WM Options History — May 2007

In May 2007, WM traded between $42.38 and $44.08. ATM implied volatility averaged 18.2%. The 30-day expected move averaged 5.3%. IV traded below realized volatility by 1.5% (HV 20d: 19.7%). Max pain ranged from $40.00 to $42.50. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 21 of 22 days. Put/call ratio averaged 1.18.

Notable Days

  • 2007-05-09: Highest Volume — 37,240 contracts
  • 2007-05-24: Largest IV spike — 47.8% change
  • 2007-05-14: Largest Expected Move — 6.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$43.08$42.38$44.08$42.38$43.72
Max Pain$42.16$40.00$42.50$42.50$42.50
ATM IV18.2%12.3%20.9%17.9%18.3%
Expected Move5.3%3.5%6.0%5.1%5.2%
HV 20d19.7%12.5%26.6%26.6%14.2%
HV 60d26.0%24.3%27.2%27.1%24.3%
Term Structure2.0%-0.2%3.9%-0.2%2.9%
VWIV18.5%13.4%21.3%18.5%19.8%
Skew 25d4.0%-2.4%13.9%2.8%0.7%
Skew 10d8.8%-8.7%23.0%1.8%14.2%
Call IV 25d17.5%14.0%23.9%18.6%17.5%
Put IV 25d21.5%17.9%27.9%21.3%18.2%
Bid-Ask Spread %11.786.7821.268.5610.50
Gamma HHI0.190.160.240.160.21
Net GEX3.9M-638.2K8.1M-638.2K4.1M
Net DEX-113.4M-197.1M-37.9M-37.9M-137.3M
Net VEX-3.0M-3.2M-2.0M-3.0M-3.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.180.182.940.722.94
Total Volume8,442.9552,36637,2405,0685,476
Total OI418,570.045311,180445,447409,906414,386

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-05-01$42.38$42.5017.9%5.1%26.6%0.0%18.5%2.8%-0.2%-638.2K-37.9M-3.0M0.728.56N/AN/A2,9422,126164,521245,385
2007-05-02$42.71$42.5017.3%5.0%26.4%0.0%17.6%1.2%0.6%1.8M-75.5M-3.0M1.1113.23N/AN/A9,40210,454165,701245,383
2007-05-03$43.03$42.5018.1%5.2%25.8%0.0%17.9%3.0%1.2%2.1M-96.7M-3.1M0.9313.10N/AN/A9,8889,222171,869249,712
2007-05-04$42.88$40.0017.8%5.4%25.9%0.0%19.4%4.1%2.3%2.9M-98.5M-3.2M0.6420.74N/AN/A4,5362,884178,398253,729
2007-05-07$42.87$40.0019.0%5.5%25.1%0.0%18.4%3.4%2.0%2.7M-94.6M-3.2M0.4221.26N/AN/A5,9572,500180,603255,633
2007-05-08$42.89$40.0018.4%5.8%24.6%0.0%19.1%4.3%1.3%3.4M-100.0M-3.2M1.2712.32N/AN/A1,8882,389183,186255,295
2007-05-09$43.13$42.5019.0%5.9%24.6%0.0%19.7%4.0%1.2%4.7M-130.6M-3.2M1.9914.79N/AN/A12,46724,773183,770255,919
2007-05-10$42.51$42.5019.6%5.6%25.4%0.0%19.6%2.8%1.4%4.6M-88.1M-3.2M1.288.41N/AN/A1,1061,421193,543242,658
2007-05-11$42.99$42.5020.2%5.8%25.3%0.0%19.0%4.2%1.9%5.5M-122.5M-3.2M0.187.45N/AN/A4,027716193,900244,782
2007-05-14$42.62$42.5020.9%6.0%23.3%0.0%20.6%3.5%1.3%4.1M-51.9M-2.0M0.6216.19N/AN/A2,3471,453142,131169,049
2007-05-15$42.42$42.5019.9%5.7%22.6%0.0%21.3%9.5%1.4%6.4M-87.5M-3.2M1.627.30N/AN/A1,9503,162195,401245,358
2007-05-16$42.83$42.5019.9%5.7%14.7%0.0%19.6%7.5%1.7%8.1M-116.2M-3.1M2.297.03N/AN/A1,4893,409196,027246,790
2007-05-17$42.99$42.5019.4%5.6%14.8%0.0%19.1%13.9%1.9%4.8M-136.5M-3.1M0.2911.23N/AN/A3,203943196,261249,186
2007-05-18$43.07$42.5018.4%5.3%14.2%0.0%18.5%12.5%2.4%5.0M-148.2M-3.0M0.239.21N/AN/A5,1071,182196,411246,321
2007-05-21$42.96$42.5017.6%5.0%12.5%0.0%17.8%2.8%2.7%1.6M-84.0M-3.0M1.9310.15N/AN/A2,0894,027169,401227,413
2007-05-22$44.08$42.5015.7%4.5%14.7%0.0%16.9%-2.4%2.8%6.4M-197.1M-2.9M0.338.55N/AN/A15,0114,996170,659229,480
2007-05-23$43.77$42.5012.3%3.5%14.3%0.0%13.4%0.8%2.6%5.1M-175.1M-3.0M1.7815.38N/AN/A1,2262,180175,568231,766
2007-05-24$43.34$42.5018.1%5.2%14.9%0.0%17.7%2.0%2.9%3.7M-139.5M-3.0M2.339.04N/AN/A2,1314,969175,961231,258
2007-05-25$43.26$42.5018.0%5.2%14.9%0.0%17.4%2.3%2.4%2.4M-107.1M-3.1M0.4717.93N/AN/A2,7441,291174,520236,122
2007-05-29$43.46$42.5017.8%5.1%14.4%0.0%17.7%1.4%3.9%3.4M-122.6M-3.0M1.5210.03N/AN/A9381,428175,961235,962
2007-05-30$43.78$42.5016.2%4.6%14.3%0.0%17.7%3.1%2.6%4.4M-148.0M-3.0M1.116.78N/AN/A2,0352,261176,141237,021
2007-05-31$43.72$42.5018.3%5.2%14.2%0.0%19.8%0.7%2.9%4.1M-137.3M-3.0M2.9410.50N/AN/A1,3894,087176,854237,532