WM Options History — November 2025

In November 2025, WM traded between $196.32 and $217.81. ATM implied volatility averaged 19.4%, placing in the 25.5% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded below realized volatility by 5.9% (HV 20d: 25.3%). Max pain ranged from $210.00 to $210.00. Net GEX was positive for 10 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 0.51.

Notable Days

  • 2025-11-14: Highest Volume — 5,927 contracts
  • 2025-11-26: Largest IV drop — 7.4% change
  • 2025-11-04: Highest IV Rank — 30.8%
  • 2025-11-04: Largest Expected Move — 6.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$208.20$196.32$217.81$196.32$217.75
Max Pain$210.00$210.00$210.00$210.00$210.00
ATM IV19.4%16.5%21.1%20.8%16.5%
Expected Move5.6%4.7%6.1%6.0%4.7%
HV 20d25.3%20.0%28.9%24.0%20.0%
HV 60d19.2%18.4%20.3%18.5%20.3%
IV Rank25.5%16.2%30.8%29.9%16.2%
IV Percentile62.5%24.2%78.2%77.4%24.2%
Term Structure-0.1%-1.2%0.7%-0.5%0.5%
VWIV19.8%17.6%22.2%20.9%19.1%
Skew 25d2.1%1.3%3.1%1.3%1.9%
Skew 10d4.3%1.6%5.7%2.5%4.8%
Call IV 25d18.7%16.5%20.9%20.9%16.5%
Put IV 25d20.8%18.4%23.3%22.2%18.4%
Bid-Ask Spread %71.2962.2578.0462.8377.47
Gamma HHI0.170.120.290.160.16
Net GEX2.0M-5.0M13.7M-4.3M8.5M
Net DEX-25.6M-148.3M99.4M99.4M-123.9M
Net VEX-1.2M-1.3M-1.0M-1.0M-1.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.510.220.940.940.91
Total Volume2,377.3166585,9274,455658
Total OI48,657.63242,18852,39346,00644,298

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$196.32$210.0020.8%6.0%24.0%29.9%20.9%1.3%-0.5%-4.3M99.4M-1.0M0.9462.83N/AN/A2,2942,16128,29717,709
2025-11-04$199.94$210.0021.1%6.1%25.4%30.8%22.2%2.9%0.0%-4.1M75.1M-1.1M0.6162.57N/AN/A92456229,03718,814
2025-11-05$201.00$210.0020.6%5.9%24.8%29.1%20.7%1.4%-1.2%-3.7M60.9M-1.1M0.3062.25N/AN/A1,05831829,17018,965
2025-11-06$199.87$210.0020.5%5.9%24.6%29.0%20.7%2.6%-0.4%-4.1M69.3M-1.1M0.4474.18N/AN/A1,24755229,42619,027
2025-11-07$201.55$210.0019.8%5.6%24.6%26.5%19.5%2.3%0.5%-3.6M58.0M-1.1M0.2675.93N/AN/A1,51639629,76319,347
2025-11-10$200.19$210.0020.8%5.6%24.5%29.8%19.7%1.9%-0.2%-5.0M74.6M-1.1M0.3673.56N/AN/A1,98271129,92919,443
2025-11-11$203.31$210.0019.8%5.5%25.4%26.6%18.8%2.5%0.3%-3.1M36.9M-1.1M0.5467.26N/AN/A1,42777730,51019,697
2025-11-12$204.52$210.0019.7%5.6%25.1%26.2%19.4%1.3%-0.5%-2.7M24.9M-1.1M0.3776.31N/AN/A1,97973330,38319,818
2025-11-13$205.93$210.0019.0%5.5%25.2%24.2%19.4%1.8%-0.1%-1.2M5.1M-1.2M0.6770.12N/AN/A1,23682631,03320,009
2025-11-14$210.18$210.0019.8%5.7%26.0%26.5%20.0%2.1%-0.2%2.7M-51.1M-1.2M0.5472.15N/AN/A3,8612,06630,84519,796
2025-11-17$207.82$210.0019.7%5.6%26.2%26.3%20.4%1.4%0.0%2.2M-33.7M-1.2M0.5971.76N/AN/A87051032,43019,498
2025-11-18$211.35$210.0020.5%5.9%27.1%29.0%20.8%3.1%-0.5%5.6M-77.2M-1.3M0.6778.04N/AN/A1,18479932,87019,523
2025-11-19$216.01$210.0019.6%5.6%28.1%25.9%20.6%1.8%-0.3%12.2M-142.1M-1.3M0.3570.58N/AN/A2,64292832,87519,472
2025-11-20$217.20$210.0019.5%5.6%28.1%25.6%21.0%2.5%-0.4%13.7M-148.3M-1.3M0.6674.65N/AN/A1,6391,08132,42319,350
2025-11-21$216.54$210.0018.6%5.3%28.0%22.7%20.1%2.9%0.3%6.1M-129.8M-1.3M0.6075.35N/AN/A1,47187732,09819,665
2025-11-24$212.33$210.0018.1%5.2%28.9%21.3%17.6%3.1%0.1%4.5M-64.4M-1.2M0.4675.39N/AN/A1,77381126,13716,051
2025-11-25$216.13$210.0018.3%5.2%25.2%21.7%18.2%1.9%-0.2%6.7M-100.0M-1.2M0.2465.76N/AN/A1,21328726,83116,382
2025-11-26$217.81$210.0016.9%4.8%20.3%17.4%17.7%1.7%0.7%7.9M-120.5M-1.2M0.2268.26N/AN/A1,47332727,19916,375
2025-11-28$217.75$210.0016.5%4.7%20.0%16.2%19.1%1.9%0.5%8.5M-123.9M-1.2M0.9177.47N/AN/A34431427,91916,379