WM Options History — January 2023

In January 2023, WM traded between $150.89 and $159.82. ATM implied volatility averaged 21.5%, placing in the 26.6% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded below realized volatility by 1.9% (HV 20d: 23.5%). Max pain ranged from $155.00 to $155.00. Net GEX was positive for 6 of 20 trading days. Term structure was in contango for 5 of 20 days. Put/call ratio averaged 0.94.

Notable Days

  • 2023-01-25: Highest Volume — 6,101 contracts
  • 2023-01-13: Largest IV drop — 14.5% change
  • 2023-01-03: Highest IV Rank — 42.5%
  • 2023-01-30: Largest Expected Move — 6.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$154.05$150.89$159.82$156.63$154.14
Max Pain$155.00$155.00$155.00$155.00$155.00
ATM IV21.5%19.1%23.9%23.9%19.7%
Expected Move6.2%5.8%6.9%5.9%6.5%
HV 20d23.5%17.0%26.8%17.4%23.4%
HV 60d20.1%18.6%21.1%19.6%19.4%
IV Rank26.6%12.9%42.5%42.5%16.3%
IV Percentile38.4%12.7%60.7%60.7%22.2%
Term Structure-1.0%-5.7%3.4%0.7%-2.5%
VWIV21.9%19.0%24.1%21.2%24.1%
Skew 25d4.2%1.7%7.1%3.9%7.1%
Skew 10d10.1%-0.1%26.9%13.1%26.9%
Call IV 25d20.2%16.9%23.2%22.1%18.9%
Put IV 25d24.4%21.6%26.7%26.0%26.0%
Bid-Ask Spread %60.3337.2075.7660.7373.01
Gamma HHI0.120.090.180.090.15
Net GEX-1.2M-4.7M3.9M-1.7M3.9M
Net DEX5.2M-55.2M36.5M-13.3M-8.8M
Net VEX-775.6K-827.7K-699.0K-827.7K-789.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.940.071.960.791.04
Total Volume2,226.77066,1019933,161
Total OI41,872.928,43548,34544,18536,087

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-01-03$156.63$155.0023.9%5.9%17.4%42.5%21.2%3.9%0.7%-1.7M-13.3M-827.7K0.7960.73N/AN/A55543822,81721,368
2023-01-04$155.92$155.0023.5%5.8%17.3%36.8%19.4%3.6%-0.4%-2.3M-5.6M-815.6K1.9166.35N/AN/A36469423,07021,655
2023-01-05$153.92$155.0023.8%6.3%17.0%38.5%22.4%3.5%-0.9%-3.5M15.7M-788.5K0.6464.50N/AN/A84454323,17621,538
2023-01-06$159.82$155.0022.5%5.9%22.4%31.9%21.4%4.5%-3.4%2.0M-55.2M-820.3K0.7674.65N/AN/A1,10184023,10221,600
2023-01-09$158.39$155.0021.8%5.9%22.5%27.7%24.0%3.8%-0.9%275.2K-44.1M-798.0K1.1972.79N/AN/A8751,04422,94721,002
2023-01-10$154.54$155.0021.8%6.3%23.4%28.0%22.9%4.7%0.3%-2.6M3.5M-794.7K1.9170.68N/AN/A7921,50923,45621,692
2023-01-11$156.78$155.0022.5%6.3%24.3%31.7%21.0%3.2%-0.8%-1.4M-23.4M-800.8K0.9475.76N/AN/A44942423,68222,359
2023-01-12$152.20$155.0022.3%6.5%26.0%30.4%21.3%3.5%0.7%-4.7M36.5M-723.6K0.8273.69N/AN/A1,16595423,80322,495
2023-01-13$153.86$155.0019.1%5.8%26.5%12.9%21.4%1.7%2.7%-3.0M11.4M-749.6K0.5455.96N/AN/A1,01054924,29322,705
2023-01-17$154.40$155.0021.0%6.0%26.0%23.5%21.1%3.9%-0.1%-1.9M-5.6M-738.9K0.4141.02N/AN/A1,94980424,46021,974
2023-01-18$151.01$155.0022.3%6.4%26.8%30.4%22.0%3.7%-1.6%-4.0M35.9M-720.8K0.9555.37N/AN/A85481524,97222,338
2023-01-19$150.89$155.0022.8%6.6%25.0%33.0%22.7%4.4%-1.5%-4.3M35.9M-699.0K1.9637.20N/AN/A5341,04525,23522,541
2023-01-20$152.00$155.0022.0%6.4%25.1%28.9%21.9%3.8%-0.9%-4.2M24.0M-731.9K1.0548.39N/AN/A1,7481,83525,40222,943
2023-01-23$152.51$155.0020.8%6.3%25.0%22.3%22.2%5.1%-3.6%-1.3M24.3M-729.5K0.9346.94N/AN/A1,9511,81815,81112,624
2023-01-24$152.25$155.0021.4%6.2%24.7%25.8%21.9%3.6%-5.7%-1.9M27.1M-767.7K0.4068.19N/AN/A1,42357617,46914,078
2023-01-25$153.06$155.0020.0%6.2%24.4%17.9%19.0%4.6%-0.8%-1.2M20.0M-777.2K0.0739.44N/AN/A5,69041118,34214,384
2023-01-26$152.63$155.0019.3%6.2%24.3%14.4%22.4%6.6%-2.3%1.7M13.9M-814.9K1.0349.14N/AN/A34835823,43714,630
2023-01-27$152.63$155.0020.4%6.1%23.9%20.4%22.1%6.0%-2.2%2.1M16.1M-802.3K1.0866.21N/AN/A1,9472,09923,58114,755
2023-01-30$153.33$155.0020.0%6.9%23.7%17.9%22.8%3.5%3.4%3.1M-3.3M-821.5K0.3666.60N/AN/A74926922,41713,218
2023-01-31$154.14$155.0019.7%6.5%23.4%16.3%24.1%7.1%-2.5%3.9M-8.8M-789.7K1.0473.01N/AN/A1,5491,61222,73113,356