W Options History — December 2025

In December 2025, W traded between $93.75 and $110.87. ATM implied volatility averaged 53.7%, placing in the 5.8% IV rank vs the trailing year. The 30-day expected move averaged 15.7%. IV traded below realized volatility by 4.5% (HV 20d: 58.2%). Max pain ranged from $62.50 to $80.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 1.16.

Notable Days

2025-12-02: Highest Volume — 16,432 contracts
2025-12-04: Largest IV drop — 6.4% change
2025-12-03: Highest IV Rank — 10.9%
2025-12-02: Largest Expected Move — 18.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$99.64	$93.75	$110.87	$110.87	$100.47
Max Pain	$68.18	$62.50	$80.00	$70.00	$70.00
ATM IV	53.7%	50.6%	57.5%	55.0%	51.6%
Expected Move	15.7%	14.5%	18.2%	17.7%	14.9%
HV 20d	58.2%	39.5%	70.9%	60.4%	39.5%
HV 60d	65.8%	62.8%	66.6%	62.8%	65.2%
IV Rank	5.8%	1.4%	10.9%	8.1%	2.5%
IV Percentile	6.9%	1.2%	18.3%	7.5%	4.0%
Term Structure	0.5%	-2.3%	4.6%	-2.2%	0.4%
VWIV	55.4%	51.3%	63.8%	62.8%	51.7%
Skew 25d	2.5%	-0.5%	4.8%	0.9%	4.7%
Skew 10d	6.3%	-1.1%	20.3%	8.7%	9.4%
Call IV 25d	52.1%	47.5%	57.0%	51.8%	47.5%
Put IV 25d	54.6%	50.1%	58.8%	52.6%	52.2%
Bid-Ask Spread %	55.57	38.85	72.73	55.77	48.65
Gamma HHI	0.07	0.04	0.20	0.07	0.06
Net GEX	3.7M	162.8K	9.7M	5.0M	1.6M
Net DEX	-572.8M	-836.2M	-452.6M	-836.2M	-489.3M
Net VEX	-2.0M	-2.2M	-1.8M	-2.1M	-1.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.16	0.33	2.77	1.48	1.20
Total Volume	7,044.864	1,076	16,432	10,432	2,374
Total OI	262,852.5	208,485	297,477	268,652	211,212

