SPY Options History — February 2007

In February 2007, SPY traded between $139.50 and $146.04. ATM implied volatility averaged 9.8%. The 30-day expected move averaged 2.9%. IV traded above realized volatility by 1.3% (HV 20d: 8.5%). Max pain ranged from $140.00 to $143.00. Net GEX was positive for 3 of 19 trading days. Term structure was in contango for 16 of 19 days. Put/call ratio averaged 2.39.

Notable Days

  • 2007-02-27: Highest Volume — 1,190,049 contracts
  • 2007-02-27: Largest IV spike — 63.8% change
  • 2007-02-27: Largest Expected Move — 4.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$144.60$139.50$146.04$144.61$140.93
Max Pain$140.68$140.00$143.00$143.00$141.00
ATM IV9.8%8.2%16.4%8.5%14.1%
Expected Move2.9%2.4%4.7%2.4%4.0%
HV 20d8.5%6.3%16.2%8.2%16.2%
Term Structure0.2%-1.0%0.8%0.8%-0.5%
VWIV10.5%8.8%15.4%9.3%14.1%
Skew 25d3.4%2.1%5.1%2.1%4.6%
Skew 10d6.5%5.2%9.4%5.2%9.4%
Call IV 25d8.5%7.5%13.9%7.9%12.3%
Put IV 25d11.8%10.0%18.9%10.0%16.9%
Bid-Ask Spread %9.154.8627.574.8618.80
Gamma HHI0.090.070.210.070.08
Net GEX-284.9M-1.03B442.2M-220.5M-1.03B
Net DEX-7.57B-11.22B3.36B-8.99B1.66B
Net VEX-71.3M-90.7M-66.7M-66.8M-90.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.391.053.881.592.50
Total Volume266,372.947103,2741,190,049145,601735,546
Total OI4,108,128.8953,776,6324,585,8643,803,3454,534,035

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-02-01$144.61$143.008.5%2.4%8.2%0.0%9.3%2.1%0.8%-220.5M-8.99B-66.8M1.594.86N/AN/A56,16489,4371,448,8312,354,514
2007-02-02$144.81$140.008.2%2.7%8.2%0.0%10.6%3.3%0.3%-186.9M-9.19B-67.3M2.126.95N/AN/A50,819107,8291,453,7922,379,258
2007-02-05$144.85$140.008.7%2.7%7.4%0.0%10.0%3.6%0.4%-231.1M-9.12B-67.5M1.058.77N/AN/A50,47652,7981,477,6922,442,766
2007-02-06$144.89$140.008.4%2.7%7.3%0.0%10.4%3.4%0.4%-237.3M-9.22B-68.0M1.976.33N/AN/A52,614103,4541,500,7452,473,262
2007-02-07$145.21$140.008.4%2.8%7.3%0.0%9.8%3.3%0.1%-183.6M-9.72B-67.3M1.897.35N/AN/A60,247114,0171,525,0862,506,986
2007-02-08$145.02$140.009.4%2.7%7.3%0.0%10.5%3.4%0.3%-149.1M-9.40B-68.3M1.957.02N/AN/A47,14291,7001,555,2092,525,378
2007-02-09$143.94$140.0010.0%2.9%7.8%0.0%10.1%3.5%0.2%-429.0M-7.20B-70.0M2.377.69N/AN/A69,334164,6201,570,8542,536,235
2007-02-12$143.45$140.0010.9%3.1%7.5%0.0%11.5%3.8%0.2%-657.3M-5.94B-69.8M3.197.26N/AN/A74,134236,3621,596,4432,587,880
2007-02-13$144.66$141.009.1%2.6%8.0%0.0%10.0%3.5%0.5%-196.2M-9.10B-67.2M2.305.69N/AN/A67,562155,1981,621,9062,674,774
2007-02-14$145.61$141.009.0%2.6%8.3%0.0%10.0%3.3%0.2%164.4M-11.20B-66.7M2.026.55N/AN/A112,596227,4091,636,9072,707,010
2007-02-15$145.80$141.009.2%2.6%8.1%0.0%9.3%3.4%-0.0%343.5M-11.22B-69.1M2.296.26N/AN/A56,384129,2131,677,3202,839,064
2007-02-16$145.73$141.008.9%2.5%8.2%0.0%9.9%3.1%0.2%442.2M-10.73B-70.4M1.595.95N/AN/A56,52989,6381,680,8502,905,014
2007-02-20$146.04$141.009.1%2.6%8.0%0.0%10.2%3.1%0.4%-235.8M-8.24B-69.0M2.764.91N/AN/A50,709139,8801,361,6012,415,031
2007-02-21$145.98$142.009.2%2.7%8.0%0.0%10.1%2.7%0.1%-316.4M-7.89B-70.4M3.875.43N/AN/A23,11389,3781,381,9062,502,113
2007-02-22$145.87$140.009.2%2.6%7.6%0.0%9.4%2.8%0.5%-362.9M-7.88B-71.2M2.4313.70N/AN/A49,935121,4491,395,8032,552,955
2007-02-23$145.30$140.009.8%2.8%6.3%0.0%10.9%2.8%0.3%-464.6M-7.01B-74.0M3.8810.99N/AN/A31,154120,8711,420,3702,583,590
2007-02-26$145.17$141.0010.0%2.9%6.3%0.0%8.8%3.2%0.4%-539.8M-6.77B-72.9M2.8811.74N/AN/A49,854143,4721,435,6192,630,418
2007-02-27$139.50$141.0016.4%4.7%15.8%0.0%15.4%5.1%-1.0%-922.6M3.36B-88.9M2.7227.57N/AN/A319,794870,2551,459,6432,703,589
2007-02-28$140.93$141.0014.1%4.0%16.2%0.0%14.1%4.6%-0.5%-1.03B1.66B-90.7M2.5018.80N/AN/A210,336525,2101,612,8022,921,233