W Options History — January 2026

In January 2026, W traded between $102.93 and $118.58. ATM implied volatility averaged 66.4%, placing in the 19.5% IV rank vs the trailing year. The 30-day expected move averaged 20.3%. IV traded above realized volatility by 26.0% (HV 20d: 40.4%). Max pain ranged from $70.00 to $100.00. Net GEX was positive for 17 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 1.23.

Notable Days

2026-01-08: Highest Volume — 13,549 contracts
2026-01-21: Largest IV spike — 19.2% change
2026-01-21: Highest IV Rank — 35.7%
2026-01-27: Largest Expected Move — 24.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$110.83	$102.93	$118.58	$106.48	$102.93
Max Pain	$96.88	$70.00	$100.00	$70.00	$100.00
ATM IV	66.4%	52.4%	80.5%	52.4%	78.9%
Expected Move	20.3%	15.0%	24.0%	15.0%	23.7%
HV 20d	40.4%	33.6%	46.8%	37.6%	46.8%
HV 60d	61.4%	51.1%	66.0%	65.9%	51.9%
IV Rank	19.5%	3.4%	35.7%	3.4%	33.9%
IV Percentile	49.2%	6.3%	88.1%	6.3%	84.9%
Term Structure	-0.6%	-8.6%	10.5%	-0.2%	-7.4%
VWIV	70.5%	52.4%	82.1%	52.4%	79.4%
Skew 25d	1.9%	-3.1%	6.0%	0.3%	-0.6%
Skew 10d	4.0%	-9.8%	42.4%	8.5%	-2.8%
Call IV 25d	64.9%	52.2%	78.4%	52.5%	78.4%
Put IV 25d	66.8%	52.8%	82.2%	52.8%	77.8%
Bid-Ask Spread %	54.09	35.68	68.88	55.15	44.95
Gamma HHI	0.10	0.05	0.21	0.08	0.18
Net GEX	3.7M	-7.0M	9.7M	5.1M	-7.0M
Net DEX	-527.0M	-873.7M	-148.9M	-624.9M	-148.9M
Net VEX	-1.8M	-1.9M	-1.8M	-1.8M	-1.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.23	0.24	3.22	0.72	1.39
Total Volume	7,325.4	2,474	13,549	7,708	5,336
Total OI	184,822.25	133,741	236,593	211,577	144,439

Daily Data (20 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
2026-01-02	$106.48	$70.00	52.4%	15.0%	37.6%	3.4%	52.4%	0.3%	-0.2%	5.1M	-624.9M	-1.8M	0.72	55.15	N/A	N/A	4,483	3,225	93,662	117,915
2026-01-05	$105.85	$95.00	53.8%	19.0%	37.3%	5.0%	66.4%	1.2%	-1.4%	3.5M	-593.3M	-1.8M	1.80	60.69	N/A	N/A	1,691	3,052	91,428	115,579
2026-01-06	$108.48	$95.00	59.5%	19.7%	37.9%	11.6%	69.3%	-0.5%	0.7%	3.9M	-650.6M	-1.8M	0.76	58.98	N/A	N/A	7,056	5,351	91,687	117,595
2026-01-07	$109.97	$95.00	57.0%	18.4%	37.6%	8.7%	64.9%	2.2%	2.6%	5.0M	-691.4M	-1.8M	0.48	59.24	N/A	N/A	4,522	2,183	97,551	120,723
2026-01-08	$112.17	$95.00	58.5%	18.1%	37.6%	10.4%	63.6%	2.7%	-4.1%	6.3M	-755.4M	-1.9M	1.63	60.64	N/A	N/A	5,148	8,401	100,682	121,659
2026-01-09	$115.94	$95.00	55.1%	17.5%	38.5%	6.5%	61.6%	3.5%	-0.9%	9.7M	-842.3M	-1.8M	0.72	63.72	N/A	N/A	7,529	5,398	102,930	124,290
2026-01-12	$115.09	$95.00	58.7%	18.8%	34.8%	10.6%	67.1%	2.2%	7.4%	6.9M	-789.1M	-1.9M	1.57	54.13	N/A	N/A	1,915	3,014	100,737	121,486
2026-01-13	$118.58	$97.50	60.0%	18.5%	33.6%	12.1%	66.0%	4.8%	4.5%	7.5M	-873.7M	-1.8M	1.30	58.25	N/A	N/A	2,713	3,525	101,594	123,603
2026-01-14	$114.51	$100.00	61.2%	18.5%	36.9%	13.5%	65.5%	0.7%	2.6%	7.9M	-782.7M	-1.8M	1.77	66.42	N/A	N/A	2,472	4,370	102,881	124,791
2026-01-15	$117.63	$100.00	59.9%	18.5%	37.6%	12.0%	66.1%	4.0%	5.9%	9.5M	-859.0M	-1.8M	0.24	61.50	N/A	N/A	6,283	1,489	103,234	128,002
2026-01-16	$114.87	$100.00	59.4%	18.9%	39.0%	11.4%	64.8%	3.2%	10.5%	8.8M	-802.0M	-1.9M	0.85	68.88	N/A	N/A	4,099	3,489	107,907	128,686
2026-01-20	$107.61	$100.00	67.5%	19.6%	45.0%	20.8%	69.7%	-3.1%	3.2%	224.7K	-225.6M	-1.8M	0.57	59.54	N/A	N/A	6,176	3,495	59,466	76,159
2026-01-21	$110.45	$100.00	80.5%	23.1%	44.7%	35.7%	79.3%	6.0%	-4.8%	1.1M	-273.3M	-1.8M	0.56	51.99	N/A	N/A	3,437	1,920	61,129	77,352
2026-01-22	$110.09	$100.00	77.4%	22.4%	44.4%	32.1%	77.6%	0.5%	-7.0%	1.1M	-274.5M	-1.8M	0.75	44.69	N/A	N/A	6,639	4,995	63,664	78,161
2026-01-23	$109.31	$100.00	78.0%	22.8%	43.7%	32.8%	76.3%	2.3%	-2.5%	-1.4M	-243.9M	-1.8M	0.49	45.81	N/A	N/A	3,738	1,833	65,073	80,492
2026-01-26	$109.61	$100.00	77.4%	23.0%	43.4%	32.1%	79.8%	-1.3%	-5.3%	2.4M	-294.3M	-1.8M	2.05	35.68	N/A	N/A	1,911	3,917	60,033	73,708
2026-01-27	$111.14	$100.00	78.8%	24.0%	43.4%	33.7%	79.0%	2.7%	-3.7%	2.0M	-309.5M	-1.8M	1.81	35.92	N/A	N/A	880	1,594	61,212	76,248
2026-01-28	$108.88	$100.00	77.3%	23.8%	44.1%	32.0%	82.1%	2.1%	-2.8%	1.1M	-268.4M	-1.8M	3.22	53.97	N/A	N/A	963	3,102	61,519	77,449
2026-01-29	$107.02	$100.00	77.2%	23.0%	44.8%	32.0%	79.0%	4.5%	-8.6%	-286.1K	-236.9M	-1.8M	2.01	41.63	N/A	N/A	1,715	3,449	61,793	79,926
2026-01-30	$102.93	$100.00	78.9%	23.7%	46.8%	33.9%	79.4%	-0.6%	-7.4%	-7.0M	-148.9M	-1.8M	1.39	44.95	N/A	N/A	2,233	3,103	62,808	81,631