WM Options History — September 2025

In September 2025, WM traded between $214.63 and $225.27. ATM implied volatility averaged 18.4%, placing in the 15.4% IV rank vs the trailing year. The 30-day expected move averaged 5.3%. IV traded above realized volatility by 3.9% (HV 20d: 14.6%). Max pain ranged from $220.00 to $230.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 0.86.

Notable Days

  • 2025-09-11: Highest Volume — 5,529 contracts
  • 2025-09-17: Largest IV drop — 10.0% change
  • 2025-09-16: Highest IV Rank — 19.6%
  • 2025-09-16: Largest Expected Move — 5.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$218.94$214.63$225.27$225.27$220.83
Max Pain$222.38$220.00$230.00$230.00$220.00
ATM IV18.4%16.6%20.4%16.6%19.1%
Expected Move5.3%4.7%5.8%4.7%5.5%
HV 20d14.6%12.7%16.5%15.7%13.4%
HV 60d15.9%14.8%16.6%15.9%14.9%
IV Rank15.4%11.3%19.6%11.3%16.9%
IV Percentile55.6%31.0%71.0%31.0%63.9%
Term Structure1.2%-0.6%2.6%0.3%2.6%
VWIV18.6%16.4%20.1%16.4%19.3%
Skew 25d2.1%1.4%3.0%2.3%2.5%
Skew 10d3.8%2.5%5.1%3.5%3.9%
Call IV 25d18.1%16.4%19.4%16.6%18.7%
Put IV 25d20.1%18.6%21.4%18.9%21.1%
Bid-Ask Spread %80.2876.3483.7082.1083.70
Gamma HHI0.240.150.340.180.26
Net GEX967.2K-10.1M15.5M1.5M15.5M
Net DEX-2.8M-98.2M74.4M-32.8M-98.2M
Net VEX-1.0M-1.1M-926.2K-1.1M-1.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.860.056.060.230.73
Total Volume2,015.2387725,5292,4451,116
Total OI46,932.76239,52051,88046,29542,684

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$225.27$230.0016.6%4.7%15.7%11.3%16.4%2.3%0.3%1.5M-32.8M-1.1M0.2382.10N/AN/A1,99445128,20618,089
2025-09-03$223.67$230.0018.1%5.2%15.9%14.6%16.8%3.0%-0.3%-149.6K-10.0M-1.1M0.2681.03N/AN/A1,43136529,69118,162
2025-09-04$224.64$230.0017.7%5.1%15.4%13.8%17.5%2.2%1.1%1.1M-33.7M-1.1M0.7183.00N/AN/A62844530,05418,245
2025-09-05$220.28$230.0017.3%5.1%16.5%13.0%17.6%2.2%1.2%-5.4M19.8M-1.0M0.3478.79N/AN/A1,71357530,00518,349
2025-09-08$218.02$230.0018.1%5.1%16.2%14.6%18.2%1.7%1.2%-8.1M42.0M-997.8K0.4978.64N/AN/A1,06852630,62518,537
2025-09-09$218.81$220.0018.3%5.0%15.8%15.0%18.2%1.6%1.2%-8.3M38.6M-1.0M0.3877.24N/AN/A82931830,78918,669
2025-09-10$217.64$220.0017.9%5.1%15.0%14.3%18.6%2.2%1.1%-10.1M53.2M-979.5K0.6279.09N/AN/A60737830,99818,767
2025-09-11$220.45$220.0017.9%5.1%15.5%14.2%18.0%1.9%0.9%-8.9M18.7M-999.9K0.0577.10N/AN/A5,26026931,20318,924
2025-09-12$218.80$220.0018.2%5.2%15.1%14.9%18.6%1.9%0.6%-4.1M25.1M-996.1K0.5881.26N/AN/A67739231,20518,919
2025-09-15$216.25$220.0018.7%5.4%15.5%16.0%18.6%1.6%0.1%-6.5M51.3M-956.2K1.7682.13N/AN/A8841,56031,35318,743
2025-09-16$214.63$220.0020.4%5.8%15.4%19.6%19.6%2.3%-0.6%-8.3M74.4M-950.8K0.5678.80N/AN/A97254231,66719,097
2025-09-17$215.69$220.0018.3%5.3%14.2%15.2%19.8%2.4%0.5%-6.1M57.7M-961.0K2.8278.35N/AN/A1,0442,94931,81619,303
2025-09-18$215.81$220.0018.7%5.4%13.4%15.9%19.8%1.4%1.3%-4.9M62.5M-926.2K6.0676.34N/AN/A5133,11032,02219,665
2025-09-19$217.29$220.0018.0%5.2%13.8%14.4%18.0%1.7%2.6%1.9M58.7M-937.5K0.1479.39N/AN/A2,75339632,10419,776
2025-09-22$217.13$220.0018.5%5.3%13.5%15.6%18.9%2.0%2.0%10.0M-46.0M-1.0M0.2879.61N/AN/A1,75249427,65611,864
2025-09-23$217.60$220.0018.5%5.3%12.7%15.5%19.2%1.7%2.2%10.9M-54.5M-1.1M0.2483.03N/AN/A1,45234628,52412,208
2025-09-24$219.72$220.0019.3%5.5%13.0%17.3%19.1%2.5%1.6%13.1M-83.3M-1.1M0.2480.01N/AN/A1,28231229,23712,413
2025-09-25$217.50$220.0019.3%5.5%13.3%17.2%20.1%1.5%2.3%11.5M-60.7M-1.1M0.8880.57N/AN/A61353829,36512,415
2025-09-26$218.46$220.0018.6%5.3%13.3%15.8%19.3%2.3%2.4%12.2M-64.9M-1.1M0.4182.10N/AN/A70528929,39112,514
2025-09-29$219.29$220.0019.4%5.6%13.1%17.5%19.7%2.4%1.8%13.3M-76.1M-1.1M0.2583.61N/AN/A62015229,66112,673
2025-09-30$220.83$220.0019.1%5.5%13.4%16.9%19.3%2.5%2.6%15.5M-98.2M-1.1M0.7383.70N/AN/A64447229,96412,720