SPY Options History — January 2008

In January 2008, SPY traded between $130.72 and $144.93. ATM implied volatility averaged 25.0%, placing in the 81.2% IV rank vs the trailing year. The 30-day expected move averaged 7.2%. IV traded above realized volatility by 6.4% (HV 20d: 18.6%). Max pain ranged from $137.00 to $148.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 1.88.

Notable Days

  • 2008-01-17: Highest Volume — 2,694,527 contracts
  • 2008-01-17: Largest IV spike — 14.5% change
  • 2008-01-22: Highest IV Rank — 100.0%
  • 2008-01-22: Largest Expected Move — 8.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$137.67$130.72$144.93$144.93$137.37
Max Pain$142.90$137.00$148.00$148.00$137.00
ATM IV25.0%20.8%30.0%21.4%26.1%
Expected Move7.2%6.0%8.6%6.1%7.5%
HV 20d18.6%15.4%23.1%17.7%23.1%
HV 60d21.2%20.1%22.4%20.1%22.2%
IV Rank81.2%63.5%100.0%66.2%82.1%
IV Percentile91.3%78.2%100.0%80.5%94.0%
Term Structure-0.8%-2.8%1.0%1.0%-1.4%
VWIV25.1%21.1%29.9%21.1%27.2%
Skew 25d6.3%4.1%8.4%4.4%6.8%
Skew 10d11.1%7.1%14.5%8.5%12.4%
Call IV 25d21.7%18.7%25.5%18.9%22.7%
Put IV 25d28.1%22.7%34.0%23.4%29.5%
Bid-Ask Spread %4.032.585.474.063.87
Gamma HHI0.060.040.120.060.04
Net GEX-1.30B-2.13B-783.3M-1.11B-783.3M
Net DEX20.11B10.75B39.57B10.82B11.32B
Net VEX-169.9M-180.4M-146.8M-180.4M-179.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.881.372.821.841.83
Total Volume1,301,520.619666,5622,694,527683,8921,654,252
Total OI9,010,712.6677,763,49410,461,2528,041,8469,485,897

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-01-02$144.93$148.0021.4%6.1%17.7%66.2%21.1%4.4%1.0%-1.11B10.82B-180.4M1.844.06N/AN/A241,115442,7772,941,5345,100,312
2008-01-03$144.86$148.0020.8%6.0%17.4%63.5%21.1%4.1%0.9%-1.18B10.75B-173.9M2.822.58N/AN/A174,461492,1012,964,1465,145,039
2008-01-04$141.31$148.0023.2%6.8%18.2%75.5%23.8%6.3%0.0%-1.37B19.19B-176.0M2.374.71N/AN/A387,681918,1003,054,3345,326,237
2008-01-07$141.19$147.0022.7%6.6%17.1%72.8%22.9%6.2%-0.0%-1.49B19.28B-173.3M1.525.47N/AN/A308,341468,2953,172,4185,467,569
2008-01-08$138.91$147.0023.6%7.1%17.7%77.2%23.8%6.2%-0.3%-1.48B24.04B-168.9M2.025.33N/AN/A405,436817,0013,235,3925,479,637
2008-01-09$140.37$146.0022.2%6.7%17.9%70.3%23.3%6.0%0.2%-1.58B20.01B-171.9M2.104.27N/AN/A455,645956,1553,322,2835,537,890
2008-01-10$141.29$145.0022.9%6.6%15.9%73.9%23.1%6.0%-0.2%-1.51B16.39B-176.4M1.794.75N/AN/A468,163836,3473,474,2185,721,715
2008-01-11$140.15$145.0023.3%6.7%15.4%76.0%23.3%5.6%-0.1%-1.72B20.15B-174.9M2.144.42N/AN/A315,148675,8793,548,7555,839,596
2008-01-14$141.28$145.0022.5%6.4%15.9%71.6%22.2%5.6%-0.1%-1.58B16.00B-173.8M1.783.20N/AN/A274,978489,6533,650,8925,939,405
2008-01-15$138.17$145.0023.1%6.6%17.0%74.7%22.8%4.9%0.1%-2.00B26.06B-166.6M2.023.12N/AN/A500,6351,012,2843,677,7435,957,941
2008-01-16$136.98$145.0024.0%6.9%16.6%79.3%23.4%4.8%-0.6%-2.13B27.67B-165.0M2.102.93N/AN/A550,2671,157,6883,845,4226,001,186
2008-01-17$133.43$144.0027.5%7.9%18.2%96.7%26.3%5.8%-1.1%-1.85B36.46B-158.1M2.014.74N/AN/A895,4961,799,0313,931,5436,107,188
2008-01-18$132.06$142.0026.8%7.7%18.3%93.2%26.1%6.2%-0.8%-1.31B39.57B-153.4M2.013.47N/AN/A732,6781,473,8374,217,9226,243,330
2008-01-22$130.72$141.0030.0%8.6%17.8%100.0%29.9%8.4%-2.8%-904.1M24.55B-146.8M2.033.00N/AN/A669,8841,357,1133,031,9034,731,591
2008-01-23$133.86$139.0027.8%8.0%20.1%89.8%29.5%7.9%-2.2%-893.4M18.59B-161.5M1.394.67N/AN/A622,712863,8913,220,3284,929,648
2008-01-24$134.99$138.0026.9%7.7%20.2%85.7%27.2%7.7%-1.8%-815.8M15.57B-171.7M1.555.29N/AN/A482,498749,9093,444,9985,159,747
2008-01-25$133.04$138.0028.5%8.2%20.3%93.3%28.6%7.8%-1.7%-890.6M19.53B-172.1M1.934.12N/AN/A366,447706,7933,515,7355,324,717
2008-01-28$135.24$138.0027.4%7.8%21.5%87.9%28.0%7.4%-1.9%-885.4M15.56B-174.4M1.372.88N/AN/A304,950417,7913,577,4355,472,271
2008-01-29$135.91$138.0027.0%7.7%21.8%86.4%27.2%7.5%-2.2%-868.1M14.05B-176.4M1.492.65N/AN/A292,199434,0973,613,0735,533,215
2008-01-30$134.91$137.0027.4%7.9%21.8%88.2%27.0%7.3%-2.0%-927.3M16.67B-173.7M1.474.98N/AN/A468,909691,2963,678,8635,601,898
2008-01-31$137.37$137.0026.1%7.5%23.1%82.1%27.2%6.8%-1.4%-783.3M11.32B-179.2M1.833.87N/AN/A585,1821,069,0703,785,5115,700,386