SPXS Options History — July 2025

In July 2025, SPXS traded between $43.30 and $47.00. ATM implied volatility averaged 43.7%, placing in the 15.7% IV rank vs the trailing year. The 30-day expected move averaged 13.1%. IV traded above realized volatility by 14.5% (HV 20d: 29.1%). Max pain ranged from $40.00 to $50.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.19.

Notable Days

2025-07-31: Highest Volume — 4,148 contracts
2025-07-18: Largest IV spike — 30.6% change
2025-07-16: Highest IV Rank — 25.6%
2025-07-16: Largest Expected Move — 15.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.19	$43.30	$47.00	$47.00	$44.20
Max Pain	$47.95	$40.00	$50.00	$50.00	$45.00
ATM IV	43.7%	37.7%	54.1%	38.8%	41.4%
Expected Move	13.1%	10.5%	15.5%	10.7%	12.3%
HV 20d	29.1%	20.7%	35.5%	32.9%	21.6%
HV 60d	51.4%	34.6%	97.3%	97.3%	34.6%
IV Rank	15.7%	10.1%	25.6%	11.1%	13.6%
IV Percentile	37.3%	15.1%	71.0%	23.0%	28.6%
Term Structure	-0.2%	-18.8%	13.4%	0.9%	-0.0%
VWIV	47.7%	39.4%	54.3%	45.5%	40.8%
Skew 25d	-10.4%	-21.7%	65.9%	-11.5%	-15.6%
Skew 10d	10.6%	-32.5%	133.4%	-16.5%	-27.6%
Call IV 25d	52.4%	47.7%	60.8%	52.0%	52.0%
Put IV 25d	42.1%	30.6%	115.9%	40.5%	36.4%
Bid-Ask Spread %	127.52	100.14	144.09	117.71	140.70
Gamma HHI	0.48	0.33	0.73	0.65	0.35
Net GEX	1.2M	555.1K	1.9M	1.5M	1.3M
Net DEX	-4.4M	-10.2M	2.0M	-5.4M	-9.0M
Net VEX	-229.6K	-255.5K	-205.8K	-255.5K	-236.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.19	0.04	0.58	0.58	0.10
Total Volume	2,480.091	1,456	4,148	3,210	4,148
Total OI	40,446.864	30,738	46,716	42,144	38,324

