WM Options History — January 2022

In January 2022, WM traded between $146.65 and $164.71. ATM implied volatility averaged 23.5%, placing in the 66.6% IV rank vs the trailing year. The 30-day expected move averaged 6.7%. IV traded above realized volatility by 3.9% (HV 20d: 19.6%). Max pain ranged from $150.00 to $165.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 0.86.

Notable Days

2022-01-20: Highest Volume — 31,140 contracts
2022-01-24: Largest IV spike — 15.0% change
2022-01-24: Highest IV Rank — 100.0%
2022-01-24: Largest Expected Move — 8.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$155.54	$146.65	$164.71	$162.41	$150.00
Max Pain	$162.75	$150.00	$165.00	$150.00	$165.00
ATM IV	23.5%	17.5%	30.0%	18.0%	26.0%
Expected Move	6.7%	4.9%	8.9%	5.1%	7.5%
HV 20d	19.6%	17.1%	21.6%	19.3%	19.2%
HV 60d	19.6%	18.4%	20.2%	19.6%	18.9%
IV Rank	66.6%	32.7%	100.0%	35.7%	78.3%
IV Percentile	86.6%	45.2%	100.0%	54.8%	96.4%
Term Structure	0.1%	-3.1%	5.5%	0.0%	-2.7%
VWIV	24.0%	17.1%	30.4%	17.6%	26.9%
Skew 25d	3.7%	-2.5%	9.6%	-0.3%	9.6%
Skew 10d	10.5%	0.2%	21.4%	12.6%	21.4%
Call IV 25d	23.1%	17.6%	30.0%	20.4%	21.4%
Put IV 25d	26.9%	20.1%	35.1%	20.1%	31.0%
Bid-Ask Spread %	77.74	67.74	84.98	83.72	74.67
Gamma HHI	0.31	0.15	0.55	0.55	0.17
Net GEX	11.0M	1.6M	29.9M	29.9M	2.2M
Net DEX	-49.6M	-324.9M	92.2M	-216.6M	77.8M
Net VEX	-1.2M	-1.6M	-854.4K	-1.5M	-854.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.86	0.10	2.20	0.90	0.45
Total Volume	7,927.6	2,837	31,140	17,152	3,100
Total OI	77,995.8	53,588	97,908	91,695	54,918

Daily Data (20 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
2022-01-03	$162.41	$150.00	18.0%	5.1%	19.3%	35.7%	17.6%	-0.3%	0.0%	29.9M	-216.6M	-1.5M	0.90	83.72	N/A	N/A	9,034	8,118	56,005	35,690
2022-01-04	$164.71	$150.00	17.5%	4.9%	19.8%	32.7%	17.1%	2.8%	-0.5%	27.9M	-324.9M	-1.6M	0.65	80.93	N/A	N/A	11,633	7,520	56,361	41,547
2022-01-05	$162.00	$150.00	18.9%	5.2%	20.6%	41.0%	18.5%	1.0%	-0.5%	16.3M	-161.4M	-1.5M	0.83	80.85	N/A	N/A	2,563	2,131	51,334	37,954
2022-01-06	$162.97	$165.00	20.7%	5.9%	20.8%	51.8%	21.3%	4.2%	-0.6%	17.6M	-205.7M	-1.5M	0.97	79.79	N/A	N/A	2,829	2,747	51,376	38,064
2022-01-07	$162.00	$165.00	23.8%	6.4%	20.8%	69.7%	21.7%	6.6%	-0.3%	20.5M	-164.9M	-1.5M	0.88	76.71	N/A	N/A	4,139	3,647	52,096	38,618
2022-01-10	$158.95	$165.00	22.9%	6.5%	21.6%	64.5%	22.8%	1.8%	-0.1%	14.6M	-107.9M	-1.3M	1.28	79.11	N/A	N/A	2,384	3,056	49,717	34,953
2022-01-11	$158.95	$165.00	22.0%	6.4%	21.6%	59.2%	24.9%	-2.5%	0.8%	14.3M	-107.7M	-1.3M	1.01	80.15	N/A	N/A	2,389	2,407	49,779	35,080
2022-01-12	$159.43	$165.00	23.2%	5.9%	21.2%	66.0%	22.6%	6.4%	-0.8%	14.7M	-115.9M	-1.3M	1.07	84.13	N/A	N/A	2,509	2,677	50,039	35,360
2022-01-13	$157.51	$165.00	21.4%	5.9%	21.5%	55.6%	22.3%	2.7%	-1.5%	10.3M	-56.6M	-1.2M	1.24	71.72	N/A	N/A	2,366	2,928	50,124	35,834
2022-01-14	$156.97	$165.00	24.0%	6.5%	20.0%	70.8%	23.8%	0.4%	-2.5%	8.3M	-53.1M	-1.2M	0.34	84.98	N/A	N/A	8,684	2,996	50,260	35,893
2022-01-18	$154.99	$165.00	22.3%	6.4%	18.9%	61.2%	22.2%	4.9%	0.3%	8.4M	-2.0M	-1.0M	0.93	73.90	N/A	N/A	3,091	2,885	49,302	35,618
2022-01-19	$155.71	$165.00	24.2%	7.0%	18.8%	72.4%	25.1%	4.3%	-3.1%	8.4M	-25.8M	-1.1M	1.95	81.12	N/A	N/A	1,612	3,150	49,244	35,733
2022-01-20	$153.79	$165.00	22.7%	6.6%	19.1%	63.2%	22.7%	4.6%	-1.0%	5.9M	24.3M	-998.9K	0.10	76.66	N/A	N/A	28,220	2,920	49,063	35,759
2022-01-21	$151.87	$165.00	26.1%	7.4%	19.2%	83.0%	24.5%	3.9%	1.3%	5.7M	42.5M	-976.3K	2.20	78.93	N/A	N/A	1,245	2,742	51,463	35,687
2022-01-24	$149.28	$165.00	30.0%	8.9%	19.2%	100.0%	30.4%	5.2%	0.6%	4.0M	60.6M	-960.4K	0.67	67.74	N/A	N/A	1,903	1,269	34,849	18,739
2022-01-25	$148.25	$165.00	26.9%	8.2%	18.6%	83.2%	29.7%	2.7%	2.6%	3.4M	82.6M	-873.0K	0.41	70.47	N/A	N/A	2,721	1,115	35,677	18,796
2022-01-26	$147.51	$165.00	25.3%	7.6%	17.9%	74.2%	27.3%	5.6%	2.6%	2.8M	83.2M	-869.7K	0.95	76.78	N/A	N/A	1,453	1,384	37,189	18,895
2022-01-27	$146.65	$165.00	28.3%	8.2%	17.1%	90.9%	30.2%	5.9%	1.9%	2.3M	92.2M	-866.6K	0.25	75.29	N/A	N/A	5,322	1,311	37,767	19,432
2022-01-28	$146.88	$165.00	26.1%	7.7%	17.3%	78.6%	28.0%	5.2%	5.5%	1.6M	87.2M	-877.5K	0.21	77.16	N/A	N/A	5,230	1,122	36,281	19,420
2022-01-31	$150.00	$165.00	26.0%	7.5%	19.2%	78.3%	26.9%	9.6%	-2.7%	2.2M	77.8M	-854.4K	0.45	74.67	N/A	N/A	2,145	955	35,577	19,341