iShares MSCI Australia ETF

EWA options: expected move, IV and max pain

iShares MSCI Australia ETF (EWA) traded near $29.50 at the last snapshot. Option prices for the 20 Nov monthly expiry, which is 21 days away, imply a move of about $1.85 either way (6.27%), a range of $27.65 to $31.35.

Last price: $29.50
Expected move: ±$1.85; 6.27% · to 20 Nov
ATM IV: Not available
Data as of: 30 Oct 2026, 4:00 pm ET

Source: ThetaData

Open EWA in the Visualizer See plans and the 7-day trial

What stands out in the EWA data

The 20 Nov chain lists 21 strikes and 494 contracts of open interest, the most of any listed expiry.

Expected move by expiry

What the options market is pricing for EWA at each of the expiries below.

EWA expected move, ATM implied volatility and price range by expiry
Expiry	Time left	ATM IV	Expected move	Price range
20 Nov 2026NearestMonthlyClosest to 30 days	Time left21 days	ATM IVNot available	Expected move±$1.85 (6.27%)	Price range$27.65 to $31.35
18 Dec 2026Next monthlyClosest to 60 daysThin chain	Time left49 days	ATM IVNot available	Expected move±$2.43 (8.24%)	Price range$27.07 to $31.93

Expected move is the price of the at-the-money straddle for the expiry, using midpoint prices (the average of bid and ask, or the last trade when a side has no quote). It is the same figure the Options Matrix shows. The range is the last price plus and minus that move.

The market prices 6.27% for the 20 Nov monthly expiry and 8.24% for the 18 Dec expiry.

Rows marked Thin chain have little open interest, so a few wide quotes can swing the straddle price.

Implied volatility and term structure

How much volatility option prices carry, and how it changes from one expiry to the next.

30-day IV

18.6%

Stored reading, 19 Oct 2026

No ATM IV at this snapshot

At-the-money IV needs two-sided bid and ask quotes at the strike nearest the last price. None of the listed expiries had them, so no IV figure is shown. It appears when those quotes exist.

Put wall, call wall and max pain

Where open interest and gamma exposure concentrate for the next two monthly expiries.

EWA gamma and open-interest put walls, call walls and max pain by expiry
Expiry	Gamma put wall	Open-interest put wall	Gamma call wall	Open-interest call wall	Max pain
20 Nov 2026NearestMonthlyClosest to 30 days	Gamma put wall$285.1% below spot	Open-interest put wall$285.1% below spot	Gamma call wall$301.7% above spot	Open-interest call wall$301.7% above spot	Max pain$291.7% below spot

For the 20 Nov expiry, gamma and open interest agree on both walls: $28 (5.1% below spot) for puts and $30 (1.7% above spot) for calls.

Walls and max pain withheld

We show walls and max pain only when an expiry has at least 250 contracts of open interest. 18 Dec has 7 contracts. Walls and max pain appear for an expiry once it reaches that level.

EWA contract terms

Exercise style: American style: the holder can exercise at any time up to expiry.
Settlement: Physical settlement: exercise and assignment deliver or take 100 ETF shares per contract.
Last trading day: Trading ends at the close on the expiry date shown in each row. Monthly expiries fall on the third Friday, or the Thursday before when Friday is a market holiday.
Earnings: Not applicable. EWA is a fund and does not report earnings.

Exercise vs assignment

How to read these numbers

Expected move: The at-the-money straddle price at midpoint prices: the size of move the market charges for in either direction, not a forecast.Breakevens and max loss
ATM implied volatility: Annualised volatility implied by at-the-money prices for one expiry; across expiries it forms the term structure.Implied volatility explained
Gamma and open-interest walls: Gamma walls are the strikes with the most positive (call) and most negative (put) net gamma exposure; open-interest walls are the strikes with the most open calls and puts. A wall can sit on either side of the last price.Put wall vs max pain
Max pain: The strike where option holders would collect the least at expiry, given open interest. It does not predict the settlement price.Open interest vs volume

Model EWA trades with these numbers

The Visualizer reprices EWA live when you open it, then draws the expected move and probability range beside your payoff chart. The figures here are a snapshot from the time shown above, so they can differ slightly from the live screens.