W Options History — May 2025

In May 2025, W traded between $30.39 and $42.51. ATM implied volatility averaged 68.2%, placing in the 22.9% IV rank vs the trailing year. The 30-day expected move averaged 19.6%. IV traded below realized volatility by 36.8% (HV 20d: 104.9%). Max pain ranged from $32.50 to $37.50. Net GEX was positive for 11 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.44.

Notable Days

  • 2025-05-12: Highest Volume — 50,717 contracts
  • 2025-05-12: Largest IV drop — 13.5% change
  • 2025-05-07: Highest IV Rank — 32.8%
  • 2025-05-01: Largest Expected Move — 22.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$36.78$30.39$42.51$31.89$41.66
Max Pain$35.83$32.50$37.50$32.50$37.50
ATM IV68.2%62.8%76.9%71.0%64.6%
Expected Move19.6%17.9%22.0%22.0%19.0%
HV 20d104.9%80.5%165.3%165.3%98.5%
HV 60d118.2%112.2%121.6%112.2%119.8%
IV Rank22.9%16.9%32.8%26.1%19.0%
IV Percentile55.1%41.7%71.0%60.3%47.2%
Term Structure-1.7%-18.7%5.0%-3.7%-18.7%
VWIV69.1%62.7%76.2%76.1%66.3%
Skew 25d8.7%-1.7%34.7%9.4%34.7%
Skew 10d12.3%-21.3%42.2%25.9%-5.0%
Call IV 25d63.7%34.0%71.8%67.7%34.0%
Put IV 25d72.4%66.3%81.0%77.1%68.7%
Bid-Ask Spread %34.1113.4556.7442.8833.36
Gamma HHI0.090.060.180.080.09
Net GEX386.8K-1.1M2.5M-514.8K2.4M
Net DEX-30.2M-154.9M97.8M53.5M-126.6M
Net VEX-1.7M-1.8M-1.5M-1.5M-1.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.440.254.851.013.06
Total Volume18,044.5245,74650,71722,59025,615
Total OI327,056.048306,466373,563326,841321,368

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$31.89$32.5071.0%22.0%165.3%26.1%76.1%9.4%-3.7%-514.8K53.5M-1.5M1.0142.88N/AN/A11,21111,379140,651186,190
2025-05-02$33.80$32.5069.0%20.2%121.4%23.9%72.0%9.8%2.9%2.2M-3.1M-1.6M0.7140.07N/AN/A23,40316,615145,344186,364
2025-05-05$31.30$35.0071.9%20.3%124.6%27.2%72.9%8.0%2.0%-45.9K74.9M-1.5M1.2551.00N/AN/A4,1665,188138,478175,102
2025-05-06$30.43$35.0070.1%21.3%125.3%25.1%74.0%10.5%0.6%-382.8K92.1M-1.5M2.0818.08N/AN/A2,4075,000140,296177,677
2025-05-07$30.39$35.0076.9%21.4%116.3%32.8%76.2%30.2%0.1%-598.6K97.8M-1.5M1.3556.74N/AN/A2,4473,299141,177180,768
2025-05-08$33.81$35.0071.8%20.2%94.5%27.0%69.8%9.5%-7.0%964.5K12.9M-1.6M0.6913.45N/AN/A8,8256,117142,337182,060
2025-05-09$32.81$35.0072.6%20.9%80.5%27.9%73.9%8.9%-2.0%699.7K42.0M-1.6M1.3834.30N/AN/A9,54613,197143,687183,845
2025-05-12$39.67$35.0062.8%18.9%102.1%16.9%66.9%6.2%0.7%945.1K-123.1M-1.8M0.8445.45N/AN/A27,51123,206138,637186,255
2025-05-13$39.02$35.0067.2%18.3%102.8%21.8%64.3%5.2%-2.9%-193.5K-90.4M-1.8M2.8842.04N/AN/A7,50521,604147,508202,866
2025-05-14$38.13$35.0070.1%19.0%102.1%25.1%63.3%-1.7%0.5%-725.2K-60.0M-1.8M0.5937.88N/AN/A13,7258,037150,398214,257
2025-05-15$38.73$35.0064.8%18.7%97.0%19.2%67.1%7.8%-0.1%-705.2K-85.3M-1.8M2.6033.05N/AN/A3,0037,796156,801215,775
2025-05-16$39.37$35.0062.9%17.9%95.7%17.0%62.7%3.0%-0.3%-1.1M-116.7M-1.8M1.3746.65N/AN/A5,9518,164158,062215,501
2025-05-19$38.59$37.5064.5%18.2%94.8%18.8%65.8%3.9%-0.6%363.6K-38.1M-1.8M1.0828.28N/AN/A4,4744,838130,730176,510
2025-05-20$38.04$37.5064.8%18.5%94.4%19.1%64.5%5.0%0.7%136.0K-23.7M-1.8M0.2520.88N/AN/A8,6752,210132,751178,547
2025-05-21$36.50$37.5068.6%19.7%96.1%23.4%74.6%5.4%-5.2%-627.6K19.5M-1.8M4.8519.19N/AN/A2,37011,485133,417179,488
2025-05-22$36.20$37.5065.8%18.8%95.5%20.3%63.0%6.0%2.6%-737.3K26.7M-1.7M1.0644.17N/AN/A5,3065,611134,317179,875
2025-05-23$36.42$37.5067.8%19.6%95.1%22.6%69.6%5.0%-3.0%95.4K14.5M-1.7M0.9936.04N/AN/A4,1054,051137,467180,137
2025-05-27$40.73$37.5070.3%19.4%100.7%25.4%67.8%6.5%-8.1%1.5M-96.7M-1.8M0.8622.79N/AN/A9,1267,881130,813175,653
2025-05-28$42.43$37.5065.6%19.4%101.2%20.0%71.0%5.8%5.0%1.9M-149.1M-1.8M0.7823.02N/AN/A9,9767,736133,850177,275
2025-05-29$42.51$37.5068.1%19.5%99.1%22.8%68.6%4.2%1.0%2.5M-154.9M-1.8M0.6526.93N/AN/A9,8226,352138,123177,820
2025-05-30$41.66$37.5064.6%19.0%98.5%19.0%66.3%34.7%-18.7%2.4M-126.6M-1.8M3.0633.36N/AN/A6,31219,303139,780181,588