W Options History — September 2020

In September 2020, W traded between $252.19 and $307.40. ATM implied volatility averaged 76.7%, placing in the 20.9% IV rank vs the trailing year. The 30-day expected move averaged 21.9%. IV traded above realized volatility by 16.2% (HV 20d: 60.5%). Max pain ranged from $270.00 to $330.00. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.93.

Notable Days

  • 2020-09-04: Highest Volume — 36,242 contracts
  • 2020-09-09: Largest IV drop — 11.7% change
  • 2020-09-08: Highest IV Rank — 27.6%
  • 2020-09-08: Largest Expected Move — 25.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$280.59$252.19$307.40$307.40$289.38
Max Pain$288.10$270.00$330.00$330.00$270.00
ATM IV76.7%70.0%88.1%75.2%75.8%
Expected Move21.9%19.7%25.0%21.4%19.7%
HV 20d60.5%50.0%68.3%50.3%64.4%
HV 60d59.0%55.6%62.1%55.6%57.0%
IV Rank20.9%16.9%27.6%20.0%20.4%
IV Percentile52.6%33.7%73.0%52.8%51.2%
Term Structure1.8%-1.5%11.6%-0.1%8.9%
VWIV77.2%67.9%87.8%75.6%67.9%
Skew 25d5.8%0.7%9.3%4.9%9.3%
Skew 10d10.3%3.9%17.0%8.6%7.9%
Call IV 25d73.6%65.2%85.3%73.5%67.6%
Put IV 25d79.4%69.6%91.5%78.4%76.8%
Bid-Ask Spread %44.1831.9853.5447.0353.54
Gamma HHI0.040.030.090.040.04
Net GEX3.6M-5.8M12.3M-2.2M8.3M
Net DEX-1.34B-1.85B-824.9M-1.52B-1.61B
Net VEX-5.8M-6.0M-5.5M-5.7M-5.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.930.361.760.720.77
Total Volume13,323.3814,49636,2429,42011,441
Total OI183,042.238171,538195,157182,480175,023

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-09-01$307.40$330.0075.2%21.4%50.3%20.0%75.6%4.9%-0.1%-2.2M-1.52B-5.7M0.7247.03N/AN/A5,4853,93586,80895,672
2020-09-02$299.80$320.0079.5%22.8%50.0%22.6%81.5%3.8%0.4%-2.5M-1.39B-5.8M1.0345.77N/AN/A7,5337,78688,31896,133
2020-09-03$276.46$320.0083.0%24.1%55.4%24.7%86.0%4.5%-1.5%-4.3M-1.02B-5.8M1.0831.98N/AN/A8,5989,32790,90397,546
2020-09-04$261.96$310.0086.0%24.4%57.9%26.4%86.7%3.9%0.5%-5.8M-824.9M-5.8M1.6834.60N/AN/A13,50222,74095,44897,387
2020-09-08$252.19$300.0088.1%25.0%57.7%27.6%87.8%6.2%-0.3%-137.2K-876.7M-5.9M1.2537.88N/AN/A3,8434,81092,87991,929
2020-09-09$256.79$300.0077.8%22.0%55.2%21.5%77.5%4.8%-1.3%-135.5K-918.7M-5.7M1.7641.95N/AN/A3,8726,82193,68492,561
2020-09-10$266.26$300.0078.4%22.3%56.8%21.9%77.2%7.1%-1.3%1.2M-1.05B-5.7M0.8146.66N/AN/A13,16610,62293,57492,923
2020-09-11$252.92$300.0076.6%22.0%55.8%20.9%76.9%6.9%0.4%-2.3M-831.6M-5.5M1.2043.98N/AN/A5,9657,14696,15994,075
2020-09-14$265.22$300.0075.5%21.4%59.5%20.2%77.0%6.0%2.4%1.2M-1.07B-5.5M1.1345.33N/AN/A4,5815,18590,84589,225
2020-09-15$269.03$300.0073.1%20.9%59.4%18.8%73.1%7.0%0.8%1.9M-1.12B-5.5M0.7551.31N/AN/A10,2147,63792,34491,242
2020-09-16$268.93$270.0073.6%21.1%57.2%19.1%74.8%6.9%-0.6%3.6M-1.15B-5.6M0.8150.30N/AN/A5,2304,21395,16392,954
2020-09-17$267.18$270.0074.4%21.3%56.5%19.5%74.7%7.0%-0.1%3.3M-1.13B-5.7M0.3648.28N/AN/A9,2233,33696,48294,440
2020-09-18$291.29$270.0075.8%21.7%66.2%20.3%75.8%6.0%-0.6%5.0M-1.61B-5.8M0.7550.84N/AN/A14,53210,97099,92695,231
2020-09-21$299.64$270.0079.3%23.1%66.1%22.4%81.5%5.8%1.1%9.0M-1.77B-5.8M0.6540.34N/AN/A6,6864,36788,93182,665
2020-09-22$303.09$270.0074.5%21.8%66.4%19.6%77.1%0.7%0.7%10.9M-1.85B-5.9M0.8241.63N/AN/A4,3583,57191,92283,880
2020-09-23$288.11$270.0075.4%21.9%68.3%20.2%76.2%7.5%0.6%8.3M-1.60B-6.0M0.6444.85N/AN/A5,8573,72492,87885,344
2020-09-24$286.10$270.0074.1%21.8%67.8%19.3%76.7%5.1%3.4%9.4M-1.57B-6.0M0.7846.47N/AN/A4,2943,36994,76186,119
2020-09-25$293.77$270.0070.0%20.9%68.3%16.9%73.3%4.3%4.8%12.3M-1.71B-6.0M0.5645.00N/AN/A6,8383,79895,73687,259
2020-09-28$301.14$270.0073.3%20.5%66.6%18.9%72.4%8.0%7.3%9.9M-1.80B-5.7M0.9638.18N/AN/A3,4373,28389,83481,704
2020-09-29$295.80$270.0072.3%20.4%64.8%18.3%71.3%5.9%11.6%9.5M-1.71B-5.8M0.9841.77N/AN/A2,2672,22991,01382,967
2020-09-30$289.38$270.0075.8%19.7%64.4%20.4%67.9%9.3%8.9%8.3M-1.61B-5.7M0.7753.54N/AN/A6,4464,99591,42083,603