SPY Options History — May 2012

In May 2012, SPY traded between $129.74 and $140.74. ATM implied volatility averaged 18.9%, placing in the 12.1% IV rank vs the trailing year. The 30-day expected move averaged 5.3%. IV traded above realized volatility by 6.0% (HV 20d: 12.9%). Max pain ranged from $135.00 to $139.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 1.83.

Notable Days

  • 2012-05-17: Highest Volume — 4,897,976 contracts
  • 2012-05-02: Largest IV spike — 16.8% change
  • 2012-05-18: Highest IV Rank — 17.4%
  • 2012-05-18: Largest Expected Move — 6.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$134.42$129.74$140.74$140.74$131.47
Max Pain$136.50$135.00$139.00$139.00$135.00
ATM IV18.9%14.2%22.3%14.2%21.6%
Expected Move5.3%3.8%6.4%3.8%6.2%
HV 20d12.9%10.9%15.2%14.3%13.2%
HV 60d12.3%11.4%13.4%11.4%13.1%
IV Rank12.1%4.4%17.4%4.4%16.4%
IV Percentile51.2%17.1%60.7%17.1%59.9%
Term Structure0.2%-0.7%1.7%1.7%-0.7%
VWIV19.6%14.3%23.1%14.3%22.8%
Skew 25d6.2%3.6%7.7%3.6%7.6%
Skew 10d11.8%6.3%14.9%6.3%13.9%
Call IV 25d16.1%11.9%18.9%11.9%18.3%
Put IV 25d22.3%15.5%26.5%15.5%25.8%
Bid-Ask Spread %3.441.6710.682.253.68
Gamma HHI0.070.050.220.050.06
Net GEX-3.81B-6.51B-1.73B-1.74B-3.44B
Net DEX29.69B-5.47B71.08B-5.47B35.12B
Net VEX-270.6M-287.4M-251.8M-251.8M-284.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.831.422.561.651.58
Total Volume2,535,715.4091,569,1564,897,9761,697,8252,515,493
Total OI19,229,788.31816,950,78622,195,97717,530,68619,869,579

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2012-05-01$140.74$139.0014.2%3.8%14.3%4.4%14.3%3.6%1.7%-1.74B-5.47B-251.8M1.652.25N/AN/A640,7071,057,1185,160,62112,370,065
2012-05-02$140.32$139.0016.6%4.0%14.3%8.3%15.4%3.9%1.4%-2.08B-2.03B-260.1M2.011.81N/AN/A520,8061,048,3505,343,02712,592,422
2012-05-03$139.25$139.0015.8%4.3%14.1%7.0%15.3%4.1%1.2%-3.28B6.80B-261.0M1.651.67N/AN/A792,4121,303,9335,457,63712,752,821
2012-05-04$137.00$138.0016.9%5.0%15.2%8.8%17.8%5.7%-0.1%-4.83B25.56B-269.9M1.9010.68N/AN/A1,025,4161,943,5755,693,48813,057,843
2012-05-07$137.10$137.0017.8%5.0%14.7%10.2%17.8%5.6%-0.1%-4.16B20.21B-264.7M1.912.52N/AN/A601,5831,146,9135,568,95012,909,345
2012-05-08$136.55$137.0018.6%4.9%13.5%11.5%17.9%5.6%-0.0%-4.52B24.42B-261.9M2.092.54N/AN/A1,071,8422,241,3075,716,53012,986,830
2012-05-09$135.74$137.0018.1%5.2%13.3%10.7%19.0%5.9%-0.1%-4.88B30.68B-269.8M1.503.10N/AN/A1,271,2911,904,7035,901,47213,421,496
2012-05-10$136.02$137.0017.4%5.0%12.4%9.7%18.1%5.7%0.1%-4.49B23.89B-268.6M1.572.53N/AN/A737,5501,158,8926,363,40813,627,942
2012-05-11$135.61$137.0018.1%5.2%11.7%10.7%18.8%5.8%-0.1%-4.97B30.93B-271.3M1.762.68N/AN/A860,0081,516,9986,525,63813,739,436
2012-05-14$134.11$137.0019.9%5.7%12.3%13.6%20.8%6.5%-0.4%-5.72B42.92B-262.6M2.501.76N/AN/A718,9091,798,5366,357,10413,678,918
2012-05-15$133.34$137.0020.3%5.8%10.9%14.3%20.5%6.4%-0.0%-5.75B47.20B-262.7M1.812.13N/AN/A848,3101,534,5136,473,06913,831,704
2012-05-16$132.83$137.0019.9%5.7%10.9%13.6%20.7%6.9%0.4%-5.71B50.87B-262.9M2.142.22N/AN/A952,1412,039,2446,659,30813,832,349
2012-05-17$130.86$136.0021.6%6.2%11.7%16.4%22.1%7.5%0.1%-5.79B65.29B-263.8M2.562.83N/AN/A1,377,3303,520,6466,924,04014,216,927
2012-05-18$129.74$136.0022.3%6.4%11.8%17.4%22.8%7.6%0.4%-6.51B71.08B-268.5M1.919.32N/AN/A1,680,4423,216,3237,258,09114,937,886
2012-05-21$131.97$135.0019.4%5.6%13.6%12.9%20.5%6.6%0.5%-2.18B26.98B-270.7M1.612.66N/AN/A791,6441,277,0425,568,69111,382,095
2012-05-22$132.20$135.0019.9%5.7%13.5%13.6%20.6%6.3%0.2%-2.08B27.42B-277.2M1.702.25N/AN/A877,1171,492,5635,873,72811,782,787
2012-05-23$132.27$135.0019.9%5.7%12.3%13.7%20.7%6.0%0.2%-2.30B28.00B-281.8M1.502.22N/AN/A1,089,7711,637,6676,032,94212,242,345
2012-05-24$132.53$135.0018.9%5.5%11.9%12.0%21.0%7.2%0.1%-1.73B22.88B-287.0M1.423.51N/AN/A909,4871,293,4986,307,07712,606,677
2012-05-25$132.10$135.0019.7%5.7%11.8%13.4%20.7%6.9%-0.3%-2.71B28.63B-287.4M1.736.31N/AN/A693,4281,202,2966,535,93513,014,245
2012-05-29$133.70$135.0018.4%5.3%12.9%11.3%19.9%7.1%-0.1%-1.91B18.03B-279.7M2.013.09N/AN/A533,4561,073,4466,200,98112,787,739
2012-05-30$131.76$135.0021.0%6.0%13.2%15.5%23.1%7.7%-0.5%-3.08B33.69B-285.0M1.833.93N/AN/A660,3391,208,6946,324,43813,167,717
2012-05-31$131.47$135.0021.6%6.2%13.2%16.4%22.8%7.6%-0.7%-3.44B35.12B-284.0M1.583.68N/AN/A976,7831,538,7106,505,13213,364,447