-27$154.24$165.0073.4%21.0%107.2%20.3%74.7%8.8%-0.7%-2.6M-375.7M-3.9M1.9030.56N/AN/A8,52016,18676,04294,238
2020-05-28$164.34$165.0076.0%20.4%107.9%21.8%74.8%12.8%0.7%2.0M-547.1M-4.0M1.2428.03N/AN/A10,14112,61576,83396,416
2020-05-29$171.56$165.0075.5%20.8%106.6%21.5%75.6%8.9%0.5%8.7M-689.0M-4.1M0.9933.00N/AN/A20,02119,82779,44299,659