WM Options History — July 2018

In July 2018, WM traded between $81.36 and $89.90. ATM implied volatility averaged 14.2%, placing in the 21.7% IV rank vs the trailing year. The 30-day expected move averaged 4.2%. IV traded below realized volatility by 2.0% (HV 20d: 16.3%). Max pain ranged from $80.00 to $82.50. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 3 of 21 days. Put/call ratio averaged 1.39.

Notable Days

2018-07-25: Highest Volume — 11,499 contracts
2018-07-11: Largest IV spike — 27.9% change
2018-07-24: Highest IV Rank — 33.3%
2018-07-24: Largest Expected Move — 5.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$84.27	$81.36	$89.90	$81.64	$89.90
Max Pain	$81.31	$80.00	$82.50	$82.50	$82.50
ATM IV	14.2%	12.2%	17.5%	13.7%	12.8%
Expected Move	4.2%	3.6%	5.0%	3.9%	3.7%
HV 20d	16.3%	11.0%	30.2%	12.1%	30.0%
HV 60d	14.3%	12.1%	20.3%	12.9%	19.9%
IV Rank	21.7%	14.3%	33.3%	19.9%	16.8%
IV Percentile	54.3%	28.6%	78.6%	55.6%	38.5%
Term Structure	-0.7%	-2.6%	2.2%	2.2%	-0.3%
VWIV	15.0%	13.1%	18.2%	14.3%	14.6%
Skew 25d	2.0%	1.4%	2.6%	2.6%	2.1%
Skew 10d	4.2%	3.0%	6.4%	5.5%	5.0%
Call IV 25d	14.1%	12.1%	17.2%	13.0%	12.4%
Put IV 25d	16.1%	14.0%	19.4%	15.6%	14.5%
Bid-Ask Spread %	10.26	6.82	16.24	6.82	10.87
Gamma HHI	0.24	0.19	0.31	0.27	0.21
Net GEX	2.8M	-1.1M	5.5M	-1.1M	4.6M
Net DEX	-88.7M	-170.1M	-32.1M	-34.2M	-170.1M
Net VEX	-684.3K	-768.5K	-613.4K	-768.5K	-625.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.39	0.62	3.87	1.27	1.17
Total Volume	3,641.048	1,386	11,499	1,386	2,672
Total OI	61,547.19	46,766	69,446	64,632	55,849

Daily Data (21 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
2018-07-02	$81.64	$82.50	13.7%	3.9%	12.1%	19.9%	14.3%	2.6%	2.2%	-1.1M	-34.2M	-768.5K	1.27	6.82	N/A	N/A	611	775	33,426	31,206
2018-07-03	$81.59	$82.50	13.6%	3.9%	12.0%	19.5%	13.8%	2.0%	1.7%	-1.1M	-33.7M	-755.4K	1.01	16.24	N/A	N/A	754	763	33,479	31,275
2018-07-05	$82.18	$80.00	13.0%	4.4%	12.3%	17.3%	15.6%	2.3%	-0.7%	83.8K	-49.4M	-748.2K	0.91	7.78	N/A	N/A	974	884	33,556	31,280
2018-07-06	$82.25	$80.00	12.3%	4.3%	12.2%	14.9%	15.7%	2.4%	-0.6%	238.4K	-53.7M	-732.1K	0.68	10.83	N/A	N/A	918	620	33,596	31,408
2018-07-09	$82.50	$80.00	12.7%	4.2%	12.2%	16.1%	15.0%	1.5%	-0.7%	885.3K	-59.4M	-717.1K	0.70	11.89	N/A	N/A	1,100	772	33,684	31,388
2018-07-10	$83.37	$80.00	12.2%	4.2%	12.8%	14.3%	14.8%	2.0%	-0.2%	3.0M	-83.8M	-700.8K	0.99	7.36	N/A	N/A	731	721	33,746	31,448
2018-07-11	$83.75	$80.00	15.6%	4.5%	12.9%	26.5%	15.2%	2.3%	-1.1%	3.7M	-95.5M	-697.9K	0.86	10.60	N/A	N/A	1,172	1,013	33,814	31,409
2018-07-12	$84.26	$80.00	14.2%	4.1%	12.6%	21.4%	14.5%	2.1%	-1.2%	4.9M	-106.3M	-680.1K	3.87	11.33	N/A	N/A	684	2,644	33,737	31,408
2018-07-13	$84.30	$80.00	14.5%	4.2%	12.5%	22.6%	16.1%	1.9%	-1.0%	5.0M	-104.9M	-694.6K	2.57	10.28	N/A	N/A	1,318	3,390	33,815	32,026
2018-07-16	$83.72	$80.00	15.3%	4.4%	12.4%	25.6%	15.1%	1.6%	-1.0%	4.4M	-93.4M	-676.7K	1.85	13.25	N/A	N/A	1,283	2,372	34,703	32,360
2018-07-17	$83.79	$80.00	14.6%	4.2%	11.3%	22.9%	14.8%	1.9%	-1.3%	4.4M	-92.5M	-675.3K	1.00	9.18	N/A	N/A	2,230	2,221	34,720	32,481
2018-07-18	$82.62	$80.00	16.4%	4.7%	12.1%	29.5%	16.3%	1.6%	-2.1%	3.0M	-62.1M	-676.3K	3.06	10.28	N/A	N/A	1,269	3,887	35,036	32,495
2018-07-19	$82.64	$82.50	16.2%	4.6%	11.8%	28.6%	13.1%	1.8%	-2.1%	3.3M	-57.2M	-692.3K	1.18	8.38	N/A	N/A	1,242	1,469	35,068	34,276
2018-07-20	$82.74	$82.50	15.8%	4.5%	11.2%	27.2%	13.7%	1.7%	-1.8%	5.3M	-65.0M	-676.4K	1.13	8.97	N/A	N/A	1,416	1,594	35,144	34,302
2018-07-23	$82.16	$82.50	16.4%	4.7%	11.0%	29.3%	17.2%	2.1%	-2.0%	-260.1K	-44.3M	-660.4K	1.38	11.40	N/A	N/A	1,444	1,992	25,723	21,043
2018-07-24	$81.36	$82.50	17.5%	5.0%	11.5%	33.3%	18.2%	2.2%	-2.6%	-911.9K	-32.1M	-681.1K	0.99	10.93	N/A	N/A	3,739	3,701	26,059	21,833
2018-07-25	$88.00	$82.50	13.2%	3.8%	30.2%	18.1%	15.7%	2.1%	0.1%	3.8M	-141.4M	-613.4K	0.62	10.91	N/A	N/A	7,096	4,403	27,644	24,086
2018-07-26	$88.44	$82.50	13.3%	3.8%	29.2%	18.3%	13.9%	1.4%	-0.4%	5.5M	-156.3M	-629.2K	2.12	8.57	N/A	N/A	1,806	3,825	29,731	24,015
2018-07-27	$89.71	$82.50	12.7%	3.6%	29.4%	16.3%	13.5%	2.1%	-0.1%	4.9M	-169.9M	-634.1K	1.26	10.86	N/A	N/A	1,820	2,291	29,980	24,860
2018-07-30	$88.83	$82.50	13.2%	3.8%	29.9%	18.0%	13.5%	1.8%	-0.1%	4.7M	-157.8M	-636.1K	0.66	8.71	N/A	N/A	1,714	1,132	29,985	25,397
2018-07-31	$89.90	$82.50	12.8%	3.7%	30.0%	16.8%	14.6%	2.1%	-0.3%	4.6M	-170.1M	-625.1K	1.17	10.87	N/A	N/A	1,233	1,439	30,010	25,839