SPY Options History — July 2012

In July 2012, SPY traded between $133.52 and $138.85. ATM implied volatility averaged 15.8%, placing in the 7.1% IV rank vs the trailing year. The 30-day expected move averaged 4.4%. IV traded below realized volatility by 0.8% (HV 20d: 16.6%). Max pain ranged from $133.00 to $136.00. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 21 of 21 days. Put/call ratio averaged 1.76.

Notable Days

  • 2012-07-27: Highest Volume — 3,646,913 contracts
  • 2012-07-30: Largest IV spike — 31.3% change
  • 2012-07-31: Highest IV Rank — 18.8%
  • 2012-07-24: Largest Expected Move — 5.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$136.03$133.52$138.85$136.51$137.71
Max Pain$134.48$133.00$136.00$133.00$135.00
ATM IV15.8%13.3%23.1%13.3%23.1%
Expected Move4.4%3.9%5.0%3.9%4.8%
HV 20d16.6%14.7%18.4%18.4%14.9%
HV 60d16.0%15.5%16.7%16.5%16.4%
IV Rank7.1%3.1%18.8%3.1%18.8%
IV Percentile25.6%9.5%61.9%9.9%61.9%
Term Structure1.4%0.4%2.0%1.3%0.4%
VWIV16.5%14.5%18.6%15.2%17.8%
Skew 25d4.4%3.4%5.7%3.4%3.5%
Skew 10d8.4%6.2%11.4%7.4%6.7%
Call IV 25d13.4%12.0%15.3%12.4%15.3%
Put IV 25d17.8%15.6%20.8%15.8%18.9%
Bid-Ask Spread %2.541.823.952.072.26
Gamma HHI0.060.040.140.050.04
Net GEX-1.20B-3.62B1.54B-148.4M-1.15B
Net DEX1.03B-15.74B20.54B-5.78B-3.45B
Net VEX-265.1M-275.9M-247.1M-269.5M-263.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.761.412.161.821.65
Total Volume2,016,311.9051,338,1283,646,9131,570,4211,560,676
Total OI19,300,138.66715,900,86122,085,27318,855,62217,434,185

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2012-07-02$136.51$133.0013.3%3.9%18.4%3.1%15.2%3.4%1.3%-148.4M-5.78B-269.5M1.822.07N/AN/A556,1051,014,3166,054,33812,801,284
2012-07-03$137.41$134.0015.0%4.0%18.3%5.8%14.5%3.5%1.1%333.8M-11.55B-263.8M2.081.82N/AN/A467,570973,2816,094,37113,030,602
2012-07-05$136.79$134.0014.4%4.0%17.1%4.7%15.2%3.4%1.5%-434.8M-6.26B-270.9M1.772.48N/AN/A608,1061,075,7006,183,70713,284,837
2012-07-06$135.49$134.0013.4%4.6%17.5%3.1%16.7%5.1%1.3%-1.68B1.42B-270.1M1.742.88N/AN/A856,2611,487,9716,315,65613,564,746
2012-07-09$135.32$134.0016.2%4.7%17.4%7.6%17.4%5.2%1.1%-1.50B2.70B-268.5M2.162.78N/AN/A466,4411,006,2656,142,21513,233,098
2012-07-10$134.14$134.0017.4%4.9%17.0%9.6%18.0%5.1%1.1%-2.67B12.52B-272.7M2.082.50N/AN/A724,0611,504,0696,232,38813,476,106
2012-07-11$134.24$134.0015.3%4.7%16.6%6.2%17.3%4.7%1.2%-2.78B12.22B-271.6M1.722.93N/AN/A665,1671,141,5686,413,76313,901,427
2012-07-12$133.52$134.0016.3%4.7%16.5%7.9%17.4%4.8%1.2%-3.62B18.13B-274.6M1.692.14N/AN/A835,6761,411,3766,505,55314,197,812
2012-07-13$135.82$134.0014.9%4.3%17.2%5.6%16.1%4.3%1.5%-352.8M-1.49B-264.3M1.673.95N/AN/A823,6721,377,4406,640,40514,481,409
2012-07-16$135.33$134.0015.7%4.5%17.2%6.8%16.4%4.3%1.2%-1.62B2.78B-258.3M1.672.03N/AN/A502,018836,1106,437,32814,295,968
2012-07-17$136.48$134.0015.0%4.3%17.4%5.7%16.2%4.1%1.4%-953.2M-4.41B-250.9M1.822.41N/AN/A681,2291,241,2246,484,78014,417,700
2012-07-18$137.38$135.0014.5%4.2%17.2%5.0%15.8%3.9%1.5%117.7M-11.35B-251.2M1.732.47N/AN/A849,9701,466,5276,594,78214,628,464
2012-07-19$137.81$135.0013.6%3.9%17.2%3.6%14.5%3.9%2.0%752.0M-15.74B-247.1M1.412.76N/AN/A972,6561,375,7956,711,78014,902,494
2012-07-20$136.46$135.0014.5%4.2%15.4%5.0%15.3%4.3%2.0%-1.09B-3.10B-257.6M1.543.64N/AN/A1,116,2231,716,0556,852,42015,232,853
2012-07-23$134.99$135.0015.8%4.5%15.8%7.1%17.3%5.0%1.8%-2.24B12.22B-267.1M1.912.16N/AN/A714,7771,364,3845,110,67710,790,184
2012-07-24$133.63$135.0017.5%5.0%15.1%9.8%18.6%5.7%1.1%-2.86B20.54B-275.9M1.782.77N/AN/A741,5211,319,0365,305,21311,255,737
2012-07-25$134.08$135.0016.6%4.8%15.1%8.3%17.7%5.2%1.4%-2.69B17.61B-275.8M1.702.52N/AN/A533,334908,5615,514,53611,568,981
2012-07-26$136.14$135.0015.0%4.3%15.7%5.8%16.3%4.6%1.5%-1.45B4.05B-266.8M1.722.72N/AN/A823,1791,418,3635,593,80611,703,559
2012-07-27$138.85$135.0015.0%4.0%16.9%5.8%15.4%4.0%1.7%1.54B-12.06B-261.3M1.572.11N/AN/A1,417,4312,229,4825,743,83512,195,532
2012-07-30$138.58$136.0019.7%4.4%14.7%13.4%16.4%4.0%0.9%-770.1M-7.36B-266.6M1.822.00N/AN/A553,5291,005,4255,709,38412,264,997
2012-07-31$137.71$135.0023.1%4.8%14.9%18.8%17.8%3.5%0.4%-1.15B-3.45B-263.4M1.652.26N/AN/A588,386972,2905,554,70311,879,482