SPY Options History — March 2012

In March 2012, SPY traded between $134.75 and $141.61. ATM implied volatility averaged 13.2%, placing in the 3.0% IV rank vs the trailing year. The 30-day expected move averaged 3.8%. IV traded above realized volatility by 2.9% (HV 20d: 10.3%). Max pain ranged from $134.00 to $139.00. Net GEX was positive for 4 of 22 trading days. Term structure was in contango for 22 of 22 days. Put/call ratio averaged 1.82.

Notable Days

  • 2012-03-15: Highest Volume — 10,834,374 contracts
  • 2012-03-06: Largest IV spike — 16.8% change
  • 2012-03-06: Highest IV Rank — 7.8%
  • 2012-03-06: Largest Expected Move — 4.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$139.09$134.75$141.61$137.73$140.81
Max Pain$136.59$134.00$139.00$134.00$139.00
ATM IV13.2%11.4%16.2%13.6%11.4%
Expected Move3.8%3.4%4.6%3.9%3.5%
HV 20d10.3%7.1%12.0%8.0%11.9%
HV 60d11.1%9.2%13.4%13.0%9.2%
IV Rank3.0%0.2%7.8%3.7%0.2%
IV Percentile9.9%0.4%35.3%9.9%0.4%
Term Structure1.3%0.6%2.4%0.9%1.5%
VWIV15.0%13.4%19.1%15.4%13.5%
Skew 25d4.3%3.3%6.2%4.9%3.6%
Skew 10d9.0%5.8%13.3%8.8%8.2%
Call IV 25d11.7%10.3%14.1%11.9%10.9%
Put IV 25d16.0%13.8%20.3%16.8%14.5%
Bid-Ask Spread %2.991.714.734.403.59
Gamma HHI0.060.050.140.050.14
Net GEX-1.06B-3.22B1.44B-309.5M746.9M
Net DEX-10.04B-34.97B9.78B-14.55B-9.92B
Net VEX-247.1M-270.4M-221.6M-235.6M-266.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.820.162.672.121.67
Total Volume2,645,452.3641,549,03110,834,3742,108,8072,603,429
Total OI19,513,249.72715,889,21722,524,64618,858,79020,165,647

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2012-03-01$137.73$134.0013.6%3.9%8.0%3.7%15.4%4.9%0.9%-309.5M-14.55B-235.6M2.124.40N/AN/A675,1031,433,7045,454,11913,404,671
2012-03-02$137.31$134.0013.8%4.0%8.2%4.0%16.7%4.7%1.0%-1.20B-10.95B-239.5M1.694.56N/AN/A708,9051,194,8415,655,13413,797,871
2012-03-05$136.75$134.0013.9%4.0%7.1%4.1%15.6%4.9%1.2%-1.30B-7.64B-235.6M2.073.95N/AN/A530,3001,097,4635,523,75313,711,795
2012-03-06$134.75$134.0016.2%4.6%9.0%7.8%19.1%6.2%0.6%-3.22B9.78B-252.3M2.014.73N/AN/A1,036,1932,080,0735,674,10813,995,935
2012-03-07$135.69$134.0014.8%4.2%9.3%5.5%16.5%5.5%0.8%-2.50B1.20B-247.8M1.713.12N/AN/A625,9531,073,3125,794,84014,241,700
2012-03-08$137.04$134.0014.5%4.0%9.9%5.2%15.2%5.2%0.8%-1.33B-9.72B-238.5M1.793.08N/AN/A756,0331,353,7055,866,55414,417,438
2012-03-09$137.57$135.0012.4%3.8%9.9%1.7%14.6%4.3%0.9%-525.9M-14.03B-238.6M1.603.25N/AN/A884,0551,415,7726,049,36814,724,455
2012-03-12$137.58$135.0012.0%3.8%9.4%1.1%16.3%5.1%1.9%-875.5M-12.27B-231.9M2.672.83N/AN/A503,8001,344,9166,027,35914,599,620
2012-03-13$140.06$135.0014.0%3.8%11.0%4.3%15.3%4.4%1.5%1.11B-28.75B-221.6M1.292.97N/AN/A1,328,8531,716,4216,147,14614,811,354
2012-03-14$139.91$136.0012.4%4.0%11.0%1.8%16.2%4.3%1.6%594.0M-26.06B-232.4M1.622.58N/AN/A991,1931,600,8376,391,66215,420,264
2012-03-15$140.72$136.0012.8%3.7%10.8%2.5%14.1%3.3%1.9%1.44B-34.97B-223.7M0.163.09N/AN/A9,313,5081,520,8666,585,04015,939,606
2012-03-16$140.30$137.0012.7%3.6%10.4%2.3%13.7%4.1%2.4%-1.05B-9.28B-236.1M1.723.27N/AN/A1,009,5811,740,4765,130,69016,373,450
2012-03-19$140.85$138.0012.7%3.6%10.4%2.3%14.8%3.9%1.9%-390.9M-10.09B-244.4M1.982.29N/AN/A774,8431,537,2034,469,55211,419,665
2012-03-20$140.44$138.0013.3%3.8%10.5%3.1%14.7%4.1%1.6%-1.28B-5.84B-257.0M2.372.15N/AN/A460,0431,088,9884,686,32012,020,219
2012-03-21$140.21$138.0013.1%3.7%10.5%2.8%14.2%4.2%1.2%-1.60B-5.12B-254.2M2.182.78N/AN/A659,4031,436,3944,808,09612,438,435
2012-03-22$139.20$139.0013.6%3.9%10.8%3.6%14.4%4.2%1.3%-3.07B3.03B-268.2M2.282.46N/AN/A737,0961,677,3634,993,88213,049,667
2012-03-23$139.65$139.0012.4%3.6%10.9%1.8%13.9%3.8%1.4%-2.70B-1.23B-264.8M2.572.37N/AN/A622,6171,598,6775,112,41813,475,972
2012-03-26$141.61$139.0011.7%3.4%11.8%0.7%13.4%3.5%1.1%-383.3M-16.38B-247.0M1.612.16N/AN/A740,0641,192,7495,017,87013,520,421
2012-03-27$141.17$139.0013.1%3.8%11.9%2.9%13.8%3.5%1.0%-1.08B-10.21B-261.2M1.511.71N/AN/A796,1151,204,5445,190,95113,827,760
2012-03-28$140.47$139.0013.0%3.7%12.0%2.7%13.8%3.8%1.2%-2.22B-4.53B-268.5M1.762.15N/AN/A874,9371,540,2175,336,27014,240,762
2012-03-29$140.23$139.0013.0%3.7%11.9%2.7%14.3%3.8%1.2%-2.26B-3.42B-270.4M1.632.30N/AN/A1,032,0701,687,3375,436,01914,343,636
2012-03-30$140.81$139.0011.4%3.5%11.9%0.2%13.5%3.6%1.5%746.9M-9.92B-266.4M1.673.59N/AN/A973,5311,629,8985,660,99414,504,653