SPY Options History — February 2009

In February 2009, SPY traded between $73.93 and $87.10. ATM implied volatility averaged 40.4%, placing in the 28.1% IV rank vs the trailing year. The 30-day expected move averaged 11.6%. IV traded above realized volatility by 3.2% (HV 20d: 37.2%). Max pain ranged from $84.00 to $92.00. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 1.40.

Notable Days

  • 2009-02-20: Highest Volume — 2,311,506 contracts
  • 2009-02-17: Largest IV spike — 15.7% change
  • 2009-02-23: Highest IV Rank — 35.6%
  • 2009-02-23: Largest Expected Move — 13.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$80.73$73.93$87.10$82.58$73.93
Max Pain$88.79$84.00$92.00$87.00$84.00
ATM IV40.4%36.8%47.2%39.8%41.8%
Expected Move11.6%10.6%13.8%11.4%12.0%
HV 20d37.2%33.1%41.5%36.8%34.2%
HV 60d46.2%36.1%52.4%52.4%36.1%
IV Rank28.1%24.2%35.6%27.5%29.7%
IV Percentile71.4%66.7%79.0%71.0%72.6%
Term Structure-0.5%-1.5%0.9%-0.5%-0.6%
VWIV41.1%36.8%47.6%40.6%39.3%
Skew 25d11.3%9.8%13.7%10.7%10.8%
Skew 10d21.2%17.4%25.4%21.9%19.2%
Call IV 25d35.2%31.7%41.4%35.1%37.0%
Put IV 25d46.6%42.2%55.1%45.8%47.8%
Bid-Ask Spread %4.813.597.644.675.62
Gamma HHI0.050.040.080.040.06
Net GEX-490.0M-798.9M-241.7M-408.9M-470.9M
Net DEX17.81B9.05B24.94B15.94B22.21B
Net VEX-81.2M-93.3M-70.6M-85.0M-72.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.400.962.121.021.55
Total Volume1,335,053.211810,9262,311,506940,3591,592,875
Total OI10,622,740.3689,091,13912,008,0259,826,89210,475,421

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-02-02$82.58$87.0039.8%11.4%36.8%27.5%40.6%10.7%-0.5%-408.9M15.94B-85.0M1.024.67N/AN/A465,786474,5733,751,7676,075,125
2009-02-03$83.74$86.0036.8%10.6%37.4%24.2%38.8%10.4%0.4%-388.1M14.38B-86.1M1.343.92N/AN/A346,150464,7763,823,8786,163,744
2009-02-04$83.33$86.0037.4%10.7%37.2%24.8%36.8%9.8%0.9%-414.0M14.62B-85.9M2.124.98N/AN/A313,907666,9153,856,8326,236,928
2009-02-05$84.57$86.0037.2%10.7%36.6%24.6%38.8%9.8%0.6%-367.7M13.55B-88.6M1.765.14N/AN/A439,657772,4433,884,6486,355,820
2009-02-06$86.98$92.0037.9%11.0%38.3%25.3%38.5%11.5%-0.6%-241.7M9.05B-93.2M1.116.94N/AN/A770,393855,3043,927,4656,542,327
2009-02-09$87.10$92.0038.5%11.1%37.6%26.0%38.0%11.1%-1.3%-248.1M9.45B-93.3M1.014.87N/AN/A464,721467,1384,145,5176,728,181
2009-02-10$83.11$92.0042.5%12.0%40.2%30.4%43.4%11.9%-0.4%-497.6M16.44B-89.7M1.834.96N/AN/A562,1271,026,0614,194,5086,786,882
2009-02-11$83.60$91.0038.0%11.1%40.3%25.5%40.8%11.2%-0.6%-504.5M16.03B-87.3M1.294.27N/AN/A449,210581,4054,194,3796,923,092
2009-02-12$83.66$91.0037.2%10.7%38.7%24.6%39.2%11.6%-0.2%-477.4M14.96B-85.7M1.344.40N/AN/A745,3841,000,6644,262,5456,923,129
2009-02-13$82.76$91.0037.8%10.8%38.9%25.2%38.3%11.0%-0.5%-595.9M17.76B-83.7M1.464.13N/AN/A394,038576,8734,318,1976,977,517
2009-02-17$79.22$91.0043.7%12.5%41.5%31.7%43.5%12.3%-1.4%-746.7M23.71B-75.9M1.554.27N/AN/A655,1931,018,3934,327,5647,037,745
2009-02-18$79.03$90.0042.5%12.2%37.0%30.5%43.0%11.5%-0.9%-798.9M24.62B-74.4M1.107.64N/AN/A675,184742,2554,407,0217,171,480
2009-02-19$78.18$90.0042.3%12.1%33.4%30.2%43.1%12.5%-0.7%-742.9M23.98B-73.1M1.585.17N/AN/A577,025913,6014,604,1607,133,028
2009-02-20$77.42$89.0044.2%12.7%33.1%32.3%44.8%13.1%-0.8%-735.1M24.94B-73.1M1.565.35N/AN/A901,5421,409,9644,748,8167,259,209
2009-02-23$74.65$88.0047.2%13.8%35.0%35.6%47.6%13.7%-1.5%-408.2M20.11B-70.6M1.263.72N/AN/A565,571714,2283,401,8425,689,297
2009-02-24$77.48$86.0041.7%12.2%37.9%29.6%42.8%10.8%-1.2%-407.7M18.14B-75.1M1.183.86N/AN/A623,602736,0003,613,9695,896,150
2009-02-25$76.87$91.0040.7%11.6%37.6%28.4%42.5%10.9%-0.6%-414.1M18.82B-75.4M1.563.82N/AN/A557,018866,5003,789,3736,026,973
2009-02-26$75.62$84.0040.5%11.5%35.0%28.3%41.1%10.8%-0.7%-441.9M19.74B-74.5M0.963.59N/AN/A500,235479,3003,936,8396,240,699
2009-02-27$73.93$84.0041.8%12.0%34.2%29.7%39.3%10.8%-0.6%-470.9M22.21B-72.3M1.555.62N/AN/A625,394967,4814,146,6616,328,760