WM Options History — October 2025

In October 2025, WM traded between $197.50 and $220.27. ATM implied volatility averaged 22.2%, placing in the 23.9% IV rank vs the trailing year. The 30-day expected move averaged 6.5%. IV traded above realized volatility by 6.2% (HV 20d: 16.0%). Max pain ranged from $210.00 to $220.00. Net GEX was positive for 18 of 23 trading days. Term structure was in contango for 4 of 23 days. Put/call ratio averaged 0.86.

Notable Days

2025-10-28: Highest Volume — 10,376 contracts
2025-10-28: Largest IV drop — 21.4% change
2025-10-27: Highest IV Rank — 31.7%
2025-10-27: Largest Expected Move — 7.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$214.02	$197.50	$220.27	$220.27	$200.25
Max Pain	$218.26	$210.00	$220.00	$220.00	$210.00
ATM IV	22.2%	19.4%	25.9%	19.4%	19.4%
Expected Move	6.5%	5.5%	7.4%	5.6%	5.6%
HV 20d	16.0%	13.2%	24.5%	13.2%	23.5%
HV 60d	15.9%	14.5%	18.3%	14.9%	18.2%
IV Rank	23.9%	17.4%	31.7%	17.5%	25.5%
IV Percentile	79.8%	64.3%	94.8%	65.5%	66.7%
Term Structure	-1.6%	-3.4%	2.7%	2.2%	0.2%
VWIV	23.0%	19.5%	26.4%	19.8%	21.5%
Skew 25d	2.3%	0.9%	3.1%	2.2%	2.2%
Skew 10d	4.5%	2.4%	5.5%	3.9%	3.7%
Call IV 25d	21.8%	19.0%	25.7%	19.0%	19.2%
Put IV 25d	24.1%	20.6%	27.0%	21.3%	21.4%
Bid-Ask Spread %	68.30	50.99	80.64	79.16	62.11
Gamma HHI	0.22	0.13	0.39	0.26	0.15
Net GEX	6.6M	-5.4M	16.2M	15.0M	-3.0M
Net DEX	-20.7M	-90.8M	108.8M	-90.8M	69.1M
Net VEX	-1.1M	-1.2M	-951.3K	-1.1M	-1.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.86	0.19	5.27	2.40	0.71
Total Volume	3,015.391	799	10,376	1,875	1,765
Total OI	42,063.087	31,384	48,139	42,951	45,439

