W Options History — February 2025

In February 2025, W traded between $39.34 and $49.31. ATM implied volatility averaged 72.8%, placing in the 48.1% IV rank vs the trailing year. The 30-day expected move averaged 21.2%. IV traded above realized volatility by 20.2% (HV 20d: 52.6%). Max pain ranged from $45.00 to $50.00. Net GEX was positive for 9 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 0.92.

Notable Days

2025-02-19: Highest Volume — 58,880 contracts
2025-02-20: Largest IV drop — 25.4% change
2025-02-19: Highest IV Rank — 66.9%
2025-02-05: Largest Expected Move — 25.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.82	$39.34	$49.31	$45.96	$39.47
Max Pain	$47.89	$45.00	$50.00	$45.00	$47.50
ATM IV	72.8%	61.8%	84.3%	79.0%	63.5%
Expected Move	21.2%	17.5%	25.7%	24.9%	19.1%
HV 20d	52.6%	42.7%	62.9%	48.3%	62.0%
HV 60d	55.9%	53.2%	58.6%	57.7%	55.6%
IV Rank	48.1%	27.5%	66.9%	57.2%	36.7%
IV Percentile	65.6%	38.5%	93.7%	76.6%	51.6%
Term Structure	-1.3%	-17.8%	15.8%	8.5%	1.5%
VWIV	73.8%	62.4%	89.0%	87.1%	66.1%
Skew 25d	2.6%	-1.6%	6.5%	5.3%	2.9%
Skew 10d	10.3%	-12.6%	38.6%	16.9%	5.6%
Call IV 25d	71.5%	59.3%	83.2%	75.9%	62.6%
Put IV 25d	74.1%	60.6%	85.7%	81.2%	65.4%
Bid-Ask Spread %	21.71	11.56	39.66	18.26	35.54
Gamma HHI	0.06	0.04	0.10	0.07	0.10
Net GEX	-475.3K	-3.2M	1.6M	-101.9K	-2.6M
Net DEX	7.8M	-105.3M	105.4M	-14.7M	88.6M
Net VEX	-1.6M	-1.7M	-1.4M	-1.6M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.92	0.30	2.23	2.23	0.58
Total Volume	15,569.368	2,378	58,880	9,401	13,671
Total OI	211,331.579	188,014	255,942	189,330	221,229

Daily Data (19 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-02-03	$45.96	$45.00	79.0%	24.9%	48.3%	57.2%	87.1%	5.3%	8.5%	-101.9K	-14.7M	-1.6M	2.23	18.26	N/A	N/A	2,911	6,490	81,545	107,785
2025-02-04	$47.31	$45.00	77.2%	25.5%	49.2%	53.8%	88.7%	3.8%	-3.3%	136.1K	-35.3M	-1.6M	0.81	15.45	N/A	N/A	2,657	2,149	83,156	110,705
2025-02-05	$48.03	$45.00	76.9%	25.7%	46.2%	53.3%	89.0%	2.8%	-2.4%	427.4K	-47.1M	-1.6M	0.46	15.39	N/A	N/A	1,628	750	83,773	111,887
2025-02-06	$47.15	$50.00	75.3%	20.7%	42.7%	50.4%	72.4%	1.1%	-2.5%	76.4K	-33.3M	-1.6M	1.03	25.15	N/A	N/A	2,342	2,417	84,539	112,204
2025-02-07	$43.81	$50.00	80.3%	21.5%	49.8%	59.5%	75.2%	-1.6%	-4.1%	-1.2M	31.6M	-1.6M	1.36	24.37	N/A	N/A	5,376	7,318	85,897	115,849
2025-02-10	$44.62	$47.50	79.6%	21.6%	49.9%	58.2%	75.4%	6.5%	-3.0%	-314.8K	5.1M	-1.6M	1.28	23.53	N/A	N/A	5,948	7,617	85,312	112,949
2025-02-11	$44.28	$47.50	84.1%	21.6%	50.0%	66.5%	73.9%	2.0%	-13.3%	-115.7K	12.6M	-1.6M	1.13	22.16	N/A	N/A	3,125	3,531	88,935	118,521
2025-02-12	$45.16	$45.00	78.2%	21.8%	49.7%	55.7%	77.6%	3.6%	-3.1%	320.5K	-7.0M	-1.6M	0.66	21.80	N/A	N/A	4,983	3,309	90,960	121,068
2025-02-13	$47.22	$45.00	72.3%	21.7%	51.9%	44.9%	76.6%	3.0%	11.1%	1.1M	-54.3M	-1.7M	0.38	21.34	N/A	N/A	14,338	5,494	93,586	121,856
2025-02-14	$49.31	$45.00	78.1%	21.8%	53.7%	55.5%	76.0%	3.9%	-2.2%	1.6M	-105.3M	-1.7M	0.49	20.82	N/A	N/A	13,014	6,390	95,154	120,452
2025-02-18	$48.81	$50.00	80.0%	22.8%	52.8%	59.1%	79.6%	2.1%	-17.8%	661.8K	-59.0M	-1.6M	0.72	15.21	N/A	N/A	9,679	6,982	88,713	119,034
2025-02-19	$46.30	$50.00	84.3%	24.2%	50.4%	66.9%	84.5%	2.5%	-4.4%	195.8K	-14.5M	-1.6M	0.82	12.81	N/A	N/A	32,427	26,453	95,106	123,250
2025-02-20	$45.50	$47.50	62.8%	17.5%	50.6%	27.5%	62.4%	2.5%	15.8%	-552.3K	22.6M	-1.5M	0.85	37.17	N/A	N/A	16,454	13,968	112,217	141,184
2025-02-21	$42.06	$50.00	62.0%	17.9%	57.3%	33.2%	63.9%	3.1%	-2.8%	-3.2M	105.4M	-1.4M	1.56	39.66	N/A	N/A	9,552	14,945	113,475	142,467
2025-02-24	$41.72	$50.00	61.8%	18.2%	56.9%	32.7%	62.7%	-0.5%	0.3%	-2.1M	73.2M	-1.4M	0.46	16.24	N/A	N/A	19,380	8,889	71,477	116,537
2025-02-25	$42.63	$50.00	62.0%	18.3%	57.6%	33.2%	63.5%	1.5%	-3.4%	-713.9K	42.6M	-1.6M	0.47	18.30	N/A	N/A	4,079	1,900	88,888	123,563
2025-02-26	$42.81	$50.00	62.1%	18.1%	56.7%	33.3%	63.7%	3.1%	0.1%	19.5K	36.4M	-1.6M	0.30	17.65	N/A	N/A	3,139	941	91,196	124,558
2025-02-27	$39.34	$50.00	63.4%	19.0%	62.9%	36.4%	64.7%	2.1%	0.8%	-2.8M	100.1M	-1.4M	1.85	11.56	N/A	N/A	4,055	7,517	91,729	124,544
2025-02-28	$39.47	$47.50	63.5%	19.1%	62.0%	36.7%	66.1%	2.9%	1.5%	-2.6M	88.6M	-1.5M	0.58	35.54	N/A	N/A	8,634	5,037	94,365	126,864