W Options History — November 2025

In November 2025, W traded between $96.02 and $113.14. ATM implied volatility averaged 60.3%, placing in the 14.0% IV rank vs the trailing year. The 30-day expected move averaged 17.4%. IV traded below realized volatility by 21.3% (HV 20d: 81.5%). Max pain ranged from $60.00 to $85.00. Net GEX was positive for 14 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.94.

Notable Days

  • 2025-11-10: Highest Volume — 19,623 contracts
  • 2025-11-04: Largest IV spike — 8.3% change
  • 2025-11-21: Highest IV Rank — 18.2%
  • 2025-11-21: Largest Expected Move — 18.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$104.90$96.02$113.14$103.29$110.34
Max Pain$67.50$60.00$85.00$85.00$70.00
ATM IV60.3%56.2%63.9%56.5%56.2%
Expected Move17.4%16.2%18.4%16.2%16.8%
HV 20d81.5%59.7%92.3%82.7%60.4%
HV 60d63.5%60.2%65.2%60.9%64.9%
IV Rank14.0%9.5%18.2%9.8%9.5%
IV Percentile28.0%11.9%47.6%13.1%11.9%
Term Structure-0.6%-5.6%2.6%0.6%1.1%
VWIV61.0%58.5%64.9%58.9%59.5%
Skew 25d2.4%-1.2%5.0%1.7%1.2%
Skew 10d5.6%-13.9%20.1%4.0%5.7%
Call IV 25d58.2%52.0%62.4%53.3%52.0%
Put IV 25d60.6%53.2%66.4%55.0%53.2%
Bid-Ask Spread %57.2624.4866.4854.9524.48
Gamma HHI0.090.070.160.090.08
Net GEX3.8M-3.6M8.0M4.7M6.8M
Net DEX-775.7M-994.6M-549.5M-758.3M-842.4M
Net VEX-2.1M-2.2M-2.0M-2.1M-2.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.940.261.840.490.86
Total Volume9,651.5263,32019,62311,1593,320
Total OI287,877.316259,157311,582272,380275,704

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$103.29$85.0056.5%16.2%82.7%9.8%58.9%1.7%0.6%4.7M-758.3M-2.1M0.4954.95N/AN/A7,5123,647112,577159,803
2025-11-04$100.52$85.0061.2%18.0%82.8%15.1%61.6%0.4%-1.9%4.0M-700.7M-2.1M1.0261.26N/AN/A2,3342,376116,466162,510
2025-11-05$101.33$85.0058.6%17.1%82.6%12.2%60.8%0.2%2.6%4.1M-717.6M-2.1M0.2640.87N/AN/A9,8282,522117,150163,215
2025-11-06$98.57$60.0059.0%17.3%80.1%12.6%60.0%3.1%0.3%3.5M-641.9M-2.2M1.8461.37N/AN/A4,9029,014120,365163,930
2025-11-07$107.36$60.0060.2%16.9%80.8%14.0%58.5%-0.9%-2.8%8.0M-892.8M-2.1M0.3665.80N/AN/A14,3035,163120,450170,885
2025-11-10$112.92$60.0060.9%17.5%81.6%14.7%60.8%2.5%2.2%7.4M-994.6M-2.0M0.6864.60N/AN/A11,6837,940116,674169,447
2025-11-11$111.03$62.5059.5%17.2%82.4%13.2%60.5%3.1%1.4%6.3M-937.8M-2.1M1.6557.08N/AN/A2,3463,876119,163174,134
2025-11-12$112.59$62.5060.0%17.2%82.2%13.7%59.6%-1.2%0.3%7.0M-982.7M-2.1M0.6565.91N/AN/A3,5032,274120,141176,988
2025-11-13$106.83$62.5060.9%17.4%85.7%14.8%61.1%2.5%0.9%3.9M-826.4M-2.2M1.3664.81N/AN/A2,8743,919121,517177,856
2025-11-14$102.97$62.5058.6%16.7%87.3%12.2%58.6%3.3%0.3%-3.6M-709.9M-2.2M0.9163.13N/AN/A4,2463,843122,249179,436
2025-11-17$98.79$62.5062.9%18.1%89.2%17.0%62.6%2.6%-5.6%-335.0K-617.3M-2.2M0.7359.89N/AN/A4,9413,617119,225176,628
2025-11-18$96.02$62.5061.4%17.5%89.4%15.3%61.0%1.7%-0.1%-1.5M-549.5M-2.2M0.8457.87N/AN/A4,3223,610122,037178,830
2025-11-19$98.29$65.0063.3%18.1%89.5%17.5%64.4%3.8%-5.6%-311.8K-619.6M-2.2M0.9366.47N/AN/A5,5335,138124,884179,593
2025-11-20$97.93$65.0063.3%18.3%89.5%17.5%64.0%3.6%-0.9%-407.7K-618.5M-2.2M1.2566.48N/AN/A4,5715,713126,942181,700
2025-11-21$105.46$67.5063.9%18.4%92.3%18.2%64.9%4.3%-2.1%3.7M-841.1M-2.2M1.1962.59N/AN/A4,4675,302128,547183,035
2025-11-24$105.55$67.5061.6%17.1%91.3%15.5%62.4%4.8%-0.8%4.6M-732.3M-2.2M0.7553.22N/AN/A2,3721,770107,825151,332
2025-11-25$110.11$67.5059.0%17.3%59.7%12.6%60.8%5.0%0.3%6.2M-841.9M-2.1M0.7445.37N/AN/A5,0683,774109,179152,395
2025-11-26$113.14$70.0057.7%16.9%59.7%11.2%59.4%3.8%-0.9%7.6M-913.2M-2.1M1.3451.74N/AN/A5,0216,735112,379154,478
2025-11-28$110.34$70.0056.2%16.8%60.4%9.5%59.5%1.2%1.1%6.8M-842.4M-2.2M0.8624.48N/AN/A1,7891,531116,150159,554