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
2025-12-01	$110.87	$70.00	55.0%	17.7%	60.4%	8.1%	62.8%	0.9%	-2.2%	5.0M	-836.2M	-2.1M	1.48	55.77	N/A	N/A	4,208	6,224	113,194	155,458
2025-12-02	$101.91	$75.00	57.3%	18.2%	68.0%	10.7%	63.8%	0.6%	-0.5%	2.6M	-618.3M	-2.1M	1.40	40.33	N/A	N/A	6,836	9,596	115,692	158,429
2025-12-03	$95.75	$80.00	57.5%	17.9%	70.9%	10.9%	62.4%	3.8%	-2.3%	646.5K	-452.6M	-2.2M	0.97	45.29	N/A	N/A	7,089	6,863	118,807	162,636
2025-12-04	$94.66	$62.50	53.8%	15.7%	70.8%	6.7%	54.7%	3.4%	2.9%	947.8K	-463.8M	-2.2M	0.59	62.92	N/A	N/A	3,498	2,053	123,911	164,703
2025-12-05	$94.78	$62.50	55.6%	16.1%	70.3%	8.7%	56.0%	3.0%	0.8%	162.8K	-485.7M	-2.1M	0.55	68.62	N/A	N/A	4,435	2,437	125,576	165,548
2025-12-08	$94.11	$62.50	56.1%	16.3%	62.2%	9.3%	57.3%	4.5%	2.4%	2.6M	-492.8M	-2.1M	1.31	54.15	N/A	N/A	4,016	5,256	119,660	158,832
2025-12-09	$93.75	$62.50	55.6%	16.1%	58.5%	8.7%	56.4%	2.2%	0.9%	2.0M	-481.5M	-2.1M	1.14	53.02	N/A	N/A	2,041	2,318	122,077	162,639
2025-12-10	$94.32	$65.00	54.3%	16.2%	58.7%	7.2%	56.0%	-0.5%	2.4%	2.3M	-496.5M	-2.1M	0.33	70.94	N/A	N/A	4,515	1,501	123,271	163,733
2025-12-11	$99.85	$65.00	55.0%	15.8%	62.7%	8.1%	55.5%	4.6%	-0.3%	7.4M	-672.0M	-2.1M	0.73	68.34	N/A	N/A	7,036	5,128	127,764	163,979
2025-12-12	$97.46	$65.00	53.6%	15.3%	60.7%	6.5%	54.7%	2.3%	0.6%	5.4M	-594.9M	-2.1M	2.47	68.50	N/A	N/A	1,482	3,662	129,846	166,875
2025-12-15	$99.25	$65.00	54.3%	15.5%	59.9%	7.3%	54.6%	1.2%	4.6%	4.6M	-644.9M	-2.0M	2.42	52.35	N/A	N/A	4,106	9,948	122,404	163,458
2025-12-16	$100.27	$67.50	54.0%	15.5%	58.2%	5.2%	54.9%	2.2%	-0.7%	5.2M	-654.9M	-2.0M	0.77	58.27	N/A	N/A	1,908	1,460	123,419	165,193
2025-12-17	$101.99	$67.50	55.3%	15.9%	57.4%	6.7%	55.8%	2.1%	-1.7%	6.9M	-718.5M	-2.0M	2.43	61.21	N/A	N/A	1,899	4,621	124,360	166,022
2025-12-18	$99.01	$70.00	53.2%	15.3%	58.0%	4.3%	53.6%	1.8%	-1.3%	4.2M	-615.2M	-2.0M	0.88	72.73	N/A	N/A	4,973	4,362	125,567	170,153
2025-12-19	$102.03	$70.00	51.9%	14.8%	58.9%	2.8%	52.4%	0.5%	-0.0%	9.7M	-720.8M	-2.0M	0.71	70.59	N/A	N/A	2,107	1,499	126,545	170,932
2025-12-22	$103.85	$70.00	51.9%	15.0%	52.8%	2.8%	53.6%	3.9%	2.5%	4.1M	-561.5M	-1.9M	0.44	43.88	N/A	N/A	4,480	1,970	92,439	116,046
2025-12-23	$101.62	$70.00	51.1%	14.7%	53.3%	1.9%	52.2%	4.0%	0.9%	4.0M	-519.0M	-2.0M	1.25	54.68	N/A	N/A	1,782	2,226	95,777	117,132
2025-12-24	$100.74	$70.00	51.4%	15.1%	50.7%	2.2%	53.7%	1.1%	-0.3%	3.2M	-503.8M	-1.9M	0.74	38.85	N/A	N/A	617	459	96,230	118,226
2025-12-26	$102.18	$70.00	52.1%	14.5%	49.9%	3.1%	51.3%	1.5%	0.4%	3.6M	-545.1M	-1.9M	0.55	45.54	N/A	N/A	2,392	1,306	96,629	118,517
2025-12-29	$101.52	$70.00	51.0%	15.2%	49.3%	1.8%	52.1%	4.8%	1.4%	2.5M	-514.4M	-1.9M	0.46	41.93	N/A	N/A	2,597	1,184	93,332	115,859
2025-12-30	$101.80	$70.00	50.6%	14.9%	49.3%	1.4%	52.9%	3.5%	0.4%	2.2M	-520.4M	-1.8M	2.77	45.92	N/A	N/A	1,732	4,791	94,206	116,467
2025-12-31	$100.47	$70.00	51.6%	14.9%	39.5%	2.5%	51.7%	4.7%	0.4%	1.6M	-489.3M	-1.9M	1.20	48.65	N/A	N/A	1,078	1,296	93,764	117,448