WM Options History — October 2013

In October 2013, WM traded between $40.40 and $43.65. ATM implied volatility averaged 16.3%, placing in the 69.4% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded above realized volatility by 1.6% (HV 20d: 14.7%). Max pain ranged from $40.00 to $40.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 4 of 23 days. Put/call ratio averaged 0.43.

Notable Days

2013-10-07: Highest Volume — 13,873 contracts
2013-10-08: Largest IV spike — 17.0% change
2013-10-08: Highest IV Rank — 91.4%
2013-10-09: Largest Expected Move — 5.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$42.07	$40.40	$43.65	$41.58	$43.54
Max Pain	$40.00	$40.00	$40.00	$40.00	$40.00
ATM IV	16.3%	12.7%	19.6%	14.1%	12.7%
Expected Move	5.1%	4.8%	5.4%	5.1%	4.8%
HV 20d	14.7%	13.1%	16.5%	13.1%	16.0%
HV 60d	14.3%	13.3%	15.8%	13.5%	15.8%
IV Rank	69.4%	45.3%	91.4%	54.3%	45.3%
IV Percentile	65.4%	21.0%	95.6%	37.3%	21.0%
Term Structure	-0.9%	-2.3%	1.5%	1.4%	0.1%
VWIV	19.5%	13.8%	24.2%	21.4%	13.8%
Skew 25d	2.8%	1.6%	4.0%	2.2%	4.0%
Skew 10d	8.1%	2.0%	11.3%	2.8%	6.9%
Call IV 25d	15.5%	10.6%	19.8%	13.5%	10.6%
Put IV 25d	18.3%	14.6%	22.9%	15.6%	14.6%
Bid-Ask Spread %	23.26	15.99	30.04	23.75	21.41
Gamma HHI	0.34	0.18	0.55	0.23	0.25
Net GEX	9.4M	3.8M	15.3M	6.2M	10.2M
Net DEX	-85.5M	-127.3M	-29.5M	-52.8M	-127.3M
Net VEX	-410.7K	-442.9K	-349.2K	-366.9K	-426.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.43	0.01	2.69	0.36	0.25
Total Volume	2,744.739	288	13,873	288	1,091
Total OI	77,370.565	64,105	90,831	67,469	76,198

