W Options History — July 2025

In July 2025, W traded between $52.28 and $67.23. ATM implied volatility averaged 73.1%, placing in the 28.5% IV rank vs the trailing year. The 30-day expected move averaged 21.7%. IV traded above realized volatility by 26.2% (HV 20d: 47.0%). Max pain ranged from $47.50 to $50.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 0.73.

Notable Days

2025-07-02: Highest Volume — 24,163 contracts
2025-07-07: Largest IV spike — 21.3% change
2025-07-08: Highest IV Rank — 32.6%
2025-07-31: Largest Expected Move — 25.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$58.99	$52.28	$67.23	$52.28	$66.02
Max Pain	$48.91	$47.50	$50.00	$48.00	$50.00
ATM IV	73.1%	62.2%	76.7%	68.3%	73.8%
Expected Move	21.7%	15.6%	25.9%	15.6%	25.9%
HV 20d	47.0%	36.8%	54.5%	36.8%	50.2%
HV 60d	72.8%	64.0%	91.0%	90.7%	64.0%
IV Rank	28.5%	16.2%	32.6%	23.2%	29.3%
IV Percentile	64.4%	27.8%	72.2%	54.0%	67.5%
Term Structure	-1.3%	-8.0%	21.6%	6.0%	-3.5%
VWIV	75.8%	55.3%	88.7%	55.3%	88.7%
Skew 25d	9.2%	-1.4%	36.3%	0.4%	1.8%
Skew 10d	-0.1%	-33.1%	36.9%	7.0%	10.8%
Call IV 25d	64.7%	38.5%	75.9%	67.4%	73.3%
Put IV 25d	73.9%	57.9%	83.2%	67.8%	75.1%
Bid-Ask Spread %	29.97	11.73	50.08	23.23	21.75
Gamma HHI	0.11	0.05	0.53	0.07	0.06
Net GEX	5.1M	968.1K	16.1M	3.4M	3.6M
Net DEX	-315.0M	-429.2M	-185.7M	-189.2M	-395.8M
Net VEX	-1.8M	-2.0M	-1.7M	-1.9M	-1.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.73	0.25	1.49	0.26	1.10
Total Volume	13,452.364	6,307	24,163	15,932	10,562
Total OI	287,953.409	268,603	300,901	268,603	294,215

