W Options History — July 2020

In July 2020, W traded between $213.38 and $265.09. ATM implied volatility averaged 92.2%, placing in the 30.1% IV rank vs the trailing year. The 30-day expected move averaged 26.0%. IV traded above realized volatility by 31.7% (HV 20d: 60.6%). Max pain ranged from $150.00 to $205.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 3 of 22 days. Put/call ratio averaged 1.44.

Notable Days

  • 2020-07-13: Highest Volume — 48,379 contracts
  • 2020-07-13: Largest IV spike — 14.1% change
  • 2020-07-14: Highest IV Rank — 41.4%
  • 2020-07-14: Largest Expected Move — 30.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$226.32$213.38$265.09$221.77$265.09
Max Pain$168.41$150.00$205.00$205.00$180.00
ATM IV92.2%75.4%111.4%77.8%87.1%
Expected Move26.0%18.0%30.5%21.0%26.4%
HV 20d60.6%50.7%64.5%62.7%50.7%
HV 60d84.6%65.3%92.4%92.4%65.3%
IV Rank30.1%20.1%41.4%21.5%27.1%
IV Percentile77.2%62.7%85.7%70.6%73.0%
Term Structure-2.3%-6.5%7.0%5.5%-3.8%
VWIV93.6%63.7%117.1%74.9%94.0%
Skew 25d6.6%-0.1%11.2%8.9%1.5%
Skew 10d13.3%1.3%26.3%12.8%3.3%
Call IV 25d90.6%71.4%112.6%71.4%89.1%
Put IV 25d97.2%75.6%119.3%80.3%90.7%
Bid-Ask Spread %26.5218.5033.5530.2531.46
Gamma HHI0.060.030.240.050.24
Net GEX5.8M-811.0K16.3M6.7M16.3M
Net DEX-1.22B-1.80B-1.03B-1.22B-1.80B
Net VEX-5.0M-5.2M-4.7M-4.8M-4.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.440.375.560.800.37
Total Volume15,873.0455,03748,37921,39024,440
Total OI190,009.182172,401211,931180,354194,378

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-07-01$221.77$205.0077.8%21.0%62.7%21.5%74.9%8.9%5.5%6.7M-1.22B-4.8M0.8030.25N/AN/A11,8649,52684,15496,200
2020-07-02$213.38$205.0075.4%18.0%63.1%20.1%63.7%2.1%7.0%5.7M-1.09B-4.8M0.9231.79N/AN/A8,0997,41887,50998,986
2020-07-06$220.13$150.0084.8%24.2%61.9%25.7%85.6%3.2%2.1%7.3M-1.20B-4.7M0.8633.12N/AN/A12,03010,28985,24494,575
2020-07-07$225.88$155.0088.3%24.2%61.9%27.8%85.9%8.1%-1.3%7.2M-1.27B-4.7M0.8933.45N/AN/A4,3513,88187,71398,306
2020-07-08$220.93$155.0090.7%25.1%62.3%29.2%88.5%-0.1%-2.7%6.4M-1.19B-4.8M0.8627.01N/AN/A6,0785,20088,83499,329
2020-07-09$228.26$155.0091.8%25.6%61.2%29.8%89.6%4.1%-1.2%9.6M-1.34B-5.0M0.7933.55N/AN/A5,1174,05791,475100,507
2020-07-10$222.23$160.0094.7%26.3%62.0%31.5%94.2%0.4%-4.0%5.6M-1.22B-4.9M2.9621.13N/AN/A6,06617,98292,387101,078
2020-07-13$213.38$160.00108.0%29.7%64.5%39.4%110.1%7.8%-2.8%2.5M-1.03B-5.1M5.5618.50N/AN/A7,37641,00387,656101,210
2020-07-14$218.18$160.00111.4%30.5%61.5%41.4%117.1%6.7%-4.4%1.1M-1.08B-5.1M3.0020.69N/AN/A5,82317,45789,609117,427
2020-07-15$216.48$160.00109.7%30.0%61.2%40.4%107.5%11.2%-5.3%746.6K-1.07B-5.2M1.5521.59N/AN/A6,78210,50092,172117,354
2020-07-16$219.86$160.00107.7%29.9%58.2%39.2%109.5%8.5%-5.3%3.3M-1.16B-5.2M1.6029.04N/AN/A4,0276,44392,888117,839
2020-07-17$216.12$160.00102.8%28.2%58.5%36.3%100.6%7.4%-6.5%-811.0K-1.10B-5.1M2.1222.86N/AN/A3,5567,53193,570118,361
2020-07-20$229.55$160.0096.0%27.1%60.2%32.3%96.6%9.9%-3.7%4.0M-1.18B-5.0M0.8324.76N/AN/A9,5337,94080,15992,242
2020-07-21$226.78$170.0091.5%26.0%60.4%29.6%93.3%8.3%-1.6%6.0M-1.17B-5.1M1.0421.17N/AN/A4,4024,58786,11195,821
2020-07-22$226.06$170.0092.4%26.5%60.3%30.2%95.2%9.8%-2.0%5.2M-1.15B-5.1M1.1826.26N/AN/A2,3132,72487,33297,493
2020-07-23$218.58$170.0089.0%25.7%60.8%28.2%91.4%10.0%-3.8%1.4M-1.03B-5.0M1.4321.93N/AN/A4,0175,72888,05198,127
2020-07-24$222.13$170.0087.4%25.4%60.8%27.2%90.5%9.5%-4.1%4.9M-1.09B-5.1M1.0125.61N/AN/A6,1856,25488,65598,849
2020-07-27$230.79$170.0088.6%26.0%61.7%28.0%93.0%6.3%-3.6%5.7M-1.22B-5.0M0.8125.66N/AN/A6,7795,47085,06194,938
2020-07-28$227.12$175.0083.0%25.1%61.7%24.6%89.9%8.6%-2.6%6.0M-1.16B-5.0M1.0923.76N/AN/A2,6132,85887,36596,111
2020-07-29$241.68$175.0084.9%25.5%64.2%25.8%93.5%7.0%-2.7%10.6M-1.40B-5.0M1.1430.62N/AN/A6,3537,24188,26897,392
2020-07-30$254.69$180.0086.2%26.3%52.4%26.5%94.0%7.1%-3.7%12.4M-1.61B-4.9M0.7829.20N/AN/A9,7037,61189,74099,726
2020-07-31$265.09$180.0087.1%26.4%50.7%27.1%94.0%1.5%-3.8%16.3M-1.80B-4.7M0.3731.46N/AN/A17,8026,63892,070102,308