WM Options History — July 2025

In July 2025, WM traded between $223.75 and $235.11. ATM implied volatility averaged 20.9%, placing in the 20.8% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 5.0% (HV 20d: 15.9%). Max pain ranged from $230.00 to $230.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 0.53.

Notable Days

  • 2025-07-28: Highest Volume — 12,016 contracts
  • 2025-07-29: Largest IV drop — 39.2% change
  • 2025-07-28: Highest IV Rank — 34.3%
  • 2025-07-28: Largest Expected Move — 7.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$227.75$223.75$235.11$229.02$229.79
Max Pain$230.00$230.00$230.00$230.00$230.00
ATM IV20.9%15.5%27.1%15.6%17.6%
Expected Move6.2%4.5%7.8%4.5%5.1%
HV 20d15.9%13.0%18.2%13.0%16.7%
HV 60d17.1%15.5%21.9%21.9%16.9%
IV Rank20.8%9.0%34.3%9.2%13.6%
IV Percentile66.8%13.9%96.0%15.5%44.0%
Term Structure-1.9%-6.5%4.1%4.1%-0.2%
VWIV22.2%16.3%27.7%16.3%18.7%
Skew 25d3.4%0.5%4.4%1.8%1.8%
Skew 10d7.4%2.6%10.2%4.2%3.9%
Call IV 25d20.6%15.6%27.4%15.6%17.5%
Put IV 25d24.0%17.4%28.0%17.4%19.3%
Bid-Ask Spread %76.8543.2490.9787.7873.48
Gamma HHI0.200.150.330.160.25
Net GEX7.3M-4.5M25.7M568.9K15.8M
Net DEX-101.5M-238.1M-15.3M-77.9M-134.3M
Net VEX-1.3M-1.4M-1.2M-1.3M-1.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.530.031.210.630.55
Total Volume3,100.59167912,0161,123959
Total OI44,911.22737,89348,36741,28743,145

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-07-01$229.02$230.0015.6%4.5%13.0%9.2%16.3%1.8%4.1%568.9K-77.9M-1.3M0.6387.78N/AN/A69143224,24517,042
2025-07-02$223.75$230.0018.2%5.2%14.9%14.9%18.8%3.0%3.5%-4.5M-15.3M-1.2M1.1290.97N/AN/A5,0985,71724,31917,191
2025-07-03$227.14$230.0015.5%6.1%16.3%9.0%19.9%3.9%-1.5%966.8K-73.1M-1.4M0.0379.77N/AN/A3,87011127,09019,527
2025-07-07$226.43$230.0017.3%6.3%16.3%12.9%21.9%3.8%-2.0%1.1M-70.8M-1.4M0.3674.00N/AN/A1,27646027,36719,543
2025-07-08$225.79$230.0017.0%6.3%16.0%12.2%21.9%3.5%-2.2%628.5K-63.9M-1.4M0.3079.64N/AN/A61718327,89919,831
2025-07-09$226.55$230.0021.9%6.3%15.9%23.0%23.1%4.3%-2.2%1.2M-69.9M-1.4M0.3784.03N/AN/A55620528,20019,909
2025-07-10$225.76$230.0022.0%6.3%15.9%23.1%22.6%4.0%-2.4%390.0K-62.7M-1.4M0.5777.80N/AN/A47627228,17320,011
2025-07-11$226.24$230.0021.8%6.2%15.9%22.6%22.7%4.4%-1.8%810.1K-67.2M-1.4M1.2178.66N/AN/A67881728,29020,077
2025-07-14$229.03$230.0022.9%6.6%15.9%25.2%25.0%4.2%-2.5%4.6M-113.4M-1.4M0.8080.08N/AN/A1,3811,11028,31419,643
2025-07-15$226.53$230.0022.7%6.5%16.3%24.7%23.4%4.1%-2.5%2.7M-75.9M-1.3M0.2879.02N/AN/A85223528,66019,327
2025-07-16$225.40$230.0022.7%6.5%16.3%24.8%23.6%4.2%-2.7%2.4M-55.6M-1.3M0.2778.76N/AN/A53314628,63419,455
2025-07-17$225.36$230.0022.4%6.4%16.3%24.1%22.9%3.6%-2.6%2.9M-56.2M-1.3M0.4980.32N/AN/A53526228,76119,534
2025-07-18$227.26$230.0022.7%6.5%16.7%24.8%22.6%4.1%-3.1%8.1M-77.0M-1.3M0.7581.74N/AN/A1,3711,02528,90519,422
2025-07-21$225.53$230.0022.9%6.6%16.6%25.1%25.1%3.9%-3.1%7.7M-87.3M-1.3M0.8375.64N/AN/A1,07889824,48313,430
2025-07-22$226.92$230.0023.6%6.8%16.2%26.6%24.4%4.0%-3.6%9.6M-107.4M-1.3M0.2776.95N/AN/A62017024,99612,897
2025-07-23$228.01$230.0024.1%6.9%16.2%27.7%24.4%3.8%-4.0%10.4M-119.9M-1.3M0.4480.51N/AN/A6,9593,06125,25412,967
2025-07-24$230.39$230.0024.2%6.9%14.5%28.0%23.9%4.3%-3.6%17.7M-176.9M-1.4M0.4180.33N/AN/A1,34154429,26714,523
2025-07-25$229.74$230.0024.4%7.0%13.9%28.5%24.6%3.6%-4.3%16.8M-164.5M-1.4M0.3969.56N/AN/A83732729,08214,653
2025-07-28$228.03$230.0027.1%7.8%14.1%34.3%27.7%0.5%-6.5%15.6M-156.3M-1.4M0.3843.24N/AN/A8,6893,32729,55714,803
2025-07-29$235.11$230.0016.5%4.7%17.7%11.1%17.3%2.1%0.1%25.7M-238.1M-1.3M0.5764.34N/AN/A5,9813,38330,28316,020
2025-07-30$232.64$230.0017.4%5.0%18.2%13.1%17.4%2.0%0.1%19.3M-169.8M-1.3M0.6174.18N/AN/A70043027,88915,429
2025-07-31$229.79$230.0017.6%5.1%16.7%13.6%18.7%1.8%-0.2%15.8M-134.3M-1.2M0.5573.48N/AN/A61734227,72815,417