W Options History — December 2020

In December 2020, W traded between $225.14 and $283.95. ATM implied volatility averaged 60.6%, placing in the 11.4% IV rank vs the trailing year. The 30-day expected move averaged 17.6%. IV traded below realized volatility by 3.0% (HV 20d: 63.6%). Max pain ranged from $180.00 to $250.00. Net GEX was positive for 16 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 1.07.

Notable Days

  • 2020-12-23: Highest Volume — 26,823 contracts
  • 2020-12-02: Largest IV drop — 5.9% change
  • 2020-12-01: Highest IV Rank — 14.0%
  • 2020-12-01: Largest Expected Move — 18.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$251.67$225.14$283.95$246.42$225.14
Max Pain$200.23$180.00$250.00$250.00$200.00
ATM IV60.6%58.5%65.1%65.1%59.9%
Expected Move17.6%16.9%18.8%18.8%17.0%
HV 20d63.6%47.4%106.6%106.6%56.8%
HV 60d77.3%75.7%78.9%78.9%76.4%
IV Rank11.4%10.2%14.0%14.0%10.9%
IV Percentile14.6%8.3%23.4%23.4%9.9%
Term Structure0.1%-1.9%2.0%-1.2%-0.2%
VWIV62.9%59.3%68.8%67.9%60.2%
Skew 25d-2.3%-7.4%2.1%-5.7%2.1%
Skew 10d-6.0%-19.8%19.8%-4.9%2.1%
Call IV 25d63.1%58.4%69.3%68.1%59.4%
Put IV 25d60.8%58.5%62.4%62.4%61.5%
Bid-Ask Spread %54.3741.7762.4943.3752.61
Gamma HHI0.060.040.110.040.10
Net GEX3.0M-5.0M13.6M4.7M-4.2M
Net DEX-1.05B-1.74B-445.4M-1.02B-445.4M
Net VEX-6.1M-6.4M-5.5M-6.2M-5.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.070.412.570.520.89
Total Volume11,033.0913,54226,8236,6779,720
Total OI203,798.5195,178217,561195,935210,667

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-12-01$246.42$250.0065.1%18.8%106.6%14.0%67.9%-5.7%-1.2%4.7M-1.02B-6.2M0.5243.37N/AN/A4,3932,284100,94594,990
2020-12-02$242.17$250.0061.3%18.6%103.4%11.8%68.8%-7.4%2.0%2.1M-925.4M-6.2M1.4141.77N/AN/A1,9082,691100,53496,463
2020-12-03$239.94$180.0059.9%17.9%103.4%11.0%63.8%-6.3%1.2%191.4K-866.9M-6.0M0.8554.66N/AN/A2,6132,210101,06497,419
2020-12-04$238.65$185.0060.3%17.6%96.2%11.2%64.4%-3.5%-1.9%1.8M-832.3M-6.1M1.0155.80N/AN/A5,1745,243102,02598,683
2020-12-07$236.76$190.0060.0%17.6%95.6%11.0%63.9%-0.1%0.7%1.0M-822.1M-5.9M0.7050.86N/AN/A4,1922,94099,11996,059
2020-12-08$244.00$190.0058.9%17.5%49.6%10.3%62.7%-4.0%1.9%3.7M-963.2M-6.0M0.8453.17N/AN/A5,3344,457101,00697,760
2020-12-09$239.28$190.0059.3%17.5%49.7%10.6%64.3%-3.7%0.8%2.1M-861.1M-6.2M0.4155.41N/AN/A7,5893,135102,377100,476
2020-12-10$244.28$190.0059.5%17.3%48.8%10.7%59.3%-3.3%-0.0%7.1M-969.1M-6.1M0.6260.59N/AN/A2,1851,357106,119101,675
2020-12-11$242.08$190.0060.0%17.2%48.9%11.0%61.0%-4.3%-0.7%5.1M-910.7M-6.1M1.4161.05N/AN/A4,0975,768106,467102,177
2020-12-14$253.50$190.0059.6%17.1%47.4%10.8%59.9%0.0%0.2%6.6M-1.12B-6.0M0.8857.56N/AN/A10,7179,474100,41299,025
2020-12-15$271.64$200.0061.2%17.6%52.4%11.7%63.0%-2.9%0.5%12.4M-1.53B-6.3M0.5355.17N/AN/A10,5115,541103,385103,222
2020-12-16$272.42$200.0062.4%17.9%52.0%12.4%63.7%-3.5%-1.4%13.6M-1.53B-6.3M2.5762.49N/AN/A3,6049,277104,967104,613
2020-12-17$283.95$200.0061.2%17.5%52.5%11.7%63.0%-1.3%0.7%12.0M-1.74B-6.3M0.7054.93N/AN/A8,2815,792105,015109,199
2020-12-18$277.99$200.0060.5%17.3%50.7%11.3%62.4%-1.9%0.0%5.2M-1.59B-6.3M1.0456.24N/AN/A5,0555,241106,551111,010
2020-12-21$281.54$200.0063.3%18.0%50.6%13.0%63.6%0.0%-0.4%5.0M-1.55B-6.3M1.1452.30N/AN/A3,8234,37196,281100,480
2020-12-22$283.04$200.0061.9%18.0%50.5%12.2%64.2%-1.8%-1.5%6.0M-1.57B-6.4M2.0151.21N/AN/A2,7035,44497,626101,287
2020-12-23$258.38$200.0060.0%17.6%56.7%11.0%62.7%-0.8%0.3%-176.7K-1.05B-6.2M1.7552.27N/AN/A9,76617,05798,716103,245
2020-12-24$253.04$200.0058.5%16.9%55.9%10.2%60.7%0.9%0.6%-5.0M-901.7M-6.1M1.8259.11N/AN/A3,2845,964101,554106,737
2020-12-28$238.64$200.0059.2%17.6%57.5%10.5%62.5%-0.8%0.0%-3.3M-680.9M-5.7M1.0054.06N/AN/A7,8137,80597,206102,999
2020-12-29$233.82$200.0060.2%17.4%57.0%11.1%61.7%-2.3%0.2%-4.7M-582.9M-5.7M0.8456.68N/AN/A7,0885,940100,141105,732
2020-12-30$230.11$200.0061.1%17.1%56.6%11.7%60.6%0.1%0.6%-4.4M-537.1M-5.6M0.5854.87N/AN/A6,8933,994102,503105,636
2020-12-31$225.14$200.0059.9%17.0%56.8%10.9%60.2%2.1%-0.2%-4.2M-445.4M-5.5M0.8952.61N/AN/A5,1314,589104,201106,466