Daily Data (22 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
2025-07-01	$52.28	$48.00	68.3%	15.6%	36.8%	23.2%	55.3%	0.4%	6.0%	3.4M	-189.2M	-1.9M	0.26	23.23	N/A	N/A	12,658	3,274	110,071	158,532
2025-07-02	$55.94	$48.00	73.4%	16.6%	41.7%	28.8%	58.0%	20.9%	-4.7%	6.1M	-302.8M	-2.0M	0.62	50.08	N/A	N/A	14,908	9,255	120,741	159,897
2025-07-03	$56.87	$47.50	62.2%	20.2%	41.0%	16.2%	73.6%	16.8%	21.6%	7.2M	-339.9M	-2.0M	0.98	41.69	N/A	N/A	4,372	4,269	125,831	166,279
2025-07-07	$54.96	$47.50	75.4%	21.0%	44.2%	31.1%	73.8%	30.4%	-3.0%	6.0M	-264.3M	-1.9M	0.66	33.63	N/A	N/A	5,393	3,551	123,552	164,760
2025-07-08	$54.95	$47.50	76.7%	21.1%	44.3%	32.6%	74.5%	9.9%	1.8%	6.1M	-261.0M	-1.9M	1.00	45.35	N/A	N/A	3,655	3,638	125,227	166,813
2025-07-09	$56.38	$47.50	73.9%	20.2%	40.3%	29.5%	70.6%	6.1%	-4.5%	7.2M	-300.6M	-1.9M	1.46	22.75	N/A	N/A	3,670	5,363	125,708	168,188
2025-07-10	$59.28	$47.50	74.6%	20.2%	42.9%	30.2%	70.1%	3.7%	-4.5%	9.6M	-402.0M	-1.8M	0.50	41.69	N/A	N/A	10,477	5,276	125,366	168,420
2025-07-11	$57.02	$47.50	73.7%	20.5%	46.2%	29.2%	71.3%	36.3%	-3.0%	5.8M	-319.0M	-1.8M	0.59	22.31	N/A	N/A	4,870	2,853	127,696	170,638
2025-07-14	$56.03	$47.50	74.3%	21.0%	45.3%	29.9%	73.6%	2.0%	-2.6%	4.1M	-263.5M	-1.8M	0.95	31.96	N/A	N/A	8,735	8,309	116,948	166,991
2025-07-15	$53.54	$47.50	75.8%	21.6%	48.0%	31.6%	75.6%	2.3%	-4.1%	3.1M	-185.7M	-1.8M	0.67	15.21	N/A	N/A	9,056	6,087	123,645	173,785
2025-07-16	$55.03	$50.00	76.6%	22.0%	44.6%	32.5%	76.4%	2.7%	-4.6%	4.3M	-233.1M	-1.8M	0.25	44.73	N/A	N/A	8,171	2,059	120,884	176,733
2025-07-17	$56.84	$50.00	76.0%	22.0%	45.5%	31.8%	76.9%	2.9%	-4.1%	4.6M	-296.5M	-1.8M	0.56	32.92	N/A	N/A	6,894	3,829	120,707	177,232
2025-07-18	$56.11	$50.00	75.9%	22.1%	46.0%	31.7%	78.0%	3.1%	-4.1%	968.1K	-269.7M	-1.8M	1.03	34.97	N/A	N/A	3,113	3,194	120,910	179,991
2025-07-21	$56.09	$50.00	74.1%	22.3%	46.0%	29.7%	78.9%	34.0%	-2.7%	1.2M	-201.5M	-1.8M	1.49	11.73	N/A	N/A	3,729	5,567	100,731	169,600
2025-07-22	$60.68	$50.00	68.7%	22.5%	52.5%	23.6%	79.7%	6.1%	4.3%	3.1M	-313.1M	-1.7M	0.34	19.34	N/A	N/A	10,596	3,568	103,037	171,342
2025-07-23	$62.50	$50.00	75.3%	23.3%	52.5%	31.0%	81.5%	15.2%	-3.2%	4.3M	-361.6M	-1.8M	0.34	23.09	N/A	N/A	16,462	5,667	107,085	173,136
2025-07-24	$62.81	$50.00	72.2%	22.6%	51.8%	27.5%	78.4%	2.9%	-3.4%	5.5M	-375.7M	-1.7M	1.03	23.85	N/A	N/A	8,018	8,234	112,662	175,696
2025-07-25	$65.12	$50.00	71.9%	22.6%	52.5%	27.1%	78.6%	-1.4%	-3.1%	16.1M	-429.2M	-1.7M	0.51	15.91	N/A	N/A	9,532	4,885	111,275	177,068
2025-07-28	$67.23	$50.00	70.2%	24.4%	52.8%	25.2%	84.6%	1.8%	4.2%	3.4M	-423.5M	-1.7M	0.53	31.81	N/A	N/A	14,288	7,534	103,390	173,245
2025-07-29	$66.65	$50.00	70.7%	24.3%	53.4%	25.8%	83.7%	3.1%	-3.8%	3.9M	-414.9M	-1.7M	0.77	34.38	N/A	N/A	6,644	5,109	110,906	176,568
2025-07-30	$65.42	$50.00	74.7%	25.3%	54.5%	30.3%	86.5%	0.6%	-8.0%	3.5M	-387.0M	-1.7M	0.42	36.92	N/A	N/A	13,087	5,541	112,028	177,446
2025-07-31	$66.02	$50.00	73.8%	25.9%	50.2%	29.3%	88.7%	1.8%	-3.5%	3.6M	-395.8M	-1.8M	1.10	21.75	N/A	N/A	5,020	5,542	114,451	179,764