W Options History — February 2026

In February 2026, W traded between $73.91 and $104.46. ATM implied volatility averaged 79.1%, placing in the 34.0% IV rank vs the trailing year. The 30-day expected move averaged 23.0%. IV traded above realized volatility by 10.4% (HV 20d: 68.6%). Max pain ranged from $85.00 to $105.00. Net GEX was positive for 8 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 1.43.

Notable Days

2026-02-19: Highest Volume — 52,575 contracts
2026-02-19: Largest IV drop — 18.5% change
2026-02-12: Highest IV Rank — 45.1%
2026-02-04: Largest Expected Move — 29.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$85.91	$73.91	$104.46	$104.46	$75.91
Max Pain	$92.11	$85.00	$105.00	$105.00	$85.00
ATM IV	79.1%	66.4%	88.7%	80.4%	67.1%
Expected Move	23.0%	19.3%	29.6%	26.2%	19.4%
HV 20d	68.6%	42.1%	91.1%	42.2%	91.1%
HV 60d	58.2%	51.7%	65.3%	51.7%	65.3%
IV Rank	34.0%	19.5%	45.1%	35.6%	20.3%
IV Percentile	76.7%	50.8%	92.5%	87.7%	50.8%
Term Structure	-2.5%	-7.4%	2.2%	-6.0%	-2.5%
VWIV	79.7%	65.9%	103.2%	89.7%	70.2%
Skew 25d	4.5%	-2.0%	8.5%	8.5%	5.3%
Skew 10d	9.6%	-18.6%	46.5%	23.2%	5.8%
Call IV 25d	77.5%	62.5%	89.5%	75.4%	65.8%
Put IV 25d	82.0%	68.0%	94.0%	83.8%	71.1%
Bid-Ask Spread %	52.83	29.00	67.03	62.57	29.00
Gamma HHI	0.06	0.04	0.14	0.05	0.07
Net GEX	45.0K	-1.7M	2.4M	-160.9K	656.1K
Net DEX	-34.7M	-207.3M	72.9M	-207.3M	8.6M
Net VEX	-1.6M	-1.8M	-1.3M	-1.8M	-1.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.43	0.23	5.97	1.43	0.70
Total Volume	13,419.789	3,098	52,575	9,538	5,845
Total OI	151,577.632	135,163	172,181	135,163	162,290

Daily Data (19 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
2026-02-02	$104.46	$105.00	80.4%	26.2%	42.2%	35.6%	89.7%	8.5%	-6.0%	-160.9K	-207.3M	-1.8M	1.43	62.57	N/A	N/A	3,925	5,613	58,281	76,882
2026-02-03	$104.13	$105.00	82.1%	27.6%	42.1%	37.5%	95.8%	2.8%	1.2%	-158.5K	-201.2M	-1.8M	2.32	54.67	N/A	N/A	1,378	3,192	60,699	80,045
2026-02-04	$92.59	$105.00	85.5%	29.6%	58.0%	41.4%	103.2%	6.3%	-2.3%	-1.3M	-19.2M	-1.7M	1.39	60.74	N/A	N/A	6,088	8,470	61,327	82,042
2026-02-05	$87.86	$90.00	87.7%	23.2%	59.4%	44.0%	78.0%	5.2%	-5.4%	-1.4M	43.2M	-1.6M	5.97	56.70	N/A	N/A	2,010	11,998	66,148	85,089
2026-02-06	$91.90	$90.00	85.4%	22.7%	61.8%	41.4%	77.0%	-0.5%	-3.7%	47.7K	-26.6M	-1.6M	0.41	59.38	N/A	N/A	12,961	5,294	66,930	82,651
2026-02-09	$93.23	$90.00	87.4%	23.0%	60.4%	43.7%	78.4%	7.3%	-5.8%	2.3M	-129.4M	-1.7M	1.89	57.32	N/A	N/A	2,285	4,327	70,878	75,445
2026-02-10	$90.20	$90.00	85.9%	23.3%	60.9%	41.9%	80.0%	6.6%	-7.4%	1.5M	-93.9M	-1.7M	0.89	51.74	N/A	N/A	1,639	1,459	71,762	77,219
2026-02-11	$88.44	$90.00	83.2%	24.1%	58.9%	38.8%	81.2%	-2.0%	2.2%	935.8K	-62.5M	-1.7M	1.48	53.65	N/A	N/A	2,487	3,669	71,864	77,525
2026-02-12	$82.02	$90.00	88.7%	24.9%	62.4%	45.1%	87.3%	2.3%	-3.3%	-1.1M	14.2M	-1.5M	1.36	63.71	N/A	N/A	5,378	7,302	72,451	79,503
2026-02-13	$82.44	$90.00	86.8%	24.5%	60.8%	42.9%	84.6%	3.0%	-0.3%	-894.7K	-4.6M	-1.6M	1.16	56.78	N/A	N/A	5,338	6,184	76,726	79,333
2026-02-17	$85.23	$90.00	88.0%	25.0%	63.4%	44.3%	87.9%	5.2%	-5.0%	859.2K	-37.9M	-1.6M	0.94	61.12	N/A	N/A	4,269	4,000	71,307	77,121
2026-02-18	$91.72	$90.00	84.4%	24.2%	67.7%	40.2%	85.0%	8.0%	-3.2%	2.4M	-134.3M	-1.7M	0.46	55.88	N/A	N/A	16,102	7,441	73,648	77,379
2026-02-19	$79.47	$90.00	68.8%	19.7%	81.7%	22.2%	69.3%	3.9%	-0.8%	-1.7M	72.9M	-1.4M	2.94	67.03	N/A	N/A	13,351	39,224	78,676	82,027
2026-02-20	$80.96	$90.00	66.4%	19.3%	82.5%	19.5%	65.9%	2.1%	-3.2%	-1.3M	7.9M	-1.5M	0.44	64.10	N/A	N/A	14,180	6,274	86,157	86,024
2026-02-23	$73.91	$90.00	70.6%	20.8%	86.7%	24.3%	75.0%	5.7%	0.2%	-33.3K	42.2M	-1.3M	1.92	46.35	N/A	N/A	2,941	5,637	72,864	73,107
2026-02-24	$74.11	$90.00	69.2%	20.5%	86.7%	22.7%	69.7%	4.2%	-0.5%	-628.6K	47.8M	-1.4M	0.23	38.05	N/A	N/A	6,360	1,451	74,390	76,701
2026-02-25	$74.65	$90.00	67.3%	19.4%	86.4%	20.5%	67.5%	7.3%	-0.2%	-499.3K	44.4M	-1.4M	0.39	29.78	N/A	N/A	10,939	4,295	77,606	77,046
2026-02-26	$79.06	$90.00	67.0%	19.3%	90.6%	20.1%	69.1%	3.7%	-1.7%	1.2M	-24.4M	-1.5M	0.81	35.18	N/A	N/A	6,450	5,220	81,602	79,230
2026-02-27	$75.91	$85.00	67.1%	19.4%	91.1%	20.3%	70.2%	5.3%	-2.5%	656.1K	8.6M	-1.4M	0.70	29.00	N/A	N/A	3,440	2,405	83,650	78,640