SPXS Options History — May 2025

In May 2025, SPXS traded between $53.30 and $63.30. ATM implied volatility averaged 53.5%, placing in the 25.1% IV rank vs the trailing year. The 30-day expected move averaged 15.2%. IV traded below realized volatility by 29.0% (HV 20d: 82.5%). Max pain ranged from $50.00 to $65.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.17.

Notable Days

  • 2025-05-23: Highest Volume — 6,783 contracts
  • 2025-05-12: Largest IV drop — 19.6% change
  • 2025-05-01: Highest IV Rank — 34.9%
  • 2025-05-01: Largest Expected Move — 19.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$57.36$53.30$63.30$63.00$54.50
Max Pain$56.19$50.00$65.00$65.00$50.00
ATM IV53.5%45.5%64.0%64.0%56.0%
Expected Move15.2%11.9%19.8%19.8%14.5%
HV 20d82.5%46.9%169.2%169.2%47.4%
HV 60d106.3%105.0%107.1%105.0%106.6%
IV Rank25.1%17.5%34.9%34.9%27.4%
IV Percentile73.0%55.6%87.7%87.7%76.2%
Term Structure1.2%-12.6%8.2%-1.9%-1.2%
VWIV61.1%51.9%75.5%69.8%55.2%
Skew 25d-17.3%-37.7%11.8%-23.2%11.8%
Skew 10d19.9%-37.3%135.4%17.7%95.9%
Call IV 25d65.7%43.8%79.1%79.1%66.8%
Put IV 25d48.4%36.3%78.6%55.9%78.6%
Bid-Ask Spread %90.8640.67120.4857.08120.48
Gamma HHI0.300.190.510.190.51
Net GEX1.4M598.2K2.6M736.0K2.6M
Net DEX-18.2M-32.5M-6.4M-13.5M-23.2M
Net VEX-229.4K-265.3K-192.0K-229.7K-257.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.170.070.370.220.10
Total Volume4,272.6192,4976,7834,4713,424
Total OI31,406.8125,89736,03628,60736,036

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$63.00$65.0064.0%19.8%169.2%34.9%69.8%-23.2%-1.9%736.0K-13.5M-229.7K0.2257.08N/AN/A3,65581622,2936,314
2025-05-02$61.30$65.0058.3%16.8%161.5%29.6%65.0%-22.4%0.4%598.2K-9.8M-220.6K0.2265.88N/AN/A5,2071,15324,8966,349
2025-05-05$62.20$60.0057.7%17.0%152.3%29.0%73.4%-37.7%6.4%1.0M-19.6M-235.2K0.1060.29N/AN/A2,84829220,4065,491
2025-05-06$63.30$60.0052.6%16.9%150.4%24.2%75.5%-33.0%3.0%1.4M-27.2M-245.6K0.1156.74N/AN/A2,99733021,8955,617
2025-05-07$62.90$60.0056.9%16.0%147.2%28.3%68.8%-23.7%4.9%1.4M-24.8M-238.7K0.1440.67N/AN/A3,70152822,6985,805
2025-05-08$61.30$60.0057.4%16.8%83.8%28.7%74.2%-20.2%-12.6%1.4M-20.7M-235.2K0.3755.30N/AN/A3,5561,30724,7365,954
2025-05-09$62.40$60.0057.2%16.3%72.2%28.5%66.4%-31.8%4.2%1.3M-26.8M-237.6K0.1065.19N/AN/A2,56426426,2125,740
2025-05-12$56.90$60.0046.0%15.1%73.8%17.9%59.4%-15.6%7.5%696.0K-6.4M-196.0K0.1396.19N/AN/A5,80377421,4575,286
2025-05-13$54.60$60.0047.8%12.9%73.8%19.6%56.0%-12.6%0.6%920.6K-6.6M-192.0K0.1497.36N/AN/A4,57265724,7915,292
2025-05-14$55.10$60.0048.3%15.7%73.1%20.1%54.4%1.4%8.2%1.5M-12.4M-201.9K0.1295.31N/AN/A3,02735527,1715,552
2025-05-15$54.50$60.0047.3%12.1%64.6%19.2%58.1%-13.1%-7.2%1.6M-12.2M-204.8K0.1988.89N/AN/A2,60850428,6895,730
2025-05-16$53.40$60.0045.5%11.9%64.6%17.5%53.9%-9.8%-5.3%913.8K-7.6M-196.8K0.2498.32N/AN/A3,50482929,6985,730
2025-05-19$53.30$50.0050.8%14.5%52.7%22.5%56.8%-4.6%5.2%1.3M-12.6M-206.3K0.23117.43N/AN/A3,26875623,2585,478
2025-05-20$53.80$50.0050.1%14.4%48.3%21.8%59.3%-13.3%7.5%1.7M-16.7M-219.6K0.21117.61N/AN/A2,06743025,0765,808
2025-05-21$55.90$50.0051.0%14.6%50.6%22.7%54.1%-22.3%6.4%2.1M-30.5M-247.3K0.23110.17N/AN/A5,4691,28126,1875,987
2025-05-22$55.80$50.0053.2%14.9%46.9%24.7%55.0%-15.8%7.4%2.3M-25.6M-248.1K0.23113.25N/AN/A3,54181928,0756,568
2025-05-23$57.10$50.0055.2%15.5%48.2%26.6%63.8%-20.8%0.2%1.4M-32.5M-265.3K0.12107.61N/AN/A6,03075328,9106,920
2025-05-27$54.20$50.0056.5%14.2%50.7%27.9%57.9%-21.8%-4.8%1.2M-13.9M-239.3K0.11105.67N/AN/A3,33035524,0916,643
2025-05-28$54.60$50.0056.3%14.6%51.0%27.7%51.9%-16.0%-2.0%1.5M-17.8M-245.4K0.07118.60N/AN/A2,82920425,5916,784
2025-05-29$54.50$50.0055.8%14.4%50.3%27.2%55.0%-18.5%-2.4%1.8M-22.4M-255.0K0.18119.94N/AN/A2,82249627,4866,843
2025-05-30$54.50$50.0056.0%14.5%47.4%27.4%55.2%11.8%-1.2%2.6M-23.2M-257.8K0.10120.48N/AN/A3,12529929,0676,969