SPY Options History — October 2008

In October 2008, SPY traded between $83.95 and $116.06. ATM implied volatility averaged 63.0%, placing in the 53.9% IV rank vs the trailing year. The 30-day expected move averaged 15.9%. IV traded below realized volatility by 11.0% (HV 20d: 74.0%). Max pain ranged from $101.00 to $122.00. Net GEX was positive for 0 of 23 trading days. Term structure was in contango for 0 of 23 days. Put/call ratio averaged 1.63.

Notable Days

  • 2008-10-06: Highest Volume — 3,544,434 contracts
  • 2008-10-16: Largest IV drop — 36.0% change
  • 2008-10-10: Highest IV Rank — 87.2%
  • 2008-10-27: Largest Expected Move — 21.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$96.78$83.95$116.06$116.06$96.83
Max Pain$111.00$101.00$122.00$122.00$101.00
ATM IV63.0%42.2%93.9%42.2%52.5%
Expected Move15.9%12.1%21.1%12.1%15.1%
HV 20d74.0%49.4%94.0%49.4%94.0%
HV 60d48.5%32.7%61.5%32.7%61.5%
IV Rank53.9%31.6%87.2%31.6%42.7%
IV Percentile97.4%92.9%99.6%99.2%92.9%
Term Structure-6.3%-10.2%-1.8%-7.1%-1.8%
VWIV56.1%42.4%71.9%42.4%56.0%
Skew 25d16.4%8.1%23.4%8.1%17.2%
Skew 10d30.8%14.6%43.7%14.6%33.0%
Call IV 25d47.3%37.9%61.6%38.1%45.0%
Put IV 25d63.7%46.2%85.0%46.2%62.3%
Bid-Ask Spread %9.744.7946.835.396.80
Gamma HHI0.040.030.050.050.04
Net GEX-589.6M-1.08B-369.2M-938.9M-386.1M
Net DEX35.91B21.38B52.04B26.83B21.38B
Net VEX-118.0M-162.2M-91.8M-162.2M-128.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.630.942.452.091.47
Total Volume1,846,279.87808,7623,544,4341,028,511914,661
Total OI12,922,282.43510,998,97815,524,12111,022,17613,320,822

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-10-01$116.06$122.0042.2%12.1%49.4%31.6%42.4%8.1%-7.1%-938.9M26.83B-162.2M2.095.39N/AN/A332,927695,5844,315,7976,706,379
2008-10-02$111.85$122.0049.5%14.2%49.9%39.4%49.6%11.0%-10.1%-923.8M34.11B-148.5M2.456.19N/AN/A531,4041,301,6524,372,2016,708,417
2008-10-03$110.34$121.0047.6%13.7%49.8%37.4%46.2%11.0%-7.5%-1.08B39.03B-144.0M1.769.43N/AN/A632,3701,111,7014,532,4637,166,237
2008-10-06$104.72$122.0061.7%12.9%51.4%52.5%44.6%12.2%-5.0%-954.9M46.57B-120.7M1.9711.78N/AN/A1,192,7852,351,6494,668,8377,430,947
2008-10-07$100.03$121.0063.6%13.9%52.5%54.6%44.4%12.0%-5.3%-874.3M51.34B-113.6M1.168.78N/AN/A1,155,4821,343,2444,955,2088,000,627
2008-10-08$97.51$117.0069.0%14.9%52.5%60.4%51.9%13.6%-6.1%-701.2M48.58B-106.8M1.968.13N/AN/A994,6421,951,8055,320,9857,656,888
2008-10-09$90.70$116.0078.5%16.9%55.7%70.6%56.9%13.9%-8.1%-574.5M52.04B-91.8M1.2812.13N/AN/A1,095,7871,401,9175,573,4898,006,368
2008-10-10$88.50$115.0093.9%19.2%55.2%87.2%65.7%17.1%-9.4%-502.7M48.69B-93.6M1.6846.83N/AN/A1,166,0001,955,9315,828,9527,903,647
2008-10-13$101.35$114.0072.8%14.0%76.2%64.5%51.9%13.2%-4.5%-713.4M35.80B-140.4M1.359.17N/AN/A691,887932,3676,345,6608,556,873
2008-10-14$99.85$113.0070.5%14.0%75.6%62.0%49.6%13.8%-4.7%-644.8M37.39B-125.1M0.948.66N/AN/A1,020,950963,1596,478,3998,425,072
2008-10-15$90.02$112.0091.1%17.1%81.8%84.2%56.8%15.8%-6.6%-566.4M47.90B-99.8M1.367.49N/AN/A950,9681,294,1456,570,1038,405,811
2008-10-16$93.77$111.0058.3%16.7%82.7%48.9%61.6%19.7%-7.2%-545.0M41.55B-109.4M1.568.08N/AN/A1,110,3191,733,4106,687,8968,220,796
2008-10-17$93.21$110.0060.4%17.3%81.0%51.1%58.8%18.7%-6.5%-467.3M41.26B-111.2M1.478.03N/AN/A702,3751,034,6927,002,5788,521,543
2008-10-20$98.81$109.0045.3%13.0%84.9%34.8%48.3%16.1%-2.1%-458.5M24.39B-117.1M1.097.64N/AN/A459,928501,7884,540,2376,458,741
2008-10-21$95.86$107.0047.0%13.5%85.1%36.7%47.4%14.6%-3.2%-432.9M26.78B-109.0M1.606.45N/AN/A358,414573,4404,747,8706,503,162
2008-10-22$90.64$106.0061.2%17.6%86.4%52.0%62.1%20.2%-8.1%-405.1M30.79B-103.1M1.955.67N/AN/A584,2041,141,6804,829,3816,584,078
2008-10-23$91.69$105.0058.6%16.8%86.2%49.2%61.6%20.9%-5.9%-414.1M29.86B-106.8M2.006.52N/AN/A711,7901,423,2674,973,3306,761,634
2008-10-24$87.04$104.0070.6%20.2%87.1%62.1%71.9%22.0%-8.6%-390.1M32.66B-106.8M1.9410.50N/AN/A534,5491,038,3705,179,5117,135,326
2008-10-27$83.95$102.0073.7%21.1%84.0%65.4%71.4%23.4%-10.2%-407.3M35.55B-99.1M2.294.79N/AN/A380,733873,3015,305,1807,436,579
2008-10-28$93.76$101.0059.4%17.0%93.2%50.1%66.5%21.3%-6.0%-409.3M25.74B-122.8M1.5210.10N/AN/A476,987726,9245,376,9757,466,471
2008-10-29$93.08$101.0063.2%18.1%93.1%54.2%64.3%20.7%-7.0%-406.3M25.95B-124.8M1.249.21N/AN/A583,715722,7725,473,4767,601,269
2008-10-30$96.30$101.0058.0%16.6%93.9%48.6%60.6%19.6%-4.8%-369.2M21.71B-129.1M1.446.29N/AN/A331,066477,6965,573,6717,582,610
2008-10-31$96.83$101.0052.5%15.1%94.0%42.7%56.0%17.2%-1.8%-386.1M21.38B-128.3M1.476.80N/AN/A370,837543,8245,604,2507,716,572