WM Options History — December 2025

In December 2025, WM traded between $209.63 and $222.81. ATM implied volatility averaged 17.3%, placing in the 18.7% IV rank vs the trailing year. The 30-day expected move averaged 4.9%. IV traded above realized volatility by 0.5% (HV 20d: 16.8%). Max pain ranged from $210.00 to $210.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.54.

Notable Days

  • 2025-12-08: Highest Volume — 2,697 contracts
  • 2025-12-02: Largest IV spike — 9.8% change
  • 2025-12-02: Highest IV Rank — 25.8%
  • 2025-12-02: Largest Expected Move — 5.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$217.03$209.63$222.81$216.93$220.26
Max Pain$210.00$210.00$210.00$210.00$210.00
ATM IV17.3%14.8%19.6%17.8%15.5%
Expected Move4.9%4.3%5.6%5.1%4.4%
HV 20d16.8%12.9%20.0%20.0%13.4%
HV 60d20.1%19.8%20.4%19.9%19.9%
IV Rank18.7%10.9%25.8%20.3%13.1%
IV Percentile33.3%2.8%64.3%41.3%7.5%
Term Structure2.4%-1.3%6.2%-0.1%4.0%
VWIV17.4%15.2%18.9%18.5%16.7%
Skew 25d1.9%1.2%2.8%1.7%2.2%
Skew 10d3.7%2.9%5.1%4.4%3.8%
Call IV 25d16.7%14.4%18.6%17.8%15.4%
Put IV 25d18.5%17.2%19.9%19.5%17.6%
Bid-Ask Spread %78.0773.2081.4675.9674.86
Gamma HHI0.210.150.370.160.23
Net GEX8.2M4.4M14.0M8.2M7.4M
Net DEX-106.6M-159.1M-35.6M-117.9M-113.8M
Net VEX-1.1M-1.2M-992.1K-1.2M-999.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.540.102.180.330.76
Total Volume1,166.5454092,6971,230409
Total OI43,123.95538,08945,27344,48339,864

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$216.93$210.0017.8%5.1%20.0%20.3%18.5%1.7%-0.1%8.2M-117.9M-1.2M0.3375.96N/AN/A92430628,07616,407
2025-12-02$215.19$210.0019.6%5.6%18.5%25.8%18.9%1.3%-1.3%7.2M-94.9M-1.2M0.2476.48N/AN/A82819828,39616,420
2025-12-03$216.07$210.0017.8%5.1%17.8%20.2%18.5%1.2%-1.2%8.1M-104.5M-1.2M0.2277.71N/AN/A70515328,54016,512
2025-12-04$213.82$210.0018.3%5.1%18.5%21.7%17.7%1.6%1.3%7.5M-84.7M-1.2M0.1075.93N/AN/A1,64117128,56816,542
2025-12-05$213.84$210.0017.7%5.1%18.3%20.0%17.4%2.3%1.8%7.9M-86.9M-1.1M1.3481.20N/AN/A55073928,14516,579
2025-12-08$210.63$210.0019.4%5.0%19.3%25.4%17.3%2.0%2.9%5.8M-50.3M-1.1M2.1879.27N/AN/A8481,84928,25916,565
2025-12-09$209.77$210.0018.9%5.1%19.2%23.6%17.9%2.6%1.8%4.9M-37.6M-1.1M0.6579.13N/AN/A63641328,21516,433
2025-12-10$209.63$210.0018.4%5.3%18.5%22.3%18.2%1.5%1.2%4.4M-35.6M-1.0M0.4680.32N/AN/A69531728,27516,295
2025-12-11$211.74$210.0018.4%5.3%18.7%22.1%18.2%2.1%2.3%7.0M-68.5M-1.1M0.3680.37N/AN/A49117728,50016,326
2025-12-12$215.80$210.0017.9%5.1%19.6%20.6%18.1%1.4%1.5%9.9M-113.9M-1.1M0.2181.30N/AN/A1,44329828,49716,365
2025-12-15$218.10$210.0017.5%5.0%18.7%19.5%17.7%1.5%2.4%11.4M-136.3M-1.1M0.5681.46N/AN/A86247928,39416,456
2025-12-16$219.37$210.0017.2%4.9%18.1%18.3%17.5%1.8%2.5%12.5M-153.2M-1.1M0.4380.96N/AN/A1,02844328,40316,532
2025-12-17$219.93$210.0017.6%5.0%17.3%19.5%18.1%2.2%1.9%13.1M-159.1M-1.1M0.3978.84N/AN/A57322128,60116,672
2025-12-18$218.82$210.0016.9%4.8%15.8%17.5%17.6%1.5%2.9%14.0M-141.7M-1.0M0.4279.61N/AN/A49120428,51816,679
2025-12-19$217.39$210.0015.8%4.5%15.9%14.0%16.8%1.4%3.4%5.5M-119.6M-995.9K0.8779.61N/AN/A55147828,47316,682
2025-12-22$219.45$210.0014.8%4.3%16.2%10.9%15.2%2.8%6.2%6.3M-99.9M-992.1K0.3776.03N/AN/A1,41552224,54113,548
2025-12-23$220.18$210.0016.1%4.6%14.3%14.8%17.1%2.2%4.0%7.0M-113.3M-1.0M0.4277.29N/AN/A1,23552325,08313,740
2025-12-24$221.19$210.0016.5%4.7%13.1%16.1%17.4%1.6%3.9%7.5M-123.1M-1.0M0.5177.17N/AN/A29715125,34714,109
2025-12-26$220.91$210.0016.1%4.6%12.9%15.0%15.6%2.1%4.2%7.6M-119.4M-1.0M0.2376.54N/AN/A95121525,39014,120
2025-12-29$222.81$210.0016.4%4.7%13.1%15.7%16.1%2.0%3.4%8.6M-136.5M-1.0M0.4674.33N/AN/A49222425,55914,223
2025-12-30$222.76$210.0015.9%4.6%13.0%14.3%16.6%2.0%4.1%8.4M-133.9M-1.0M0.3473.20N/AN/A38613225,65114,227
2025-12-31$220.26$210.0015.5%4.4%13.4%13.1%16.7%2.2%4.0%7.4M-113.8M-999.2K0.7674.86N/AN/A23317625,61414,250