SPY Options History — May 2007

In May 2007, SPY traded between $148.67 and $153.48. ATM implied volatility averaged 11.5%. The 30-day expected move averaged 3.3%. IV traded above realized volatility by 3.5% (HV 20d: 8.0%). Max pain ranged from $145.00 to $150.00. Net GEX was positive for 1 of 22 trading days. Term structure was in contango for 22 of 22 days. Put/call ratio averaged 2.35.

Notable Days

  • 2007-05-21: Highest Volume — 481,784 contracts
  • 2007-05-18: Largest IV drop — 12.3% change
  • 2007-05-24: Largest Expected Move — 3.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$151.30$148.67$153.48$148.67$153.32
Max Pain$147.09$145.00$150.00$147.00$147.00
ATM IV11.5%10.5%12.5%11.2%11.4%
Expected Move3.3%3.1%3.6%3.2%3.3%
HV 20d8.0%7.0%8.7%7.7%8.3%
HV 60d12.4%9.4%13.5%13.2%9.4%
Term Structure0.3%0.1%0.6%0.5%0.4%
VWIV12.7%11.6%15.2%12.3%15.2%
Skew 25d4.1%3.1%4.5%3.8%3.8%
Skew 10d8.3%6.9%9.2%8.1%6.9%
Call IV 25d9.8%9.1%10.6%9.7%9.7%
Put IV 25d13.9%12.7%14.9%13.5%13.5%
Bid-Ask Spread %9.615.9918.727.9214.54
Gamma HHI0.050.040.080.050.06
Net GEX-690.6M-1.11B55.7M-856.8M-543.3M
Net DEX-9.65B-15.66B-4.27B-6.72B-10.04B
Net VEX-111.8M-121.5M-106.2M-109.3M-114.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.351.484.142.553.88
Total Volume313,203.864168,317481,784433,071317,449
Total OI6,453,608.6365,656,0227,228,2745,849,7996,449,418

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-05-01$148.67$147.0011.2%3.2%7.7%0.0%12.3%3.8%0.5%-856.8M-6.72B-109.3M2.557.92N/AN/A122,156310,9151,804,3984,045,401
2007-05-02$149.54$147.0010.7%3.1%7.1%0.0%11.7%3.2%0.4%-753.2M-8.71B-108.3M2.488.78N/AN/A110,505274,5621,847,6624,171,938
2007-05-03$150.35$147.0011.2%3.2%7.2%0.0%12.1%3.1%0.6%-637.0M-10.13B-108.4M2.226.29N/AN/A81,265180,1691,912,6314,277,693
2007-05-04$150.92$146.0010.5%3.4%7.3%0.0%11.9%4.3%0.5%-567.0M-11.16B-106.2M2.195.99N/AN/A95,641209,5581,932,9834,358,907
2007-05-07$150.95$146.0011.0%3.4%7.3%0.0%13.4%4.3%0.5%-655.8M-11.04B-106.9M4.146.24N/AN/A50,899210,5951,958,9734,481,049
2007-05-08$150.75$146.0011.3%3.4%7.4%0.0%12.7%4.2%0.3%-783.2M-10.42B-110.1M2.558.25N/AN/A68,360174,6481,967,6814,563,873
2007-05-09$151.16$147.0011.0%3.3%7.0%0.0%11.6%4.0%0.3%-666.7M-11.56B-108.1M1.768.56N/AN/A82,937146,2341,995,7744,616,836
2007-05-10$149.58$147.0012.3%3.5%8.3%0.0%13.3%4.3%0.1%-1.11B-7.23B-114.8M3.918.34N/AN/A74,730292,4822,032,0924,661,243
2007-05-11$150.86$147.0011.7%3.3%8.6%0.0%12.8%4.1%0.2%-723.2M-11.00B-110.8M2.156.37N/AN/A80,777173,6262,051,7454,758,312
2007-05-14$150.53$147.0012.3%3.5%8.3%0.0%13.1%4.5%0.1%-954.8M-9.64B-111.5M1.727.77N/AN/A97,620168,2412,079,9424,818,427
2007-05-15$150.57$147.0012.3%3.5%8.2%0.0%12.6%4.4%0.4%-932.4M-9.76B-113.5M1.488.11N/AN/A152,524225,2722,122,4464,889,893
2007-05-16$151.60$148.0011.7%3.4%8.5%0.0%12.8%4.4%0.4%-521.8M-13.04B-108.8M1.606.59N/AN/A107,966173,1682,159,2294,926,313
2007-05-17$151.30$148.0012.3%3.5%8.6%0.0%12.8%4.3%0.1%-592.5M-12.52B-111.2M1.698.53N/AN/A110,917186,8902,195,6684,971,381
2007-05-18$152.62$148.0010.8%3.1%8.5%0.0%12.6%4.1%0.4%55.7M-15.66B-107.4M1.566.95N/AN/A150,822234,7582,222,6995,005,575
2007-05-21$152.54$149.0011.1%3.2%8.3%0.0%12.8%4.5%0.4%-509.9M-8.92B-107.8M2.206.86N/AN/A150,389331,3951,760,9153,895,107
2007-05-22$152.42$149.0011.6%3.3%8.3%0.0%12.3%4.0%0.2%-625.7M-8.20B-111.1M3.328.02N/AN/A70,122232,6161,808,3424,045,521
2007-05-23$152.44$150.0011.8%3.4%7.8%0.0%12.2%3.9%0.3%-676.6M-7.85B-115.6M2.507.38N/AN/A86,051214,9201,836,4084,159,884
2007-05-24$151.06$145.0012.5%3.6%8.6%0.0%12.3%4.3%0.2%-980.2M-4.27B-121.5M1.7118.26N/AN/A166,397284,9681,871,2684,269,038
2007-05-25$151.69$146.0011.7%3.3%8.7%0.0%12.2%4.2%0.2%-834.5M-6.22B-119.9M1.8316.86N/AN/A101,041184,8171,951,6254,301,815
2007-05-29$152.24$146.0011.8%3.4%8.0%0.0%14.4%4.0%0.3%-782.3M-7.81B-118.2M2.1016.11N/AN/A54,356113,9611,996,7294,377,425
2007-05-30$153.48$146.0011.4%3.3%8.4%0.0%12.8%4.0%0.4%-547.3M-10.31B-115.0M2.1118.72N/AN/A75,270158,4961,996,3194,428,812
2007-05-31$153.32$147.0011.4%3.3%8.3%0.0%15.2%3.8%0.4%-543.3M-10.04B-114.4M3.8814.54N/AN/A65,106252,3432,014,1614,435,257