WM Options History — February 2007

In February 2007, WM traded between $42.36 and $45.56. ATM implied volatility averaged 18.3%. The 30-day expected move averaged 5.2%. IV traded below realized volatility by 1.6% (HV 20d: 19.8%). Max pain ranged from $45.00 to $45.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 1.43.

Notable Days

  • 2007-02-09: Highest Volume — 26,456 contracts
  • 2007-02-26: Largest IV spike — 64.2% change
  • 2007-02-27: Largest Expected Move — 8.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$44.51$42.36$45.56$45.00$43.08
Max Pain$45.00$45.00$45.00$45.00$45.00
ATM IV18.3%13.4%28.5%14.6%25.0%
Expected Move5.2%3.9%8.2%4.2%7.2%
HV 20d19.8%16.4%22.3%16.4%22.3%
Term Structure0.1%-1.1%1.0%-0.7%-0.2%
VWIV18.3%13.6%25.1%14.9%24.5%
Skew 25d3.6%-4.9%9.2%-4.9%6.1%
Skew 10d8.5%-7.8%18.3%-7.8%14.9%
Call IV 25d17.0%13.0%27.9%17.5%21.9%
Put IV 25d20.6%12.6%31.7%12.6%28.0%
Bid-Ask Spread %10.176.0616.0512.517.88
Gamma HHI0.260.190.370.300.20
Net GEX7.2M-4.7M18.3M9.9M-3.1M
Net DEX-108.0M-199.5M78.4M-145.1M21.2M
Net VEX-2.1M-2.6M-1.7M-1.7M-2.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.430.155.810.610.88
Total Volume13,097.3161,74126,4565,5789,106
Total OI277,464.895233,601324,223233,601324,223

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-02-01$45.00$45.0014.6%4.2%16.4%0.0%14.9%-4.9%-0.7%9.9M-145.1M-1.7M0.6112.51N/AN/A3,4692,109112,774120,827
2007-02-02$45.56$45.0014.1%3.9%17.1%0.0%13.6%2.2%0.6%12.8M-199.5M-1.7M0.768.84N/AN/A4,2663,230115,301122,112
2007-02-05$45.30$45.0015.4%4.1%16.8%0.0%14.3%2.0%0.1%12.5M-166.2M-1.7M0.6911.03N/AN/A2,8591,983117,362123,514
2007-02-06$45.27$45.0014.4%4.2%16.8%0.0%14.5%2.4%0.0%11.7M-168.8M-1.8M0.218.73N/AN/A1,438303118,776123,317
2007-02-07$45.35$45.0013.4%4.0%16.7%0.0%13.8%1.8%0.5%12.8M-179.8M-1.7M0.3113.51N/AN/A2,243696119,597123,402
2007-02-08$44.17$45.0015.3%4.4%19.2%0.0%15.9%2.3%0.4%7.0M-81.7M-1.8M0.9212.25N/AN/A11,60610,703121,174123,535
2007-02-09$43.35$45.0019.9%5.7%20.2%0.0%19.5%3.3%0.5%1.5M-24.4M-1.9M0.6713.97N/AN/A15,85910,597129,116130,703
2007-02-12$43.67$45.0021.6%6.2%20.4%0.0%19.9%4.0%-0.4%3.4M-50.7M-2.0M0.566.07N/AN/A10,0195,606142,275138,356
2007-02-13$44.78$45.0019.1%5.5%21.0%0.0%19.8%4.9%-1.1%11.0M-148.0M-2.1M2.399.97N/AN/A6,79916,247148,092141,448
2007-02-14$45.23$45.0019.3%5.5%21.0%0.0%19.6%4.6%0.0%12.6M-181.5M-2.2M1.107.35N/AN/A6,4037,031150,217153,015
2007-02-15$45.01$45.0018.1%5.2%20.8%0.0%20.4%3.7%-0.1%14.1M-152.8M-2.2M2.197.01N/AN/A1,6243,559152,094158,314
2007-02-16$45.20$45.0017.8%5.1%20.6%0.0%14.4%4.2%-0.3%18.3M-188.2M-2.2M0.1513.99N/AN/A13,8772,098150,696158,211
2007-02-20$45.51$45.0018.4%5.3%20.5%0.0%18.4%5.0%-0.1%6.5M-167.1M-2.1M0.538.41N/AN/A5,0972,695123,310153,207
2007-02-21$44.95$45.0017.5%5.0%21.0%0.0%18.1%3.5%0.2%6.1M-132.6M-2.1M0.6413.06N/AN/A3,5742,297125,402153,808
2007-02-22$44.72$45.0017.2%4.9%20.9%0.0%18.4%4.1%0.9%5.0M-114.6M-2.2M1.526.06N/AN/A6,4459,811127,468154,285
2007-02-23$43.88$45.0014.1%4.0%21.8%0.0%19.5%9.2%1.0%1.0M-50.6M-2.3M4.407.85N/AN/A3,52215,500132,276162,746
2007-02-26$43.34$45.0023.2%6.6%21.8%0.0%23.9%6.4%0.8%-2.1M487.0K-2.4M5.818.67N/AN/A3,56620,732132,993170,729
2007-02-27$42.36$45.0028.5%8.2%21.3%0.0%25.1%3.8%-1.0%-4.7M78.4M-2.6M2.8216.05N/AN/A5,72816,152135,627181,531
2007-02-28$43.08$45.0025.0%7.2%22.3%0.0%24.5%6.1%-0.2%-3.1M21.2M-2.6M0.887.88N/AN/A4,8424,264138,658185,565