WM Options History — August 2018

In August 2018, WM traded between $89.56 and $91.36. ATM implied volatility averaged 11.5%, placing in the 11.9% IV rank vs the trailing year. The 30-day expected move averaged 3.2%. IV traded below realized volatility by 10.1% (HV 20d: 21.6%). Max pain ranged from $82.50 to $90.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 21 of 23 days. Put/call ratio averaged 1.56.

Notable Days

2018-08-21: Highest Volume — 4,179 contracts
2018-08-13: Largest IV spike — 13.2% change
2018-08-13: Highest IV Rank — 20.5%
2018-08-01: Largest Expected Move — 3.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$90.42	$89.56	$91.36	$90.00	$90.79
Max Pain	$87.93	$82.50	$90.00	$82.50	$90.00
ATM IV	11.5%	10.0%	13.9%	12.4%	10.0%
Expected Move	3.2%	2.9%	3.6%	3.6%	2.9%
HV 20d	21.6%	4.4%	30.2%	30.0%	4.4%
HV 60d	19.4%	18.9%	19.8%	19.7%	18.9%
IV Rank	11.9%	6.5%	20.5%	15.3%	6.5%
IV Percentile	19.0%	1.2%	52.8%	32.5%	1.2%
Term Structure	0.3%	-0.4%	0.9%	0.2%	0.9%
VWIV	12.1%	10.0%	13.4%	12.8%	10.0%
Skew 25d	1.8%	1.4%	2.6%	2.4%	1.6%
Skew 10d	4.1%	1.9%	6.7%	5.7%	3.4%
Call IV 25d	10.5%	9.0%	12.3%	11.8%	9.0%
Put IV 25d	12.3%	10.6%	14.1%	14.1%	10.6%
Bid-Ask Spread %	11.73	6.07	18.17	13.22	9.48
Gamma HHI	0.22	0.19	0.25	0.20	0.25
Net GEX	4.6M	3.8M	5.6M	4.6M	4.2M
Net DEX	-162.3M	-196.3M	-142.5M	-171.8M	-148.8M
Net VEX	-597.4K	-643.7K	-547.5K	-618.8K	-574.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.56	0.50	3.82	0.90	0.61
Total Volume	2,489.043	1,104	4,179	3,699	3,283
Total OI	55,639.087	48,479	59,947	56,177	53,202

