W Options History — March 2023

In March 2023, W traded between $30.87 and $40.32. ATM implied volatility averaged 90.1%, placing in the 38.2% IV rank vs the trailing year. The 30-day expected move averaged 25.6%. IV traded below realized volatility by 13.2% (HV 20d: 103.3%). Max pain ranged from $35.00 to $50.00. Net GEX was positive for 0 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 1.34.

Notable Days

  • 2023-03-10: Highest Volume — 99,389 contracts
  • 2023-03-10: Largest IV spike — 21.1% change
  • 2023-03-10: Highest IV Rank — 60.5%
  • 2023-03-10: Largest Expected Move — 29.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$34.67$30.87$40.32$39.70$34.06
Max Pain$36.96$35.00$50.00$50.00$35.00
ATM IV90.1%82.2%103.5%86.9%89.8%
Expected Move25.6%22.7%29.2%26.0%24.1%
HV 20d103.3%68.8%128.7%128.7%71.3%
HV 60d119.2%116.3%122.2%120.3%116.3%
IV Rank38.2%25.2%60.5%32.9%35.0%
IV Percentile23.4%6.0%70.2%11.5%17.1%
Term Structure2.5%-6.1%15.1%-1.2%15.1%
VWIV92.0%81.4%107.9%92.2%90.6%
Skew 25d6.9%3.8%12.3%5.9%4.5%
Skew 10d12.9%7.1%22.9%11.2%7.8%
Call IV 25d88.1%80.1%100.1%85.5%84.4%
Put IV 25d95.0%86.6%109.6%91.4%88.9%
Bid-Ask Spread %11.394.1120.258.605.08
Gamma HHI0.180.130.270.130.17
Net GEX-5.7M-8.0M-3.5M-5.9M-4.5M
Net DEX277.5M177.4M453.2M247.1M177.4M
Net VEX-2.1M-2.4M-1.9M-2.4M-2.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.340.344.261.111.49
Total Volume27,377.39112,35799,38912,35729,682
Total OI495,951.826426,599545,351510,926497,734

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-03-01$39.70$50.0086.9%26.0%128.7%32.9%92.2%5.9%-1.2%-5.9M247.1M-2.4M1.118.60N/AN/A5,8596,498146,017364,909
2023-03-02$39.09$50.0085.1%25.1%118.1%30.0%89.8%6.1%-1.2%-5.8M264.0M-2.4M1.7312.02N/AN/A6,14210,636149,697367,430
2023-03-03$40.32$50.0083.0%24.1%115.8%26.5%85.2%4.5%-0.7%-6.5M221.3M-2.3M1.0713.14N/AN/A13,56614,513152,300370,275
2023-03-06$39.34$35.0082.3%22.9%115.2%25.4%83.5%6.5%-1.3%-6.3M254.2M-2.3M2.0114.27N/AN/A6,85013,743137,586359,932
2023-03-07$39.05$35.0083.2%23.0%115.4%26.7%82.5%4.6%-1.5%-6.5M254.1M-2.3M0.4716.99N/AN/A21,3829,956139,911365,816
2023-03-08$39.05$35.0082.2%22.7%115.7%25.2%81.4%6.1%-1.1%-5.7M252.4M-2.2M1.2515.63N/AN/A7,3659,188149,706370,535
2023-03-09$36.41$35.0085.5%24.0%116.8%30.6%84.0%4.6%-1.2%-7.3M325.8M-2.2M0.8415.43N/AN/A10,7799,083152,142369,702
2023-03-10$32.02$35.00103.5%29.2%121.6%60.5%107.9%9.5%-4.1%-8.0M447.9M-2.0M4.2617.87N/AN/A18,89280,497153,937374,025
2023-03-13$32.84$35.00101.5%27.5%119.4%57.2%100.1%12.3%-6.1%-7.4M406.4M-2.1M1.7020.25N/AN/A11,52519,545145,923376,746
2023-03-14$30.87$35.0095.5%27.4%119.9%47.2%97.7%10.9%0.3%-7.9M453.2M-1.9M2.3311.46N/AN/A12,08728,131151,804377,581
2023-03-15$32.22$35.0098.8%28.8%122.2%52.7%99.1%10.5%1.5%-6.8M390.7M-2.0M1.9417.66N/AN/A11,52422,341156,805368,383
2023-03-16$32.34$35.0092.2%26.7%114.3%41.8%93.3%10.5%1.0%-6.8M384.2M-2.0M0.7217.07N/AN/A18,97113,572162,100371,056
2023-03-17$31.61$35.0092.8%26.9%113.1%42.8%94.7%9.7%1.7%-4.2M366.4M-2.0M0.6612.70N/AN/A12,4038,206174,979370,372
2023-03-20$31.20$35.0094.1%26.8%112.7%44.8%95.9%9.2%0.2%-4.5M256.5M-2.0M1.064.86N/AN/A12,81813,531132,082294,517
2023-03-21$33.62$35.0089.8%25.7%116.9%37.7%94.0%7.9%0.6%-4.1M210.9M-2.1M1.056.28N/AN/A8,7529,204139,339301,951
2023-03-22$33.26$35.0088.6%25.4%115.8%35.8%92.0%4.8%2.4%-4.2M210.6M-2.1M0.3414.02N/AN/A10,2863,480141,747305,380
2023-03-23$34.09$35.0093.2%26.8%73.0%43.3%96.8%5.9%-0.2%-3.5M194.9M-2.1M1.008.61N/AN/A13,25013,258144,385307,737
2023-03-24$34.33$35.0089.9%25.8%72.9%38.0%92.4%3.8%0.3%-3.7M179.2M-2.1M0.919.15N/AN/A10,1889,313151,242316,750
2023-03-27$33.56$35.0089.7%26.0%70.9%37.6%95.1%5.5%13.6%-4.7M202.2M-2.1M1.707.06N/AN/A10,32817,511141,852312,001
2023-03-28$32.98$35.0090.3%25.9%68.8%38.6%93.0%5.7%10.0%-5.0M223.6M-2.1M1.185.40N/AN/A9,70311,408145,776322,154
2023-03-29$33.17$35.0086.2%24.5%69.0%31.8%89.8%5.5%15.1%-5.2M219.7M-2.1M0.594.38N/AN/A8,9015,256153,028330,464
2023-03-30$32.32$35.0088.8%24.5%69.2%36.0%85.8%4.8%14.4%-5.7M239.2M-2.1M1.434.11N/AN/A12,15417,403155,870333,214
2023-03-31$34.06$35.0089.8%24.1%71.3%35.0%90.6%4.5%15.1%-4.5M177.4M-2.1M1.495.08N/AN/A11,89717,785161,450336,284