W Options History — March 2021

In March 2021, W traded between $287.28 and $346.06. ATM implied volatility averaged 64.5%, placing in the 5.8% IV rank vs the trailing year. The 30-day expected move averaged 18.3%. IV traded below realized volatility by 22.5% (HV 20d: 87.0%). Max pain ranged from $280.00 to $320.00. Net GEX was positive for 21 of 23 trading days. Term structure was in contango for 9 of 23 days. Put/call ratio averaged 0.76.

Notable Days

  • 2021-03-01: Highest Volume — 38,523 contracts
  • 2021-03-03: Largest IV spike — 11.9% change
  • 2021-03-08: Highest IV Rank — 10.8%
  • 2021-03-03: Largest Expected Move — 20.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$320.62$287.28$346.06$338.70$316.86
Max Pain$310.22$280.00$320.00$280.00$320.00
ATM IV64.5%57.0%72.4%69.1%59.0%
Expected Move18.3%15.9%20.6%19.0%16.6%
HV 20d87.0%42.5%97.7%86.5%42.5%
HV 60d74.7%72.1%76.7%72.9%72.2%
IV Rank5.8%0.9%10.8%8.7%2.6%
IV Percentile16.8%0.4%31.7%25.0%2.0%
Term Structure0.3%-6.4%13.2%-0.9%13.2%
VWIV64.2%56.8%72.6%67.7%60.0%
Skew 25d4.0%-2.0%7.9%6.4%6.5%
Skew 10d9.2%5.0%18.4%6.2%12.1%
Call IV 25d62.3%54.8%70.7%62.7%56.4%
Put IV 25d66.3%57.0%73.4%69.0%62.9%
Bid-Ask Spread %52.8643.4068.8543.4054.90
Gamma HHI0.050.040.200.040.04
Net GEX4.8M-2.5M12.7M8.2M862.9K
Net DEX-1.11B-1.49B-685.1M-1.49B-948.5M
Net VEX-8.8M-9.0M-8.6M-8.9M-8.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.760.321.480.320.53
Total Volume12,952.7394,76638,52338,5236,702
Total OI156,087145,614168,780147,509153,267

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-03-01$338.70$280.0069.1%19.0%86.5%8.7%67.7%6.4%-0.9%8.2M-1.49B-8.9M0.3243.40N/AN/A29,1639,36072,19675,313
2021-03-02$322.05$285.0063.5%19.2%89.0%5.1%64.9%0.3%-0.3%7.5M-1.26B-8.9M0.9849.85N/AN/A6,6786,56181,95479,971
2021-03-03$294.75$290.0071.1%20.6%95.2%10.0%72.6%5.9%-4.2%-251.1K-804.3M-8.9M1.1749.87N/AN/A6,8157,96483,53081,801
2021-03-04$287.28$300.0071.7%19.9%95.6%10.4%69.4%6.9%-5.4%-2.5M-685.1M-8.7M1.2368.85N/AN/A5,1656,35884,88883,045
2021-03-05$296.96$300.0065.3%18.8%96.1%6.3%65.7%7.9%2.1%1.5M-834.0M-8.8M1.2455.48N/AN/A9,45411,76885,40583,375
2021-03-08$308.17$300.0072.4%20.2%97.0%10.8%69.6%2.6%-2.2%2.7M-1.02B-8.7M0.6250.20N/AN/A8,2135,08571,81079,447
2021-03-09$315.98$300.0068.9%19.3%97.2%8.6%68.2%1.0%-1.3%4.1M-1.12B-8.8M0.7450.45N/AN/A3,3272,45074,37881,588
2021-03-10$310.68$300.0070.6%19.6%97.5%9.7%66.4%5.1%-2.1%1.7M-1.03B-8.7M1.4855.92N/AN/A2,5143,71874,86782,639
2021-03-11$318.12$300.0066.2%19.3%97.6%6.9%67.1%0.5%0.0%1.3M-1.13B-8.7M0.6453.50N/AN/A7,5704,81975,15084,605
2021-03-12$316.73$320.0066.2%18.8%97.5%6.8%66.2%1.7%-0.6%5.2M-1.08B-8.8M0.7151.30N/AN/A6,7504,79877,10784,543
2021-03-15$323.64$320.0065.0%18.6%97.7%6.1%64.4%4.3%-1.6%5.4M-1.18B-8.7M0.6950.82N/AN/A7,9935,53771,64678,977
2021-03-16$314.99$320.0063.3%18.1%96.4%5.0%61.8%4.0%-0.7%4.5M-1.02B-8.9M0.6257.56N/AN/A2,9991,85673,45379,543
2021-03-17$321.74$320.0062.5%17.9%96.2%4.5%62.4%6.5%0.0%6.7M-1.13B-8.8M0.4463.21N/AN/A3,3101,45674,78879,960
2021-03-18$323.06$320.0064.3%18.4%96.0%5.6%65.5%4.6%2.1%8.3M-1.16B-8.8M0.9849.56N/AN/A12,81412,58175,73680,390
2021-03-19$336.80$320.0062.8%17.9%93.8%4.7%61.3%3.7%1.1%12.2M-1.34B-8.7M0.6553.49N/AN/A18,40612,04977,34582,481
2021-03-22$346.06$320.0057.0%15.9%84.4%0.9%56.8%3.0%-0.3%9.3M-1.36B-8.9M0.9746.35N/AN/A5,0594,88471,43974,175
2021-03-23$333.22$320.0058.9%16.7%86.2%2.2%59.0%1.7%-2.3%5.2M-1.20B-8.6M0.4052.84N/AN/A11,7214,68773,30876,562
2021-03-24$326.57$320.0059.4%16.5%85.9%2.5%61.5%-2.0%-2.9%3.0M-1.09B-8.8M0.6152.53N/AN/A5,2853,23076,23678,039
2021-03-25$328.86$320.0059.3%17.6%85.9%2.4%62.8%4.2%2.1%3.0M-1.12B-8.9M0.5051.96N/AN/A4,7922,38177,56179,076
2021-03-26$339.69$320.0063.6%17.1%77.9%5.7%61.5%7.2%-6.4%12.7M-1.31B-9.0M0.5152.31N/AN/A7,2603,66778,36479,393
2021-03-29$333.61$320.0061.3%18.0%54.5%4.1%61.3%1.9%8.6%6.3M-1.20B-8.9M0.8350.98N/AN/A2,6832,22773,20976,026
2021-03-30$319.79$320.0061.8%17.3%53.6%4.8%60.3%7.4%8.6%2.2M-988.0M-8.8M0.7250.55N/AN/A3,3662,43874,40177,014
2021-03-31$316.86$320.0059.0%16.6%42.5%2.6%60.0%6.5%13.2%862.9K-948.5M-8.8M0.5354.90N/AN/A4,3692,33375,43077,837