W Options History — March 2025

In March 2025, W traded between $30.41 and $38.47. ATM implied volatility averaged 73.0%, placing in the 58.9% IV rank vs the trailing year. The 30-day expected move averaged 22.5%. IV traded below realized volatility by 0.7% (HV 20d: 73.7%). Max pain ranged from $31.00 to $45.50. Net GEX was positive for 7 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.76.

Notable Days

2025-03-19: Highest Volume — 40,978 contracts
2025-03-11: Largest IV spike — 19.0% change
2025-03-11: Highest IV Rank — 81.6%
2025-03-10: Largest Expected Move — 25.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$33.93	$30.41	$38.47	$36.82	$32.35
Max Pain	$40.43	$31.00	$45.50	$45.00	$40.00
ATM IV	73.0%	66.1%	82.7%	67.9%	79.0%
Expected Move	22.5%	20.5%	25.3%	20.5%	23.5%
HV 20d	73.7%	64.9%	88.0%	64.9%	84.9%
HV 60d	60.5%	56.7%	66.9%	56.7%	66.9%
IV Rank	58.9%	42.8%	81.6%	46.9%	72.9%
IV Percentile	68.3%	57.1%	91.3%	63.1%	79.4%
Term Structure	1.4%	-14.2%	22.8%	-0.1%	10.4%
VWIV	78.3%	71.3%	89.1%	71.3%	80.3%
Skew 25d	2.8%	-13.3%	11.7%	4.1%	5.2%
Skew 10d	19.0%	-15.8%	48.5%	3.7%	27.9%
Call IV 25d	71.4%	54.2%	82.9%	66.1%	82.9%
Put IV 25d	74.2%	56.5%	88.0%	70.2%	88.0%
Bid-Ask Spread %	34.33	12.57	56.05	32.37	35.53
Gamma HHI	0.07	0.06	0.12	0.06	0.07
Net GEX	-88.5K	-1.5M	1.8M	-919.9K	-860.8K
Net DEX	82.3M	-57.3M	140.0M	108.4M	113.3M
Net VEX	-1.4M	-1.7M	-1.3M	-1.4M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.76	0.12	3.26	0.23	1.05
Total Volume	20,363.048	6,006	40,978	15,386	27,030
Total OI	255,622.429	211,595	297,690	211,595	276,694

Daily Data (21 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
2025-03-03	$36.82	$45.00	67.9%	20.5%	64.9%	46.9%	71.3%	4.1%	-0.1%	-919.9K	108.4M	-1.4M	0.23	32.37	N/A	N/A	12,479	2,907	93,512	118,083
2025-03-04	$34.33	$45.50	69.8%	21.9%	67.2%	51.3%	76.9%	5.3%	2.0%	-1.4M	133.8M	-1.3M	0.82	32.31	N/A	N/A	21,042	17,210	99,002	119,552
2025-03-05	$34.20	$42.50	72.9%	21.3%	65.3%	58.7%	75.2%	5.0%	-0.6%	-1.3M	130.3M	-1.3M	0.48	28.87	N/A	N/A	16,083	7,641	99,581	124,347
2025-03-06	$32.70	$42.50	74.4%	22.9%	65.0%	62.0%	80.3%	-13.3%	-1.4%	-1.3M	140.0M	-1.3M	0.62	47.22	N/A	N/A	8,875	5,530	105,743	128,361
2025-03-07	$34.95	$42.50	71.6%	22.0%	71.8%	55.7%	72.8%	4.9%	-10.9%	-536.8K	100.4M	-1.4M	1.27	12.57	N/A	N/A	5,685	7,207	108,694	127,779
2025-03-10	$33.60	$40.00	69.5%	25.3%	69.0%	50.7%	89.1%	-2.6%	22.8%	-851.6K	111.6M	-1.4M	3.26	40.19	N/A	N/A	2,893	9,419	101,318	124,759
2025-03-11	$34.39	$40.00	82.7%	25.1%	69.4%	81.6%	87.5%	5.4%	-14.2%	-766.0K	105.2M	-1.4M	0.48	47.42	N/A	N/A	4,465	2,139	102,700	131,125
2025-03-12	$33.47	$40.00	72.7%	22.9%	69.5%	58.1%	77.3%	7.0%	0.3%	-1.0M	123.4M	-1.4M	0.12	49.55	N/A	N/A	20,207	2,361	105,865	130,770
2025-03-13	$31.27	$40.00	77.4%	23.6%	70.8%	69.0%	79.7%	3.7%	-3.8%	-1.5M	138.2M	-1.3M	0.36	31.42	N/A	N/A	11,467	4,186	110,577	129,015
2025-03-14	$31.90	$31.00	69.8%	20.5%	68.4%	51.3%	71.9%	5.1%	-1.8%	-442.2K	111.6M	-1.3M	0.69	56.05	N/A	N/A	9,493	6,589	119,631	128,964
2025-03-17	$32.41	$40.00	71.7%	21.5%	65.7%	55.9%	75.6%	2.1%	11.4%	-313.0K	95.7M	-1.3M	0.49	38.27	N/A	N/A	17,982	8,830	119,204	126,724
2025-03-18	$30.41	$40.00	74.6%	22.7%	67.3%	62.6%	79.1%	4.7%	-1.2%	-399.2K	119.0M	-1.3M	0.99	29.60	N/A	N/A	7,786	7,694	133,801	131,727
2025-03-19	$31.96	$40.00	69.0%	21.8%	71.1%	49.6%	77.7%	4.6%	-2.0%	689.7K	89.1M	-1.4M	0.18	27.89	N/A	N/A	34,685	6,293	138,490	134,979
2025-03-20	$31.33	$40.00	71.2%	21.9%	71.1%	54.7%	76.2%	3.8%	-3.2%	1.8M	95.4M	-1.3M	0.62	32.70	N/A	N/A	14,906	9,253	145,731	138,800
2025-03-21	$33.55	$40.00	73.5%	22.2%	73.8%	60.1%	78.0%	6.3%	-4.9%	1.7M	22.4M	-1.5M	0.97	27.54	N/A	N/A	10,593	10,223	150,363	140,654
2025-03-24	$37.77	$40.00	66.1%	21.7%	87.0%	42.8%	74.9%	11.7%	3.2%	1.3M	-30.7M	-1.6M	0.50	24.55	N/A	N/A	22,964	11,426	121,145	134,989
2025-03-25	$38.47	$40.00	68.2%	22.1%	86.9%	47.5%	76.3%	2.3%	5.3%	1.6M	-57.3M	-1.7M	0.35	32.59	N/A	N/A	21,872	7,666	131,795	146,611
2025-03-26	$36.72	$40.00	78.3%	22.2%	88.0%	71.2%	77.5%	-7.0%	5.4%	1.5M	-9.7M	-1.7M	0.61	32.64	N/A	N/A	5,944	3,655	141,886	151,306
2025-03-27	$36.31	$40.00	73.9%	22.2%	83.3%	61.0%	84.2%	1.4%	6.2%	1.2M	8.8M	-1.7M	0.71	29.05	N/A	N/A	3,507	2,499	142,982	153,122
2025-03-28	$33.63	$40.00	79.1%	23.8%	87.1%	73.2%	81.4%	-0.9%	6.2%	-198.7K	79.1M	-1.5M	1.21	32.51	N/A	N/A	6,765	8,173	143,314	154,376
2025-03-31	$32.35	$40.00	79.0%	23.5%	84.9%	72.9%	80.3%	5.2%	10.4%	-860.8K	113.3M	-1.5M	1.05	35.53	N/A	N/A	13,187	13,843	127,870	148,824