WM Options History — May 2025

In May 2025, WM traded between $222.02 and $240.87. ATM implied volatility averaged 18.1%, placing in the 14.7% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded below realized volatility by 2.8% (HV 20d: 20.9%). Max pain ranged from $220.00 to $230.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 0.69.

Notable Days

  • 2025-05-12: Highest Volume — 4,957 contracts
  • 2025-05-08: Largest IV spike — 67.8% change
  • 2025-05-12: Highest IV Rank — 26.2%
  • 2025-05-01: Largest Expected Move — 5.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$232.95$222.02$240.87$234.35$240.87
Max Pain$220.95$220.00$230.00$230.00$220.00
ATM IV18.1%12.4%23.4%20.7%15.2%
Expected Move5.0%4.4%5.9%5.9%4.4%
HV 20d20.9%17.2%31.1%31.1%18.5%
HV 60d21.5%20.2%22.4%20.3%22.4%
IV Rank14.7%2.2%26.2%20.3%8.2%
IV Percentile50.2%0.8%86.1%79.0%14.7%
Term Structure0.3%-2.5%1.6%-2.5%1.1%
VWIV17.5%15.8%19.5%18.6%15.8%
Skew 25d3.7%2.6%5.7%5.7%2.7%
Skew 10d8.3%6.4%14.7%14.7%7.0%
Call IV 25d15.6%14.5%16.5%15.6%14.5%
Put IV 25d19.3%17.2%21.3%21.3%17.2%
Bid-Ask Spread %79.9360.8285.9861.2684.02
Gamma HHI0.300.140.490.420.28
Net GEX12.4M1.9M20.1M18.2M13.3M
Net DEX-182.0M-258.1M-70.4M-212.5M-258.1M
Net VEX-1.4M-1.4M-1.2M-1.4M-1.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.690.161.330.731.25
Total Volume1,693.3333604,9572,3471,347
Total OI41,587.42936,43246,61542,12838,947

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$234.35$230.0020.7%5.9%31.1%20.3%18.6%5.7%-2.5%18.2M-212.5M-1.4M0.7361.26N/AN/A1,36098726,86215,266
2025-05-02$234.03$230.0018.6%5.3%30.8%15.7%17.6%4.0%-0.0%18.2M-204.1M-1.4M0.6560.82N/AN/A85855927,01815,616
2025-05-05$234.77$220.0020.7%5.4%27.2%20.3%18.2%4.2%0.0%19.0M-214.6M-1.4M0.5275.06N/AN/A56829427,03815,732
2025-05-06$234.66$220.0021.3%5.5%24.0%21.6%19.5%4.1%0.1%18.5M-206.5M-1.4M0.7779.66N/AN/A31824527,02415,848
2025-05-07$235.56$220.0012.4%4.8%20.9%2.2%16.8%4.1%0.8%20.1M-216.1M-1.4M1.0080.13N/AN/A32632526,92315,998
2025-05-08$234.19$220.0020.8%5.4%17.2%20.6%18.4%4.3%0.0%17.7M-196.6M-1.4M1.1484.77N/AN/A54762326,95316,158
2025-05-09$232.67$220.0018.7%5.4%17.3%15.9%18.6%4.1%0.4%13.0M-171.5M-1.4M0.7481.22N/AN/A67049327,14916,470
2025-05-12$224.79$220.0023.4%5.1%20.2%26.2%17.4%3.9%-0.6%3.2M-82.3M-1.2M0.5185.14N/AN/A3,2881,66927,35516,573
2025-05-13$223.23$220.0023.3%5.2%19.3%26.0%17.1%3.8%0.1%3.6M-78.0M-1.3M0.3781.95N/AN/A2,15079328,79816,817
2025-05-14$222.02$220.0018.4%5.3%19.3%15.3%17.9%3.6%0.1%1.9M-70.4M-1.3M0.1979.49N/AN/A2,25442128,84916,996
2025-05-15$227.80$220.0016.9%4.8%21.3%12.0%17.5%3.4%0.6%10.7M-139.5M-1.3M0.1685.98N/AN/A1,74628729,65716,958
2025-05-16$229.25$220.0016.3%4.7%21.1%10.7%16.4%3.4%0.8%17.4M-149.0M-1.3M0.3183.06N/AN/A2,08363929,33417,013
2025-05-19$231.83$220.0016.9%4.8%19.6%11.9%17.7%3.1%0.4%9.3M-175.5M-1.3M0.6376.41N/AN/A2,1071,33222,68513,747
2025-05-20$233.54$220.0017.5%5.0%18.8%13.3%17.4%3.6%0.3%10.0M-187.1M-1.4M0.9082.34N/AN/A62155823,06914,838
2025-05-21$234.34$220.0018.1%5.2%18.5%14.8%16.4%3.8%-0.1%9.8M-191.7M-1.4M0.3381.40N/AN/A93530723,02815,113
2025-05-22$233.94$220.0017.8%5.1%18.4%14.0%17.3%2.9%0.2%10.3M-186.8M-1.4M1.3383.41N/AN/A37950523,32715,229
2025-05-23$237.14$220.0016.2%4.6%18.9%10.4%17.9%3.5%1.6%10.9M-215.8M-1.4M0.7880.75N/AN/A1,10286023,36315,400
2025-05-27$237.73$220.0016.1%4.6%18.9%10.3%17.3%2.6%0.6%11.9M-224.8M-1.3M0.5083.10N/AN/A65833023,36815,163
2025-05-28$237.50$220.0015.9%4.6%18.9%9.9%16.7%2.8%0.9%11.4M-219.1M-1.3M0.8185.30N/AN/A19916123,45415,332
2025-05-29$237.74$220.0015.7%4.5%18.4%9.3%16.4%3.3%0.9%11.8M-221.6M-1.4M0.9783.29N/AN/A33332323,48215,386
2025-05-30$240.87$220.0015.2%4.4%18.5%8.2%15.8%2.7%1.1%13.3M-258.1M-1.3M1.2584.02N/AN/A59974823,52315,424