Daily Data (23 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
2025-10-01	$220.27	$220.00	19.4%	5.6%	13.2%	17.5%	19.8%	2.2%	2.2%	15.0M	-90.8M	-1.1M	2.40	79.16	N/A	N/A	552	1,323	30,106	12,845
2025-10-02	$217.06	$220.00	19.4%	5.5%	13.9%	17.4%	19.8%	0.9%	2.7%	11.4M	-47.8M	-1.1M	0.36	80.10	N/A	N/A	1,245	444	30,150	13,255
2025-10-03	$220.21	$220.00	19.4%	5.6%	13.4%	17.5%	19.5%	2.1%	2.5%	15.4M	-89.6M	-1.2M	0.38	80.64	N/A	N/A	800	300	31,025	13,443
2025-10-06	$217.66	$220.00	20.7%	6.4%	13.5%	20.4%	22.6%	2.8%	-2.3%	12.5M	-52.2M	-1.1M	0.57	70.43	N/A	N/A	649	369	31,148	13,485
2025-10-07	$216.97	$220.00	20.7%	6.4%	13.5%	20.4%	22.9%	2.6%	-2.2%	11.9M	-46.2M	-1.1M	1.11	70.24	N/A	N/A	541	603	31,272	13,567
2025-10-08	$220.03	$220.00	20.5%	6.6%	14.3%	20.0%	22.6%	2.2%	-2.7%	16.2M	-85.7M	-1.1M	0.34	70.47	N/A	N/A	598	201	31,352	13,807
2025-10-09	$217.39	$220.00	20.7%	6.5%	14.2%	20.4%	22.5%	2.9%	-2.7%	12.4M	-45.4M	-1.1M	0.36	66.74	N/A	N/A	957	342	31,477	13,803
2025-10-10	$219.30	$220.00	23.1%	6.7%	14.3%	25.5%	23.2%	2.4%	-2.5%	15.6M	-79.3M	-1.1M	1.22	76.20	N/A	N/A	453	554	31,775	13,773
2025-10-13	$217.23	$220.00	23.7%	6.6%	14.1%	26.9%	24.6%	3.1%	-2.7%	13.4M	-42.8M	-1.1M	5.27	74.67	N/A	N/A	597	3,149	31,776	14,018
2025-10-14	$217.85	$220.00	23.2%	6.7%	13.8%	25.7%	24.5%	2.6%	-2.4%	14.9M	-46.4M	-1.1M	0.22	69.17	N/A	N/A	2,819	623	31,883	15,333
2025-10-15	$214.15	$220.00	24.1%	6.9%	15.1%	27.7%	23.8%	2.4%	-2.6%	4.5M	2.9M	-1.1M	0.51	74.32	N/A	N/A	2,957	1,501	32,119	15,325
2025-10-16	$213.19	$220.00	25.4%	7.3%	15.1%	30.6%	24.7%	2.4%	-2.4%	-783.5K	3.2M	-1.1M	0.35	71.61	N/A	N/A	1,891	660	32,340	14,779
2025-10-17	$215.77	$220.00	23.8%	6.8%	15.6%	27.2%	24.0%	2.4%	-1.9%	3.0M	-18.9M	-1.1M	0.38	67.79	N/A	N/A	1,791	674	33,238	14,901
2025-10-20	$215.72	$220.00	23.6%	6.8%	15.6%	26.8%	24.1%	2.8%	-2.5%	2.2M	-18.3M	-1.1M	0.35	70.24	N/A	N/A	2,087	727	18,718	12,666
2025-10-21	$215.21	$220.00	23.1%	6.6%	15.6%	25.6%	23.7%	2.5%	-2.1%	3.0M	-21.0M	-1.1M	0.19	68.58	N/A	N/A	1,867	351	19,833	12,694
2025-10-22	$216.98	$220.00	23.9%	6.9%	15.5%	27.4%	24.5%	2.8%	-2.8%	4.6M	-42.8M	-1.1M	0.25	73.27	N/A	N/A	1,746	444	20,719	12,813
2025-10-23	$215.78	$220.00	23.6%	6.8%	15.2%	26.8%	25.6%	2.2%	-2.9%	4.1M	-33.4M	-1.1M	0.93	68.62	N/A	N/A	994	926	21,018	12,878
2025-10-24	$214.67	$220.00	25.3%	7.2%	15.1%	30.3%	25.2%	2.7%	-3.4%	3.5M	-22.1M	-1.1M	1.18	56.34	N/A	N/A	1,666	1,962	21,218	13,307
2025-10-27	$213.59	$220.00	25.9%	7.4%	15.1%	31.7%	26.4%	1.3%	-3.0%	2.7M	-14.6M	-1.1M	0.57	51.60	N/A	N/A	5,023	2,850	21,729	14,461
2025-10-28	$204.98	$210.00	20.3%	5.8%	20.3%	19.6%	20.2%	1.3%	-1.2%	-2.9M	69.7M	-961.7K	0.78	50.99	N/A	N/A	5,838	4,538	24,540	16,482
2025-10-29	$197.50	$210.00	21.1%	6.1%	23.5%	21.3%	20.6%	2.0%	-0.9%	-5.4M	108.8M	-951.3K	0.50	65.17	N/A	N/A	4,226	2,101	25,099	16,959
2025-10-30	$200.71	$210.00	19.9%	5.7%	24.5%	18.6%	21.8%	2.2%	-0.1%	-2.7M	67.0M	-1.1M	0.81	52.56	N/A	N/A	2,017	1,633	27,638	17,245
2025-10-31	$200.25	$210.00	19.4%	5.6%	23.5%	25.5%	21.5%	2.2%	0.2%	-3.0M	69.1M	-1.1M	0.71	62.11	N/A	N/A	1,031	734	28,105	17,334