SPY Options History — August 2008

In August 2008, SPY traded between $124.99 and $130.71. ATM implied volatility averaged 19.5%, placing in the 38.5% IV rank vs the trailing year. The 30-day expected move averaged 5.7%. IV traded below realized volatility by 2.2% (HV 20d: 21.7%). Max pain ranged from $127.00 to $133.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 1.44.

Notable Days

  • 2008-08-14: Highest Volume — 1,312,644 contracts
  • 2008-08-05: Largest IV drop — 12.1% change
  • 2008-08-04: Highest IV Rank — 56.2%
  • 2008-08-04: Largest Expected Move — 6.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$128.36$124.99$130.71$126.16$128.79
Max Pain$131.24$127.00$133.00$128.00$127.00
ATM IV19.5%17.9%22.5%20.6%19.4%
Expected Move5.7%5.2%6.5%5.9%5.5%
HV 20d21.7%19.7%23.4%22.3%20.0%
HV 60d20.1%18.8%20.8%18.8%20.5%
IV Rank38.5%29.1%56.2%44.9%37.7%
IV Percentile33.7%19.8%60.3%40.1%33.7%
Term Structure0.1%-0.4%1.5%1.5%0.8%
VWIV20.5%18.7%23.3%20.3%19.8%
Skew 25d4.7%3.9%5.5%3.9%4.6%
Skew 10d8.5%7.2%9.7%7.5%8.2%
Call IV 25d17.5%16.0%19.8%18.6%17.2%
Put IV 25d22.3%20.0%25.3%22.5%21.8%
Bid-Ask Spread %2.481.624.392.054.24
Gamma HHI0.060.050.080.070.05
Net GEX-774.5M-1.41B-132.2M-1.24B-877.2M
Net DEX13.22B4.23B23.42B20.16B13.85B
Net VEX-156.3M-162.7M-151.8M-157.3M-162.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.440.781.991.991.86
Total Volume792,038.238551,5861,312,644791,231604,427
Total OI10,348,387.0958,681,21811,720,93410,549,23310,286,053

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-08-01$126.16$128.0020.6%5.9%22.3%44.9%20.3%3.9%1.5%-1.24B20.16B-157.3M1.992.05N/AN/A264,228527,0033,974,2246,575,009
2008-08-04$124.99$133.0022.5%6.5%22.2%56.2%23.3%5.5%-0.4%-1.41B23.42B-151.8M1.492.95N/AN/A250,210373,3794,030,7116,630,052
2008-08-05$128.36$133.0019.8%5.9%23.4%40.2%21.7%5.3%-0.3%-871.3M12.89B-156.7M1.742.83N/AN/A306,377531,6824,075,8446,717,522
2008-08-06$128.93$133.0018.1%5.7%22.2%30.7%19.8%5.1%-0.1%-749.7M11.06B-153.8M0.781.98N/AN/A589,781460,7194,088,4386,721,538
2008-08-07$127.01$133.0018.8%6.0%22.9%34.2%21.1%5.0%-0.1%-996.9M17.29B-153.0M1.943.06N/AN/A268,090519,3724,229,1766,697,143
2008-08-08$129.37$132.0017.9%5.8%23.2%29.1%20.9%5.2%-0.0%-527.3M8.34B-158.8M1.252.62N/AN/A516,020646,7004,265,1916,806,097
2008-08-11$130.71$132.0018.8%5.7%23.0%34.5%20.4%5.0%-0.2%-132.2M4.23B-157.3M0.992.70N/AN/A505,277497,8184,358,0066,933,563
2008-08-12$129.35$132.0019.3%6.0%22.7%37.6%21.4%5.3%-0.3%-442.7M9.63B-157.1M1.531.94N/AN/A371,638569,7054,375,1037,006,995
2008-08-13$128.57$132.0020.0%6.0%21.5%41.3%21.7%5.2%-0.2%-698.7M12.10B-156.2M1.832.29N/AN/A369,178674,0694,387,1477,056,046
2008-08-14$129.54$132.0019.8%5.7%21.4%40.6%20.8%5.0%-0.2%-404.0M9.15B-154.8M1.332.08N/AN/A563,094749,5504,395,1237,155,860
2008-08-15$130.17$132.0019.2%5.5%21.3%36.8%19.5%4.6%0.1%-244.8M6.41B-156.0M1.012.13N/AN/A428,102430,2754,427,7627,293,172
2008-08-18$128.39$132.0020.7%5.9%22.0%45.8%20.6%5.0%-0.2%-743.6M13.43B-153.3M1.251.62N/AN/A291,719364,1523,340,8985,340,320
2008-08-19$126.99$132.0020.7%5.9%22.1%45.6%21.0%4.8%-0.0%-891.4M16.88B-153.3M1.221.70N/AN/A295,431359,0333,430,4095,503,188
2008-08-20$127.58$132.0019.7%5.6%22.0%39.7%20.3%4.5%-0.1%-883.2M15.59B-155.0M1.092.01N/AN/A307,442334,7033,505,4815,626,073
2008-08-21$127.80$131.0019.2%5.5%20.6%36.6%19.7%4.3%0.1%-851.4M15.00B-156.4M1.382.13N/AN/A263,172362,3693,591,1375,712,437
2008-08-22$129.65$131.0018.0%5.2%21.2%30.0%18.7%4.0%0.2%-724.8M10.99B-160.2M1.782.00N/AN/A198,222353,3643,632,1765,827,733
2008-08-25$127.02$131.0020.2%5.8%21.8%42.7%20.2%4.3%-0.2%-1.04B17.97B-155.5M1.221.97N/AN/A255,982313,1003,694,6155,928,797
2008-08-26$127.39$131.0019.8%5.7%20.6%40.2%19.9%4.2%-0.1%-992.5M16.52B-155.1M1.481.79N/AN/A232,151344,1753,750,1225,984,123
2008-08-27$128.63$130.0018.6%5.4%19.9%33.5%19.6%4.5%0.8%-870.5M13.62B-157.6M1.243.69N/AN/A262,371325,8603,804,5256,065,989
2008-08-28$130.19$127.0018.3%5.2%19.7%31.5%20.0%4.2%1.1%-667.5M9.12B-161.1M1.754.39N/AN/A274,152478,7113,904,4656,187,866
2008-08-29$128.79$127.0019.4%5.5%20.0%37.7%19.8%4.6%0.8%-877.2M13.85B-162.7M1.864.24N/AN/A210,989393,4383,983,6926,302,361