SPY Options History — September 2009

In September 2009, SPY traded between $99.82 and $107.32. ATM implied volatility averaged 21.6%, placing in the 2.3% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 5.7% (HV 20d: 15.9%). Max pain ranged from $99.00 to $106.00. Net GEX was positive for 7 of 21 trading days. Term structure was in contango for 21 of 21 days. Put/call ratio averaged 1.66.

Notable Days

  • 2009-09-17: Highest Volume — 5,022,545 contracts
  • 2009-09-30: Largest IV drop — 9.4% change
  • 2009-09-01: Highest IV Rank — 6.6%
  • 2009-09-01: Largest Expected Move — 7.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$104.68$99.82$107.32$100.20$105.59
Max Pain$102.90$99.00$106.00$99.00$106.00
ATM IV21.6%19.5%25.5%25.5%21.9%
Expected Move6.2%5.8%7.3%7.3%6.3%
HV 20d15.9%12.9%18.4%17.9%12.9%
HV 60d17.9%15.8%19.4%19.1%15.8%
IV Rank2.3%0.0%6.6%6.6%3.2%
IV Percentile7.0%0.0%23.8%23.4%12.3%
Term Structure1.3%0.8%2.1%0.8%0.8%
VWIV22.6%20.7%27.8%27.8%23.0%
Skew 25d4.8%4.0%5.8%5.7%5.1%
Skew 10d9.6%7.5%12.0%10.5%10.7%
Call IV 25d19.7%18.5%23.2%23.2%20.0%
Put IV 25d24.6%22.6%28.9%28.9%25.1%
Bid-Ask Spread %2.531.614.914.911.87
Gamma HHI0.060.040.080.040.06
Net GEX-205.0M-890.3M581.7M-501.3M-890.3M
Net DEX-4.07B-18.25B4.71B2.86B1.41B
Net VEX-126.2M-227.4M-107.5M-127.0M-128.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.660.302.341.311.65
Total Volume1,399,044.714667,8895,022,5451,824,0451,407,799
Total OI13,140,64711,377,19015,034,94612,415,10012,451,044

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-09-01$100.20$99.0025.5%7.3%17.9%6.6%27.8%5.7%0.8%-501.3M2.86B-127.0M1.314.91N/AN/A790,1461,033,8994,202,4548,212,646
2009-09-02$99.82$99.0025.1%7.2%18.0%6.0%25.4%5.8%0.9%-557.6M3.91B-130.3M1.513.80N/AN/A396,749599,4094,358,4788,417,118
2009-09-03$100.65$99.0023.0%6.6%18.1%3.7%24.1%5.4%1.1%-458.4M1.32B-125.2M1.883.52N/AN/A341,181641,9394,351,9528,480,787
2009-09-04$102.06$99.0021.3%6.1%18.2%1.6%23.6%5.2%1.2%-287.1M-2.28B-121.8M2.074.27N/AN/A370,400767,1194,393,2488,664,773
2009-09-08$102.94$99.0020.9%6.0%18.4%1.2%21.8%4.9%1.5%-95.1M-5.69B-115.2M1.953.61N/AN/A290,239566,7144,411,4098,909,806
2009-09-09$103.73$101.0019.5%6.1%17.8%0.0%22.4%5.5%1.9%77.1M-8.03B-114.2M1.511.71N/AN/A556,001838,4344,451,7069,007,863
2009-09-10$104.79$102.0020.4%5.9%17.8%1.0%22.1%5.3%2.1%248.5M-10.91B-108.9M1.372.08N/AN/A578,740790,8944,501,5429,216,136
2009-09-11$104.77$102.0020.9%6.0%17.7%1.6%22.4%5.2%1.6%227.3M-10.83B-110.8M1.482.25N/AN/A525,637777,7034,585,3339,356,969
2009-09-14$105.28$103.0021.0%6.0%17.3%1.7%22.1%5.3%1.3%362.8M-12.62B-107.5M1.632.00N/AN/A374,824610,5624,714,6799,523,480
2009-09-15$105.72$103.0020.3%5.8%14.1%0.8%21.8%5.1%1.6%360.7M-12.80B-113.7M1.591.82N/AN/A560,793889,0394,740,9629,642,753
2009-09-16$107.32$103.0020.9%6.0%14.6%1.6%21.8%4.5%1.0%581.7M-18.25B-107.6M1.092.31N/AN/A1,056,5621,151,4464,778,4029,747,856
2009-09-17$107.16$104.0020.8%6.0%14.6%1.4%22.1%4.4%1.3%469.6M-16.89B-111.9M0.302.37N/AN/A3,869,2501,153,2954,956,67710,078,269
2009-09-18$106.72$105.0020.9%6.0%14.6%1.5%22.0%4.1%1.4%-174.3M-3.07B-122.5M2.262.47N/AN/A613,2241,385,9473,876,61210,265,186
2009-09-21$106.45$105.0021.1%6.1%13.3%1.8%21.8%4.3%1.4%-544.8M4.07B-227.4M2.162.02N/AN/A211,234456,6553,864,95210,524,813
2009-09-22$107.07$105.0020.2%5.8%13.4%0.8%20.8%4.0%1.6%-183.8M-3.82B-124.5M1.271.61N/AN/A310,724395,5623,583,1867,794,004
2009-09-23$106.18$105.0020.3%5.8%13.9%0.9%20.7%4.0%2.0%-360.4M-1.57B-127.5M2.342.41N/AN/A337,892791,9253,654,5417,901,183
2009-09-24$105.01$105.0021.5%6.2%14.6%2.3%22.2%4.1%1.4%-695.5M3.27B-134.1M1.952.06N/AN/A423,390823,6313,715,8668,080,936
2009-09-25$104.45$106.0020.8%6.4%14.7%1.4%23.0%4.5%1.0%-782.5M4.71B-135.0M1.842.30N/AN/A356,046654,0513,774,9628,240,296
2009-09-28$106.32$105.0022.2%6.2%15.9%3.1%22.4%4.7%1.0%-418.3M-1.09B-127.8M2.012.06N/AN/A274,910551,8893,817,2038,363,565
2009-09-29$106.00$106.0024.2%6.2%15.5%5.4%22.2%4.7%1.1%-682.5M800.6M-128.7M1.701.74N/AN/A315,814538,2713,817,9928,521,948
2009-09-30$105.59$106.0021.9%6.3%12.9%3.2%23.0%5.1%0.8%-890.3M1.41B-128.9M1.651.87N/AN/A530,539877,2603,865,7398,585,305