SPY Options History — March 2011

In March 2011, SPY traded between $126.48 and $133.43. ATM implied volatility averaged 17.7%, placing in the 21.0% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded above realized volatility by 1.6% (HV 20d: 16.1%). Max pain ranged from $131.00 to $132.00. Net GEX was positive for 0 of 23 trading days. Term structure was in contango for 19 of 23 days. Put/call ratio averaged 1.82.

Notable Days

  • 2011-03-17: Highest Volume — 7,348,920 contracts
  • 2011-03-29: Largest IV drop — 27.7% change
  • 2011-03-16: Highest IV Rank — 44.3%
  • 2011-03-16: Largest Expected Move — 7.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$130.61$126.48$133.43$130.56$132.59
Max Pain$131.17$131.00$132.00$131.00$131.00
ATM IV17.7%13.6%24.9%17.6%13.6%
Expected Move5.0%4.0%7.1%5.0%4.0%
HV 20d16.1%12.9%18.8%14.0%14.3%
HV 60d12.2%10.2%13.2%10.2%13.2%
IV Rank21.0%7.9%44.3%20.7%7.9%
IV Percentile45.8%12.3%88.5%48.4%12.3%
Term Structure0.5%-1.5%1.7%0.2%1.7%
VWIV18.9%15.4%26.5%19.1%15.4%
Skew 25d6.5%4.5%10.4%6.8%4.5%
Skew 10d12.6%8.6%20.2%13.4%9.0%
Call IV 25d14.9%12.2%20.4%15.2%12.2%
Put IV 25d21.4%16.7%30.8%22.0%16.7%
Bid-Ask Spread %3.111.605.904.573.24
Gamma HHI0.080.040.460.060.07
Net GEX-2.54B-7.61B-68.8M-2.57B-108.6M
Net DEX9.85B-7.37B40.80B9.64B-3.65B
Net VEX-226.0M-232.9M-221.1M-227.0M-226.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.820.402.911.921.89
Total Volume2,533,162.3481,374,7557,348,9202,288,0441,856,493
Total OI17,516,24414,139,61420,458,31616,658,79117,611,850

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2011-03-01$130.56$131.0017.6%5.0%14.0%20.7%19.1%6.8%0.2%-2.57B9.64B-227.0M1.924.57N/AN/A783,3271,504,7174,889,97211,768,819
2011-03-02$131.04$131.0017.9%5.1%12.9%21.7%19.1%6.6%-0.0%-2.65B8.35B-228.8M2.243.27N/AN/A543,5871,217,8535,029,57912,210,994
2011-03-03$133.43$131.0015.7%4.5%14.4%14.8%17.6%6.2%0.4%-1.17B-7.37B-221.1M1.633.50N/AN/A828,4961,346,9205,124,21212,403,581
2011-03-04$132.45$131.0016.2%4.6%14.7%16.3%17.4%6.2%0.4%-2.12B277.2M-225.6M1.614.68N/AN/A1,017,1341,640,4475,214,56212,705,432
2011-03-07$131.36$131.0017.9%5.1%15.0%21.7%18.1%6.5%0.0%-2.75B7.05B-226.3M1.773.58N/AN/A701,6991,242,6395,159,28812,591,589
2011-03-08$132.48$131.0017.1%4.9%15.1%19.1%17.3%6.2%0.2%-2.08B-755.7M-223.3M1.573.90N/AN/A640,0611,004,7165,268,59912,737,148
2011-03-09$132.04$131.0017.8%4.9%15.1%21.5%19.7%6.2%0.3%-2.59B3.00B-225.0M1.544.68N/AN/A610,027936,4225,320,74012,866,541
2011-03-10$129.89$132.0019.0%5.5%16.1%25.4%19.6%6.4%0.3%-3.84B17.73B-227.0M1.822.33N/AN/A1,256,6942,284,8975,431,01912,993,680
2011-03-11$131.04$132.0017.6%5.0%16.5%20.8%18.8%6.2%0.9%-2.60B8.37B-225.4M1.462.71N/AN/A1,065,3091,556,2065,721,86813,581,905
2011-03-14$130.02$132.0018.5%5.3%16.5%23.6%19.5%6.6%0.6%-4.08B15.44B-221.1M1.862.02N/AN/A780,6211,454,7695,547,06713,391,464
2011-03-15$128.50$132.0021.1%6.0%16.9%32.0%21.7%8.1%-0.3%-4.62B27.11B-226.1M1.953.99N/AN/A1,448,8312,832,3815,682,11413,569,358
2011-03-16$126.48$131.0024.9%7.1%17.6%44.3%26.5%10.4%-1.5%-4.59B40.80B-232.9M2.214.17N/AN/A1,633,1393,601,9435,991,57313,841,748
2011-03-17$127.78$131.0021.5%6.2%18.0%33.4%24.1%9.7%-0.4%-4.51B30.39B-232.6M0.405.90N/AN/A5,253,0192,095,9016,349,48414,102,328
2011-03-18$127.89$131.0020.4%5.8%17.9%29.7%21.3%8.8%0.0%-7.61B32.57B-230.6M1.722.45N/AN/A1,160,7951,998,6066,070,32414,387,992
2011-03-21$129.74$131.0017.3%5.0%18.8%19.8%19.2%7.0%0.9%-1.48B8.91B-224.3M1.702.22N/AN/A623,9601,062,3324,503,6799,635,935
2011-03-22$129.29$131.0017.8%5.1%17.3%21.4%18.9%6.3%0.5%-1.77B11.74B-225.2M1.872.30N/AN/A479,011895,7444,671,5179,941,925
2011-03-23$129.66$131.0016.4%4.7%17.2%17.1%17.8%5.5%0.8%-1.78B10.91B-225.7M2.222.09N/AN/A480,1961,066,2724,873,88310,272,130
2011-03-24$130.90$131.0015.4%4.4%17.6%13.6%17.0%5.0%1.2%-1.01B3.09B-222.5M1.961.98N/AN/A707,0791,384,3284,951,04710,551,873
2011-03-25$131.30$131.0015.8%4.4%17.0%14.8%16.6%5.0%1.3%-786.2M1.01B-226.8M2.542.31N/AN/A637,8921,619,6585,106,66410,968,916
2011-03-28$130.98$131.0019.3%4.7%16.8%26.1%18.2%5.1%0.8%-2.52B8.03B-226.5M2.911.60N/AN/A454,3271,321,9924,996,38311,129,287
2011-03-29$131.86$131.0013.9%4.3%15.5%9.0%16.6%5.2%1.3%-1.02B-649.6M-223.6M1.742.12N/AN/A521,141906,2945,098,20211,548,843
2011-03-30$132.77$131.0013.8%4.1%15.7%8.6%15.6%4.7%1.6%-68.8M-5.41B-223.2M1.372.05N/AN/A760,0041,044,8555,241,44511,817,053
2011-03-31$132.59$131.0013.6%4.0%14.3%7.9%15.4%4.5%1.7%-108.6M-3.65B-226.7M1.893.24N/AN/A641,8371,214,6565,455,01412,156,836