SPY Options History — March 2007

In March 2007, SPY traded between $137.35 and $143.39. ATM implied volatility averaged 13.7%. The 30-day expected move averaged 3.8%. IV traded below realized volatility by 4.3% (HV 20d: 18.0%). Max pain ranged from $140.00 to $142.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 2.12.

Notable Days

  • 2007-03-15: Highest Volume — 1,349,029 contracts
  • 2007-03-13: Largest IV spike — 33.7% change
  • 2007-03-05: Largest Expected Move — 5.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$140.76$137.35$143.39$140.51$142.00
Max Pain$141.27$140.00$142.00$141.00$142.00
ATM IV13.7%10.7%18.8%14.1%12.7%
Expected Move3.8%3.1%5.4%4.0%3.7%
HV 20d18.0%13.7%20.8%16.0%13.7%
HV 60d13.5%13.1%13.9%13.3%13.2%
Term Structure0.2%-1.4%1.0%-0.8%0.6%
VWIV13.9%11.2%19.0%14.7%13.3%
Skew 25d5.0%3.8%7.3%5.5%4.4%
Skew 10d10.0%8.0%13.7%10.7%8.1%
Call IV 25d11.1%8.6%15.4%12.0%10.6%
Put IV 25d16.0%12.8%22.6%17.5%15.1%
Bid-Ask Spread %9.705.3919.1319.135.40
Gamma HHI0.070.050.140.070.06
Net GEX-1.00B-1.65B-365.4M-992.5M-826.7M
Net DEX1.83B-5.52B10.83B2.37B-1.13B
Net VEX-103.7M-115.0M-94.5M-94.5M-110.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.120.253.071.813.07
Total Volume485,686.136213,7811,349,029743,063336,985
Total OI5,629,980.7274,737,0796,673,5164,737,0795,207,481

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-03-01$140.51$141.0014.1%4.0%16.0%0.0%14.7%5.5%-0.8%-992.5M2.37B-94.5M1.8119.13N/AN/A264,588478,4751,716,0123,021,067
2007-03-02$138.67$141.0016.4%4.7%16.3%0.0%16.5%6.7%-0.9%-1.02B6.34B-99.0M2.7116.97N/AN/A124,132336,2891,807,6473,156,259
2007-03-05$137.35$141.0018.8%5.4%16.4%0.0%19.0%7.3%-1.4%-1.07B9.21B-98.4M1.9212.83N/AN/A211,876407,0171,861,6903,291,459
2007-03-06$139.70$141.0014.4%4.1%17.8%0.0%14.9%5.4%-0.6%-1.10B4.30B-97.7M1.3216.24N/AN/A210,766277,6851,950,4763,409,377
2007-03-07$139.56$140.0013.6%3.9%17.8%0.0%17.3%5.0%-0.4%-1.15B4.87B-98.4M2.4913.70N/AN/A141,486352,5572,012,6603,519,742
2007-03-08$140.74$140.0013.9%3.7%18.1%0.0%13.1%4.3%-0.4%-1.17B1.98B-101.9M1.9416.75N/AN/A145,681283,1192,040,7233,789,079
2007-03-09$140.78$141.0012.8%3.6%18.2%0.0%12.9%4.4%-0.3%-1.24B2.25B-102.6M1.7516.32N/AN/A121,300211,7922,077,5533,888,156
2007-03-12$140.99$142.0014.0%3.5%18.0%0.0%12.4%4.6%0.4%-1.21B1.51B-99.2M1.397.40N/AN/A95,326132,8432,063,3463,876,608
2007-03-13$138.25$142.0018.7%4.4%19.2%0.0%15.0%5.9%-0.1%-1.56B9.90B-102.6M2.649.21N/AN/A200,136528,0792,101,8663,949,046
2007-03-14$139.28$142.0015.8%4.1%19.1%0.0%15.1%5.6%0.2%-1.59B7.43B-106.3M2.418.96N/AN/A300,967726,6192,172,9184,138,867
2007-03-15$139.47$141.0013.7%3.9%18.9%0.0%13.5%5.5%0.5%-1.43B5.79B-105.9M0.256.22N/AN/A1,076,798272,2312,281,1804,392,336
2007-03-16$138.53$141.0014.1%4.1%18.9%0.0%14.7%5.8%0.6%-1.65B10.83B-106.7M2.667.64N/AN/A130,750348,2422,033,9944,379,662
2007-03-19$140.20$141.0013.2%3.8%19.6%0.0%13.6%5.2%0.5%-934.9M2.18B-105.1M2.257.52N/AN/A118,086266,0571,625,8033,387,891
2007-03-20$140.97$141.0011.8%3.4%19.8%0.0%12.4%4.7%0.9%-819.9M-177.6M-104.2M1.515.62N/AN/A129,279195,4771,687,2873,487,609
2007-03-21$143.29$141.0010.7%3.1%20.8%0.0%11.7%4.2%1.0%-365.4M-5.30B-101.0M2.536.45N/AN/A162,735411,8441,764,1733,576,147
2007-03-22$143.18$141.0011.2%3.2%20.8%0.0%11.2%4.1%0.7%-478.5M-5.36B-102.9M1.705.92N/AN/A122,169208,0491,812,7413,704,165
2007-03-23$143.39$141.0011.4%3.3%20.8%0.0%12.1%4.0%0.9%-427.2M-5.52B-105.2M2.915.85N/AN/A61,751179,7511,850,4563,707,635
2007-03-26$143.20$142.0011.6%3.3%20.8%0.0%12.3%3.8%0.5%-530.9M-5.22B-104.0M1.965.64N/AN/A82,931162,4111,864,2113,795,900
2007-03-27$142.86$142.0011.6%3.3%14.8%0.0%12.8%4.0%0.8%-651.7M-3.75B-107.6M2.245.39N/AN/A66,011147,7701,883,2363,853,899
2007-03-28$141.82$142.0013.1%3.8%14.7%0.0%13.9%4.5%0.4%-890.2M-703.9M-111.6M2.187.34N/AN/A126,831276,4641,910,6903,888,818
2007-03-29$141.97$142.0013.4%3.8%14.6%0.0%14.0%4.5%0.2%-888.6M-1.55B-115.0M2.886.79N/AN/A64,815186,9251,945,3713,974,340
2007-03-30$142.00$142.0012.7%3.7%13.7%0.0%13.3%4.4%0.6%-826.7M-1.13B-110.9M3.075.40N/AN/A82,764254,2211,779,7573,427,724