SPXS Options History — January 2026

In January 2026, SPXS traded between $33.56 and $36.39. ATM implied volatility averaged 37.9%, placing in the 8.3% IV rank vs the trailing year. The 30-day expected move averaged 11.4%. IV traded above realized volatility by 8.3% (HV 20d: 29.6%). Max pain ranged from $34.00 to $35.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 13 of 20 days. Put/call ratio averaged 0.51.

Notable Days

  • 2026-01-20: Highest Volume — 7,287 contracts
  • 2026-01-07: Largest IV spike — 36.6% change
  • 2026-01-20: Highest IV Rank — 17.5%
  • 2026-01-20: Largest Expected Move — 14.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$34.35$33.56$36.39$35.39$34.28
Max Pain$34.95$34.00$35.00$35.00$35.00
ATM IV37.9%27.4%49.5%40.2%42.8%
Expected Move11.4%10.2%14.1%11.7%12.6%
HV 20d29.6%22.9%34.0%26.4%32.8%
HV 60d35.0%33.2%37.2%37.0%35.0%
IV Rank8.3%0.0%17.5%10.0%12.2%
IV Percentile21.5%0.0%64.7%23.4%36.9%
Term Structure4.4%-2.9%16.5%5.2%5.9%
VWIV43.2%38.3%55.5%40.5%44.4%
Skew 25d-13.6%-27.9%0.4%-17.5%-25.1%
Skew 10d-20.1%-38.1%-4.4%-26.5%-37.3%
Call IV 25d47.0%34.0%62.6%50.1%54.4%
Put IV 25d33.4%26.8%39.5%32.5%29.3%
Bid-Ask Spread %81.4870.1499.7584.1876.70
Gamma HHI0.140.090.240.230.19
Net GEX525.1K178.2K1.7M1.7M1.2M
Net DEX-724.2K-9.0M4.5M-7.9M-9.0M
Net VEX-167.3K-222.4K-133.3K-140.5K-222.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.510.052.650.260.05
Total Volume3,464.11,3777,2873,4724,563
Total OI32,729.2527,19641,33329,67141,333

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-01-02$35.39$35.0040.2%11.7%26.4%10.0%40.5%-17.5%5.2%1.7M-7.9M-140.5K0.2684.18N/AN/A2,74672617,94911,722
2026-01-05$34.59$34.0032.1%10.8%27.4%3.6%41.8%-5.4%16.3%595.0K-282.5K-133.3K0.2271.53N/AN/A2,18648515,76611,488
2026-01-06$33.98$35.0027.4%10.8%27.9%0.0%38.6%-18.8%7.2%395.2K1.1M-136.7K0.3980.06N/AN/A99038716,91911,921
2026-01-07$34.39$35.0037.5%11.5%27.8%8.0%42.5%0.4%-0.0%440.3K600.5K-134.6K0.2070.14N/AN/A1,39927317,29012,025
2026-01-08$34.41$35.0028.6%10.6%27.8%1.0%40.9%-13.1%16.5%635.2K-1.3M-139.4K0.2975.91N/AN/A1,33138818,20112,114
2026-01-09$33.64$35.0032.4%10.7%27.8%3.9%40.7%-6.1%1.0%206.3K3.7M-134.1K0.2583.83N/AN/A3,08476118,88212,126
2026-01-12$33.58$35.0029.4%11.1%27.8%1.6%39.7%-15.8%16.1%312.8K1.8M-137.0K0.7174.21N/AN/A2,0591,46517,73912,944
2026-01-13$34.06$35.0039.1%11.4%25.6%9.3%48.7%-13.1%-1.7%359.4K360.2K-155.0K2.6574.63N/AN/A1,7964,76518,76513,947
2026-01-14$34.53$35.0039.3%12.9%26.2%9.4%44.4%-2.7%9.5%538.3K-467.3K-172.3K0.2999.75N/AN/A2,72079819,43615,996
2026-01-15$34.14$35.0037.3%10.8%26.3%7.8%54.2%-6.2%-2.9%331.2K3.4M-169.0K1.1185.61N/AN/A9621,07119,79716,685
2026-01-16$34.19$35.0037.1%10.9%22.9%7.7%40.6%-4.3%-1.3%278.7K2.2M-170.4K1.2599.61N/AN/A1,5571,94820,27817,076
2026-01-20$36.39$35.0049.5%14.1%31.6%17.5%55.5%-25.6%1.8%178.2K-6.2M-176.3K0.9083.69N/AN/A3,8293,45812,03215,164
2026-01-21$35.06$35.0042.4%12.1%34.0%11.8%45.5%-19.9%-0.6%269.7K92.1K-179.3K0.1891.07N/AN/A2,43242712,55318,143
2026-01-22$34.61$35.0037.6%10.4%33.4%8.1%38.8%-2.3%9.4%359.8K4.5M-188.8K0.0893.56N/AN/A1,84914913,48618,202
2026-01-23$34.53$35.0039.6%10.9%32.7%9.7%45.6%-21.0%4.5%327.9K395.5K-178.3K0.5472.09N/AN/A2,2191,20314,69417,976
2026-01-26$33.88$35.0039.0%10.2%33.2%9.2%38.4%-27.9%3.3%184.9K1.6M-190.2K0.0770.24N/AN/A3,47824913,34418,111
2026-01-27$33.56$35.0039.2%10.9%33.4%9.4%38.3%-14.5%0.2%637.4K-1.1M-193.6K0.5184.50N/AN/A1,77290117,21518,250
2026-01-28$33.67$35.0041.1%11.0%33.2%10.9%45.1%-14.6%-2.3%560.6K-476.7K-195.1K0.1482.74N/AN/A2,51734017,95718,889
2026-01-29$34.09$35.0045.4%11.9%33.5%14.3%39.8%-18.6%-1.1%998.2K-7.7M-200.6K0.1575.54N/AN/A5,23476519,20018,970
2026-01-30$34.28$35.0042.8%12.6%32.8%12.2%44.4%-25.1%5.9%1.2M-9.0M-222.4K0.0576.70N/AN/A4,36619721,25120,082