Daily Data (22 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
2025-07-01	$47.00	$50.00	38.8%	10.7%	32.9%	11.1%	45.5%	-11.5%	0.9%	1.5M	-5.4M	-255.5K	0.58	117.71	N/A	N/A	2,029	1,181	33,195	8,949
2025-07-02	$46.70	$50.00	49.6%	11.9%	32.6%	21.3%	47.1%	-11.5%	-18.8%	1.6M	-7.7M	-236.1K	0.24	117.44	N/A	N/A	1,501	360	34,653	8,691
2025-07-03	$45.30	$40.00	45.8%	15.0%	33.8%	17.7%	52.9%	-13.2%	-3.6%	863.8K	-2.3M	-222.7K	0.44	131.85	N/A	N/A	2,463	1,090	35,977	8,709
2025-07-07	$46.70	$50.00	43.7%	15.1%	35.5%	15.8%	52.2%	-15.4%	9.0%	1.8M	-10.2M	-239.7K	0.12	127.31	N/A	N/A	3,105	377	33,026	8,766
2025-07-08	$46.70	$50.00	40.6%	14.8%	34.9%	12.8%	51.1%	-10.6%	13.4%	1.9M	-8.9M	-239.7K	0.08	131.85	N/A	N/A	2,064	167	34,186	8,758
2025-07-09	$45.80	$50.00	40.5%	14.0%	35.2%	12.7%	51.3%	65.9%	9.3%	1.2M	-3.0M	-227.8K	0.25	130.59	N/A	N/A	1,365	336	35,356	8,784
2025-07-10	$45.30	$50.00	41.0%	13.9%	35.2%	13.2%	49.3%	-12.5%	9.7%	807.2K	983.4K	-216.4K	0.19	124.94	N/A	N/A	2,560	476	36,028	8,843
2025-07-11	$45.80	$50.00	44.2%	14.5%	35.4%	16.3%	50.4%	-21.7%	10.1%	1.4M	-6.3M	-226.3K	0.04	127.30	N/A	N/A	1,904	76	37,708	9,008
2025-07-14	$45.80	$50.00	50.2%	15.0%	35.5%	21.9%	54.3%	-18.2%	-8.8%	1.3M	-4.6M	-227.8K	0.24	126.03	N/A	N/A	1,384	338	34,609	8,109
2025-07-15	$45.90	$50.00	50.7%	14.8%	32.6%	22.4%	52.2%	-11.7%	-8.5%	1.4M	-5.4M	-227.3K	0.08	100.14	N/A	N/A	2,076	170	35,388	8,239
2025-07-16	$45.80	$50.00	54.1%	15.5%	31.3%	25.6%	51.5%	-17.6%	-10.3%	1.2M	-6.1M	-233.4K	0.38	107.54	N/A	N/A	1,288	487	36,908	8,294
2025-07-17	$45.00	$50.00	37.7%	10.5%	29.6%	10.1%	51.9%	-15.6%	4.6%	912.8K	83.3K	-205.8K	0.11	109.39	N/A	N/A	1,614	182	37,398	8,400
2025-07-18	$45.30	$50.00	49.2%	15.0%	30.0%	21.0%	52.3%	-16.1%	-10.6%	1.1M	-5.5M	-226.6K	0.04	118.83	N/A	N/A	2,541	101	38,193	8,384
2025-07-21	$45.00	$50.00	42.1%	11.8%	28.6%	14.2%	46.4%	-11.2%	-2.5%	872.3K	-3.6M	-219.1K	0.10	133.32	N/A	N/A	2,921	282	22,899	7,839
2025-07-22	$44.90	$45.00	41.7%	12.0%	27.8%	13.9%	53.6%	-15.8%	2.6%	1.1M	-5.1M	-231.2K	0.48	116.09	N/A	N/A	986	470	25,068	8,023
2025-07-23	$44.10	$45.00	40.2%	11.5%	22.3%	12.5%	47.2%	-14.5%	2.0%	904.8K	-1.3M	-222.6K	0.28	137.78	N/A	N/A	2,000	556	25,542	8,339
2025-07-24	$43.80	$50.00	42.4%	11.5%	21.7%	14.6%	40.3%	-12.1%	0.2%	914.5K	-551.1K	-215.9K	0.12	141.36	N/A	N/A	2,073	245	27,027	9,007
2025-07-25	$43.30	$45.00	40.5%	11.7%	20.7%	12.7%	40.2%	-13.6%	2.4%	555.1K	2.0M	-225.2K	0.15	142.77	N/A	N/A	1,636	244	28,493	9,064
2025-07-28	$43.60	$45.00	41.4%	11.8%	21.2%	13.5%	39.7%	-9.7%	-4.7%	587.5K	1.1M	-221.6K	0.05	138.44	N/A	N/A	3,412	181	23,932	8,836
2025-07-29	$43.80	$45.00	43.3%	12.3%	20.7%	15.4%	39.4%	-15.8%	0.5%	985.6K	-6.1M	-241.9K	0.09	139.99	N/A	N/A	1,833	162	26,824	8,959
2025-07-30	$44.40	$45.00	41.4%	12.4%	21.6%	13.6%	40.5%	-10.7%	-0.3%	1.3M	-10.0M	-251.6K	0.07	144.09	N/A	N/A	2,027	151	28,110	8,986
2025-07-31	$44.20	$45.00	41.4%	12.3%	21.6%	13.6%	40.8%	-15.6%	-0.0%	1.3M	-9.0M	-236.7K	0.10	140.70	N/A	N/A	3,777	371	29,280	9,044