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
2018-08-01	$90.00	$82.50	12.4%	3.6%	30.0%	15.3%	12.8%	2.4%	0.2%	4.6M	-171.8M	-618.8K	0.90	13.22	N/A	N/A	1,950	1,749	30,046	26,131
2018-08-02	$90.15	$85.00	12.3%	3.5%	30.0%	14.7%	12.6%	2.2%	0.3%	4.3M	-169.5M	-623.0K	0.76	14.33	N/A	N/A	1,137	859	30,222	26,981
2018-08-03	$89.56	$85.00	12.3%	3.5%	30.2%	14.6%	13.2%	1.5%	-0.1%	4.2M	-160.1M	-626.5K	0.78	10.17	N/A	N/A	1,522	1,182	30,212	27,083
2018-08-06	$89.67	$87.50	12.7%	3.5%	30.2%	16.2%	13.4%	2.6%	0.3%	4.5M	-158.4M	-643.7K	0.97	15.43	N/A	N/A	1,159	1,120	30,454	27,201
2018-08-07	$89.88	$87.50	12.1%	3.4%	30.1%	14.2%	13.4%	2.1%	0.1%	4.7M	-169.8M	-597.4K	0.98	14.36	N/A	N/A	682	665	30,665	27,236
2018-08-08	$90.06	$87.50	11.9%	3.4%	30.1%	13.4%	12.7%	2.1%	0.2%	4.7M	-170.6M	-604.3K	1.06	14.27	N/A	N/A	570	607	30,619	27,281
2018-08-09	$90.26	$87.50	11.5%	3.3%	30.1%	11.9%	10.8%	1.6%	0.0%	5.0M	-175.5M	-579.2K	2.06	16.29	N/A	N/A	1,318	2,721	30,660	27,292
2018-08-10	$89.95	$87.50	12.3%	3.5%	30.2%	14.7%	12.5%	2.1%	0.0%	4.9M	-169.4M	-611.2K	3.82	18.17	N/A	N/A	499	1,905	31,381	27,950
2018-08-13	$89.92	$87.50	13.9%	3.5%	30.0%	20.5%	12.4%	1.8%	0.1%	5.1M	-168.3M	-601.7K	3.09	14.90	N/A	N/A	605	1,871	31,432	27,889
2018-08-14	$90.16	$87.50	13.2%	3.4%	30.0%	18.0%	12.5%	1.8%	0.2%	5.1M	-170.0M	-627.7K	1.66	16.21	N/A	N/A	614	1,017	31,626	28,321
2018-08-15	$90.71	$87.50	12.3%	3.5%	29.3%	14.8%	12.9%	1.9%	0.0%	5.3M	-182.7M	-580.3K	2.35	16.38	N/A	N/A	569	1,335	31,594	28,235
2018-08-16	$90.83	$87.50	11.8%	3.4%	29.2%	12.9%	10.9%	2.1%	-0.4%	5.5M	-186.2M	-572.7K	1.79	11.88	N/A	N/A	749	1,344	31,690	28,180
2018-08-17	$91.36	$87.50	10.3%	2.9%	29.2%	7.6%	11.0%	1.7%	0.7%	5.6M	-196.3M	-547.5K	2.82	11.74	N/A	N/A	739	2,081	31,740	27,797
2018-08-20	$91.17	$87.50	11.5%	3.3%	29.0%	12.0%	10.9%	1.6%	0.0%	5.2M	-160.5M	-568.3K	2.76	10.11	N/A	N/A	956	2,639	28,211	20,268
2018-08-21	$90.93	$87.50	10.7%	3.1%	28.6%	9.1%	12.3%	1.7%	0.6%	5.0M	-156.0M	-583.9K	1.28	7.39	N/A	N/A	1,835	2,344	28,558	21,293
2018-08-22	$90.65	$90.00	10.8%	3.1%	8.9%	9.4%	13.0%	1.8%	0.5%	4.4M	-148.0M	-592.1K	2.01	6.07	N/A	N/A	1,198	2,404	28,579	22,525
2018-08-23	$90.55	$90.00	10.5%	3.0%	8.9%	8.5%	11.8%	1.6%	0.5%	4.3M	-147.1M	-597.6K	1.41	8.00	N/A	N/A	1,567	2,204	28,749	22,912
2018-08-24	$90.67	$90.00	10.3%	3.0%	7.4%	7.9%	12.3%	1.4%	0.7%	4.0M	-145.6M	-611.7K	1.13	6.32	N/A	N/A	1,299	1,474	28,940	23,870
2018-08-27	$90.62	$90.00	10.5%	3.0%	6.3%	8.3%	13.4%	1.4%	0.6%	4.0M	-145.5M	-597.0K	0.50	9.92	N/A	N/A	1,357	685	29,237	23,944
2018-08-28	$90.43	$90.00	10.2%	2.9%	4.9%	7.1%	10.8%	1.4%	0.6%	3.8M	-142.5M	-596.2K	1.02	8.35	N/A	N/A	547	557	29,204	23,991
2018-08-29	$90.72	$90.00	10.3%	3.0%	5.0%	7.7%	11.4%	1.5%	0.5%	4.2M	-146.6M	-593.1K	1.03	7.56	N/A	N/A	589	607	29,264	23,878
2018-08-30	$90.58	$90.00	10.3%	3.0%	5.0%	7.8%	12.2%	1.7%	0.4%	4.0M	-143.0M	-591.2K	1.16	9.15	N/A	N/A	524	610	29,227	23,929
2018-08-31	$90.79	$90.00	10.0%	2.9%	4.4%	6.5%	10.0%	1.6%	0.9%	4.2M	-148.8M	-574.9K	0.61	9.48	N/A	N/A	2,040	1,243	29,253	23,949