W Options History — February 2023

In February 2023, W traded between $37.25 and $70.88. ATM implied volatility averaged 100.1%, placing in the 54.9% IV rank vs the trailing year. The 30-day expected move averaged 28.5%. IV traded below realized volatility by 38.4% (HV 20d: 138.5%). Max pain ranged from $50.00 to $50.00. Net GEX was positive for 5 of 19 trading days. Term structure was in contango for 1 of 19 days. Put/call ratio averaged 1.60.

Notable Days

  • 2023-02-23: Highest Volume — 285,906 contracts
  • 2023-02-23: Largest IV drop — 11.6% change
  • 2023-02-22: Highest IV Rank — 66.0%
  • 2023-02-21: Largest Expected Move — 31.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$53.64$37.25$70.88$66.80$40.47
Max Pain$50.00$50.00$50.00$50.00$50.00
ATM IV100.1%87.2%106.8%102.3%87.2%
Expected Move28.5%25.6%31.8%27.7%25.6%
HV 20d138.5%108.1%154.3%135.7%129.0%
HV 60d118.8%111.5%128.0%128.0%123.5%
IV Rank54.9%33.4%66.0%58.6%33.4%
IV Percentile59.1%12.7%76.6%68.7%12.7%
Term Structure-2.6%-4.8%2.1%-3.4%-1.5%
VWIV101.5%89.9%113.3%99.7%89.9%
Skew 25d4.5%2.4%7.5%7.1%6.3%
Skew 10d8.5%-2.1%18.2%18.2%12.1%
Call IV 25d99.4%85.3%105.4%99.8%85.3%
Put IV 25d103.9%91.6%110.7%106.9%91.6%
Bid-Ask Spread %9.354.0615.7815.167.37
Gamma HHI0.090.060.150.060.13
Net GEX-3.1M-8.1M2.7M2.2M-5.8M
Net DEX7.6M-420.8M400.9M-341.9M224.5M
Net VEX-2.3M-2.5M-1.9M-2.2M-2.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.600.705.155.151.23
Total Volume45,870.4749,122285,90670,34424,722
Total OI443,480.421359,343566,350377,147502,309

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-02-01$66.80$50.00102.3%27.7%135.7%58.6%99.7%7.1%-3.4%2.2M-341.9M-2.2M5.1515.16N/AN/A11,44058,904118,487258,660
2023-02-02$70.88$50.00104.9%28.3%134.4%62.9%101.6%3.4%-3.6%2.7M-420.8M-2.4M0.914.86N/AN/A31,39528,473122,140304,912
2023-02-03$66.80$50.00103.6%28.3%138.1%60.6%102.8%2.9%-3.2%-695.3K-303.7M-2.5M1.6212.38N/AN/A13,30721,555127,781318,892
2023-02-06$64.70$50.00103.3%28.4%139.4%60.1%102.1%4.8%-3.0%174.5K-228.8M-2.5M0.8112.41N/AN/A14,94212,106117,516304,147
2023-02-07$63.36$50.00102.2%28.2%140.2%58.4%101.8%3.9%-3.8%366.7K-200.4M-2.5M1.548.50N/AN/A9,19314,124128,483308,665
2023-02-08$62.47$50.0099.3%28.1%140.7%53.5%98.6%2.4%-1.4%178.9K-183.5M-2.5M1.004.06N/AN/A4,5674,555133,642310,953
2023-02-09$58.48$50.00100.7%28.4%144.0%55.9%101.0%3.2%-2.0%-2.3M-74.1M-2.5M1.034.78N/AN/A8,0248,246135,377312,673
2023-02-10$52.48$50.00102.4%28.8%150.7%58.7%102.1%3.4%-3.2%-4.1M88.1M-2.4M1.9710.48N/AN/A12,29024,204137,997313,674
2023-02-13$52.31$50.00105.2%30.0%150.8%63.2%104.7%4.6%-3.0%-3.7M58.9M-2.4M1.2311.81N/AN/A8,98911,089129,411303,471
2023-02-14$50.22$50.00100.8%28.8%151.8%56.0%103.6%5.3%-1.6%-5.0M118.3M-2.3M1.167.58N/AN/A8,99110,421132,767305,585
2023-02-15$55.35$50.00101.2%29.0%153.7%56.6%104.9%2.7%-1.9%-2.5M-27.4M-2.4M0.748.06N/AN/A13,50510,045135,753307,319
2023-02-16$51.48$50.00101.3%29.2%154.3%56.9%105.0%3.9%-3.2%-4.5M80.3M-2.3M1.1910.57N/AN/A5,6296,716141,857308,780
2023-02-17$51.53$50.00100.0%29.0%139.6%54.6%102.6%4.8%-3.5%-4.6M76.6M-2.3M0.7015.78N/AN/A11,4077,994142,201310,393
2023-02-21$48.16$50.00106.4%31.8%111.3%65.4%110.8%3.3%-4.8%-4.1M121.8M-2.1M3.577.98N/AN/A12,06643,069101,338258,005
2023-02-22$49.39$50.00106.8%31.7%108.1%66.0%113.3%5.7%-4.7%-4.8M123.7M-2.3M1.089.32N/AN/A26,61628,809109,448293,701
2023-02-23$38.00$50.0094.4%27.2%140.3%45.4%97.3%2.9%-1.8%-7.3M357.0M-1.9M2.5711.14N/AN/A80,061205,845127,842305,765
2023-02-24$37.25$50.0089.8%26.6%140.3%37.8%93.1%6.6%2.1%-8.1M400.9M-2.3M1.7310.51N/AN/A18,87332,597166,067400,283
2023-02-27$38.95$50.0090.1%26.9%129.1%38.3%94.0%7.5%-1.6%-6.6M275.6M-2.3M1.224.91N/AN/A12,04914,721132,731357,103
2023-02-28$40.47$50.0087.2%25.6%129.0%33.4%89.9%6.3%-1.5%-5.8M224.5M-2.4M1.237.37N/AN/A11,10813,614140,411361,898