SPY Options History — September 2011

In September 2011, SPY traded between $112.86 and $121.52. ATM implied volatility averaged 32.8%, placing in the 34.7% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded above realized volatility by 0.8% (HV 20d: 32.0%). Max pain ranged from $119.00 to $126.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 1.83.

Notable Days

  • 2011-09-15: Highest Volume — 11,240,876 contracts
  • 2011-09-30: Largest IV spike — 21.2% change
  • 2011-09-30: Highest IV Rank — 49.9%
  • 2011-09-30: Largest Expected Move — 11.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$117.59$112.86$121.52$120.94$113.15
Max Pain$122.00$119.00$126.00$126.00$119.00
ATM IV32.8%26.8%42.3%28.2%42.3%
Expected Move9.3%7.7%11.3%8.1%11.3%
HV 20d32.0%26.8%47.0%46.0%29.6%
HV 60d32.4%30.9%33.8%30.9%33.8%
IV Rank34.7%25.1%49.9%27.3%49.9%
IV Percentile94.0%86.5%99.2%92.9%99.2%
Term Structure-1.1%-2.5%0.7%-1.2%-1.8%
VWIV35.0%30.3%40.1%30.3%40.1%
Skew 25d11.3%10.0%12.7%10.3%11.7%
Skew 10d21.7%19.3%24.5%19.3%21.3%
Call IV 25d27.5%22.3%33.9%24.2%33.9%
Put IV 25d38.7%32.4%45.6%34.4%45.6%
Bid-Ask Spread %4.802.7413.995.105.11
Gamma HHI0.050.040.060.050.06
Net GEX-3.08B-4.17B-2.05B-3.09B-3.42B
Net DEX50.50B27.64B73.33B42.08B64.74B
Net VEX-302.7M-323.3M-294.2M-323.3M-294.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.830.292.541.911.75
Total Volume3,822,716.9052,278,70411,240,8762,650,4343,372,702
Total OI25,877,161.52420,967,97329,262,50526,384,80325,569,787

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2011-09-01$120.94$126.0028.2%8.1%46.0%27.3%30.3%10.3%-1.2%-3.09B42.08B-323.3M1.915.10N/AN/A911,5121,738,9228,139,62118,245,182
2011-09-02$117.85$126.0029.8%8.6%47.0%29.9%33.3%10.8%-1.3%-4.07B66.03B-312.9M1.845.71N/AN/A1,316,0452,421,8748,245,25118,732,889
2011-09-06$116.99$126.0033.1%9.5%40.0%35.2%37.6%11.9%-2.4%-3.74B67.57B-309.5M2.074.36N/AN/A1,158,5192,394,5218,176,70718,669,909
2011-09-07$120.29$125.0029.8%8.5%37.9%29.8%32.6%10.3%-1.5%-3.05B42.99B-313.0M1.984.34N/AN/A898,6671,778,0648,419,87119,066,479
2011-09-08$119.04$125.0031.0%9.0%34.1%31.8%33.8%10.2%-2.0%-3.51B52.58B-309.3M1.795.25N/AN/A968,0371,730,5338,583,75119,252,681
2011-09-09$115.92$125.0037.5%10.4%32.0%42.1%38.5%12.1%-2.5%-4.17B73.33B-303.9M2.427.12N/AN/A1,699,2164,117,9348,771,20619,432,584
2011-09-12$116.67$122.0036.7%9.6%32.0%41.0%36.3%12.3%-1.4%-3.86B68.62B-303.0M2.004.08N/AN/A1,198,6132,393,8058,616,03919,745,844
2011-09-13$117.74$122.0032.2%9.2%31.2%33.7%34.3%11.1%-0.8%-3.67B62.29B-300.6M1.683.72N/AN/A1,135,3301,908,5868,803,48019,746,687
2011-09-14$119.37$121.0030.2%8.9%31.5%30.5%33.6%10.3%-0.3%-3.03B49.21B-301.1M1.633.65N/AN/A1,424,7922,316,4929,076,40019,859,253
2011-09-15$121.43$121.0028.4%8.1%32.1%27.6%32.1%10.0%0.3%-2.49B30.84B-296.5M0.293.46N/AN/A8,735,8132,505,0639,241,94420,015,657
2011-09-16$121.52$121.0026.8%7.7%27.4%25.1%30.4%10.1%0.7%-2.87B37.53B-297.3M2.003.17N/AN/A1,479,4402,951,7288,652,74420,609,761
2011-09-19$120.31$121.0029.3%8.4%26.8%29.1%32.1%10.7%-0.1%-2.05B27.64B-296.0M2.193.00N/AN/A811,0851,777,7866,306,47714,661,496
2011-09-20$120.17$121.0029.1%8.4%26.9%28.8%32.0%10.4%-0.0%-2.16B28.56B-298.3M2.544.44N/AN/A767,9381,947,6566,557,02015,193,277
2011-09-21$116.63$121.0031.9%9.1%27.0%33.2%33.1%11.0%-0.9%-3.19B49.92B-298.4M1.505.01N/AN/A1,221,6621,828,6166,802,31915,911,485
2011-09-22$112.86$121.0036.6%10.5%28.9%40.8%37.2%12.7%-1.6%-3.27B65.35B-295.2M1.8513.99N/AN/A1,728,9053,200,5687,082,35616,276,514
2011-09-23$113.54$120.0036.3%10.4%28.6%40.3%39.0%12.6%-1.8%-2.79B59.33B-298.5M1.685.60N/AN/A1,459,7662,449,4537,625,12216,550,861
2011-09-26$116.24$120.0035.1%10.1%29.4%38.3%36.9%12.3%-1.6%-2.38B42.08B-300.1M1.273.85N/AN/A1,005,4401,273,2647,386,33116,100,300
2011-09-27$117.54$120.0033.1%9.5%27.7%35.2%37.1%11.7%-1.1%-2.18B35.88B-299.9M2.433.52N/AN/A1,164,5132,831,9457,516,62816,310,715
2011-09-28$115.15$120.0037.4%10.7%28.5%42.1%38.0%12.7%-1.6%-2.86B49.18B-303.5M2.112.74N/AN/A897,0451,893,2097,657,10416,875,216
2011-09-29$116.05$119.0034.9%10.0%28.6%38.1%36.2%11.7%-0.9%-2.82B44.76B-302.0M1.533.49N/AN/A1,365,8312,096,1657,844,49117,088,953
2011-09-30$113.15$119.0042.3%11.3%29.6%49.9%40.1%11.7%-1.8%-3.42B64.74B-294.2M1.755.11N/AN/A1,227,1792,145,5238,088,16817,481,619