SPY Options History — December 2011

In December 2011, SPY traded between $120.29 and $126.73. ATM implied volatility averaged 22.7%, placing in the 18.5% IV rank vs the trailing year. The 30-day expected move averaged 6.4%. IV traded below realized volatility by 2.8% (HV 20d: 25.5%). Max pain ranged from $120.00 to $125.00. Net GEX was positive for 3 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 1.36.

Notable Days

  • 2011-12-15: Highest Volume — 7,583,193 contracts
  • 2011-12-09: Largest IV drop — 23.6% change
  • 2011-12-08: Highest IV Rank — 31.8%
  • 2011-12-08: Largest Expected Move — 7.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$124.51$120.29$126.73$124.97$125.50
Max Pain$123.81$120.00$125.00$120.00$125.00
ATM IV22.7%17.2%31.0%24.1%17.2%
Expected Move6.4%5.3%7.9%6.9%5.7%
HV 20d25.5%19.3%29.1%29.1%19.4%
HV 60d27.9%25.8%29.1%29.1%25.8%
IV Rank18.5%9.7%31.8%20.8%9.7%
IV Percentile62.2%44.0%86.1%66.7%44.0%
Term Structure1.4%-0.6%2.6%0.1%2.6%
VWIV23.4%19.8%27.5%25.8%20.2%
Skew 25d6.4%5.2%7.8%7.6%5.3%
Skew 10d12.0%9.5%15.8%13.6%10.6%
Call IV 25d19.5%15.9%24.6%20.9%17.1%
Put IV 25d25.9%21.1%30.9%28.5%22.4%
Bid-Ask Spread %3.121.905.635.632.69
Gamma HHI0.050.040.110.040.04
Net GEX-1.04B-3.15B211.8M-703.3M-796.2M
Net DEX7.48B-5.71B30.87B2.55B1.77B
Net VEX-214.8M-241.5M-198.2M-236.4M-203.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.360.261.961.461.45
Total Volume2,417,960.2381,215,7797,583,1932,486,4361,545,741
Total OI20,087,044.38115,184,15023,676,75921,714,67417,581,501

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2011-12-01$124.97$120.0024.1%6.9%29.1%20.8%25.8%7.6%0.1%-703.3M2.55B-236.4M1.465.63N/AN/A1,012,7491,473,6877,011,67014,703,004
2011-12-02$124.86$121.0024.2%6.9%28.3%20.9%24.9%7.4%-0.1%-904.3M3.22B-237.0M1.374.68N/AN/A1,213,8171,666,1207,147,65414,887,456
2011-12-05$126.22$122.0024.4%7.0%28.5%21.2%25.8%7.1%-0.2%-570.8M-890.0M-231.0M1.594.64N/AN/A859,1211,367,6657,041,68614,614,123
2011-12-06$126.26$122.0024.9%7.1%28.4%22.1%24.4%6.8%-0.0%-653.4M-836.2M-232.4M1.253.04N/AN/A926,5521,158,0127,250,11514,947,586
2011-12-07$126.73$123.0025.6%7.3%28.1%23.1%26.7%6.6%-0.3%-181.2M-5.71B-236.5M1.263.32N/AN/A960,6281,213,4207,478,30415,264,227
2011-12-08$123.95$123.0031.0%7.9%25.8%31.8%27.5%6.3%-0.6%-1.64B13.11B-241.5M1.373.81N/AN/A1,162,0581,587,7787,682,47315,546,694
2011-12-09$126.05$124.0023.7%6.6%26.3%20.1%24.5%5.7%0.3%-351.2M-3.73B-225.6M1.504.35N/AN/A1,208,5491,817,5807,821,05715,855,702
2011-12-12$124.21$125.0026.1%6.8%25.9%23.9%25.2%7.8%1.7%-1.41B11.39B-216.5M1.382.49N/AN/A848,4051,171,8597,584,56915,266,674
2011-12-13$123.05$125.0025.4%6.8%25.9%22.7%24.6%7.6%1.6%-2.12B17.70B-213.2M1.573.55N/AN/A1,012,4791,586,7357,610,00115,282,904
2011-12-14$121.74$125.0025.1%6.8%26.0%22.4%25.0%7.5%1.8%-2.87B28.02B-209.9M1.412.75N/AN/A1,203,3621,696,8487,664,11915,427,380
2011-12-15$122.19$125.0022.8%6.5%25.5%18.7%24.1%7.2%2.0%-2.54B24.25B-206.6M0.262.14N/AN/A6,038,7241,544,4697,756,23115,458,262
2011-12-16$121.59$125.0022.5%6.5%25.0%18.2%23.7%6.9%2.0%-3.15B30.87B-201.8M1.853.10N/AN/A1,108,2512,048,2667,248,32415,601,790
2011-12-19$120.29$125.0023.2%6.7%25.2%19.3%24.1%6.6%1.8%-1.92B24.03B-200.4M1.962.50N/AN/A712,9671,399,1625,000,29810,183,852
2011-12-20$123.93$124.0020.8%6.0%26.4%15.5%22.2%6.2%2.0%-876.6M7.68B-204.4M1.222.70N/AN/A1,017,3441,244,0325,194,33510,559,204
2011-12-21$124.17$124.0019.6%5.6%26.4%13.6%20.4%5.3%2.1%-727.5M6.63B-203.6M1.242.82N/AN/A798,448992,6795,589,43410,822,066
2011-12-22$125.27$124.0019.2%5.5%24.8%12.9%20.2%5.3%2.1%60.5M267.5M-204.0M1.092.36N/AN/A857,264934,0945,771,30210,997,492
2011-12-23$126.39$124.0018.5%5.3%24.8%11.8%19.8%5.3%2.5%211.8M-5.01B-204.5M1.382.52N/AN/A611,087843,9025,842,13611,181,670
2011-12-27$126.49$124.0019.0%5.5%23.1%12.6%20.4%5.2%2.3%128.6M-2.98B-198.2M1.362.15N/AN/A515,301700,4785,686,12911,031,687
2011-12-28$124.83$125.0020.1%5.8%23.8%14.3%20.7%5.7%2.2%-715.3M5.71B-202.6M1.282.34N/AN/A601,124771,3105,810,56411,132,384
2011-12-29$126.12$125.0019.2%5.5%19.3%12.9%20.3%5.3%2.4%-146.3M-946.5M-201.5M1.391.90N/AN/A562,858782,2405,918,84611,373,027
2011-12-30$125.50$125.0017.2%5.7%19.4%9.7%20.2%5.3%2.6%-796.2M1.77B-203.9M1.452.69N/AN/A630,730915,0116,015,96111,565,540