Daily Data (23 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
2013-10-01	$41.58	$40.00	14.1%	5.1%	13.1%	54.3%	21.4%	2.2%	1.4%	6.2M	-52.8M	-366.9K	0.36	23.75	N/A	N/A	212	76	40,504	26,965
2013-10-02	$41.22	$40.00	15.3%	5.1%	13.5%	62.9%	19.0%	2.5%	1.5%	5.3M	-43.9M	-362.0K	2.69	23.39	N/A	N/A	386	1,039	40,602	27,020
2013-10-03	$40.62	$40.00	16.6%	5.3%	14.6%	71.5%	22.1%	2.5%	0.6%	3.8M	-29.5M	-356.9K	0.70	24.96	N/A	N/A	936	655	40,751	27,748
2013-10-04	$40.80	$40.00	16.0%	5.3%	14.6%	67.2%	17.7%	3.3%	-0.5%	4.2M	-34.3M	-354.9K	0.47	23.82	N/A	N/A	650	307	40,813	28,178
2013-10-07	$40.86	$40.00	16.8%	5.3%	14.2%	72.4%	24.2%	2.2%	-1.9%	4.6M	-36.2M	-349.2K	0.01	22.79	N/A	N/A	13,772	101	40,758	28,429
2013-10-08	$40.49	$40.00	19.6%	5.4%	14.2%	91.4%	22.5%	3.1%	-1.9%	6.7M	-44.1M	-419.1K	0.16	27.01	N/A	N/A	2,412	380	54,145	28,442
2013-10-09	$40.40	$40.00	18.5%	5.4%	14.1%	84.2%	19.5%	3.4%	-1.8%	6.9M	-43.9M	-409.5K	0.13	26.98	N/A	N/A	1,590	200	56,176	28,706
2013-10-10	$41.23	$40.00	19.3%	5.2%	15.9%	89.3%	0.0%	3.3%	-2.3%	9.4M	-66.4M	-427.0K	0.14	25.52	N/A	N/A	1,108	154	56,285	28,767
2013-10-11	$41.74	$40.00	17.5%	5.2%	16.5%	77.3%	21.0%	2.8%	-1.3%	11.5M	-85.8M	-428.4K	0.02	30.04	N/A	N/A	5,355	100	56,510	28,810
2013-10-14	$41.72	$40.00	17.8%	5.2%	15.9%	78.9%	17.0%	3.3%	-1.1%	13.5M	-91.5M	-433.3K	0.14	23.35	N/A	N/A	1,411	204	61,230	28,817
2013-10-15	$41.43	$40.00	18.6%	5.4%	16.0%	84.7%	0.0%	2.9%	-1.0%	12.4M	-79.8M	-427.8K	0.16	25.81	N/A	N/A	748	116	61,676	28,828
2013-10-16	$41.98	$40.00	16.9%	5.0%	14.1%	73.1%	19.9%	3.6%	-1.0%	15.3M	-102.7M	-426.9K	0.37	25.15	N/A	N/A	894	331	61,923	28,908
2013-10-17	$42.47	$40.00	16.1%	5.0%	14.7%	67.7%	0.0%	3.0%	-0.9%	15.1M	-125.3M	-415.8K	0.04	23.91	N/A	N/A	4,254	184	61,230	28,948
2013-10-18	$42.45	$40.00	17.0%	5.2%	14.6%	73.8%	18.2%	3.0%	-1.5%	12.8M	-123.2M	-413.5K	0.08	21.04	N/A	N/A	1,959	160	61,240	28,978
2013-10-21	$42.52	$40.00	14.7%	5.1%	14.5%	58.6%	19.6%	3.2%	-0.1%	8.8M	-83.5M	-405.2K	0.07	21.02	N/A	N/A	6,197	419	42,646	21,459
2013-10-22	$43.01	$40.00	15.0%	5.1%	14.8%	60.8%	21.8%	3.2%	-0.4%	9.9M	-107.8M	-429.1K	0.28	21.23	N/A	N/A	1,898	522	48,134	21,803
2013-10-23	$43.30	$40.00	15.6%	5.1%	14.5%	64.8%	19.7%	2.9%	-0.9%	9.2M	-115.2M	-429.6K	0.86	19.48	N/A	N/A	1,189	1,027	48,287	22,266
2013-10-24	$43.27	$40.00	16.3%	5.1%	14.4%	69.2%	18.6%	2.9%	-1.9%	9.6M	-114.7M	-442.9K	0.19	18.90	N/A	N/A	1,549	297	48,891	23,161
2013-10-25	$43.65	$40.00	15.7%	4.8%	14.2%	65.0%	20.4%	2.0%	-2.1%	9.1M	-124.9M	-436.4K	0.14	21.79	N/A	N/A	1,104	158	49,191	23,400
2013-10-28	$43.61	$40.00	16.3%	4.8%	14.1%	69.4%	18.8%	2.1%	-1.8%	9.4M	-125.5M	-424.7K	0.53	15.99	N/A	N/A	1,764	943	49,369	23,496
2013-10-29	$43.25	$40.00	14.8%	5.1%	14.4%	59.2%	17.5%	2.5%	-1.0%	10.9M	-119.4M	-424.8K	1.47	24.87	N/A	N/A	1,599	2,349	49,893	24,363
2013-10-30	$42.54	$40.00	14.3%	5.0%	15.4%	55.8%	17.4%	1.6%	-0.5%	11.9M	-89.4M	-437.0K	0.69	22.78	N/A	N/A	788	541	50,181	25,398
2013-10-31	$43.54	$40.00	12.7%	4.8%	16.0%	45.3%	13.8%	4.0%	0.1%	10.2M	-127.3M	-426.0K	0.25	21.41	N/A	N/A	876	215	50,373	25,825