SPY Options History — September 2012

In September 2012, SPY traded between $141.00 and $147.16. ATM implied volatility averaged 13.2%, placing in the 7.1% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 3.1% (HV 20d: 10.1%). Max pain ranged from $140.00 to $146.00. Net GEX was positive for 9 of 19 trading days. Term structure was in contango for 17 of 19 days. Put/call ratio averaged 1.39.

Notable Days

  • 2012-09-20: Highest Volume — 7,286,827 contracts
  • 2012-09-10: Largest IV spike — 48.1% change
  • 2012-09-11: Highest IV Rank — 21.1%
  • 2012-09-05: Largest Expected Move — 4.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$144.72$141.00$147.16$141.22$143.97
Max Pain$142.84$140.00$146.00$140.00$145.00
ATM IV13.2%10.8%19.0%15.9%12.4%
Expected Move3.7%3.1%4.6%4.6%3.6%
HV 20d10.1%6.1%11.8%6.2%11.6%
HV 60d13.0%11.7%14.0%13.8%11.9%
IV Rank7.1%1.5%21.1%13.7%5.3%
IV Percentile15.1%0.8%60.3%37.7%6.7%
Term Structure1.0%-0.4%1.9%-0.2%1.3%
VWIV13.6%11.4%17.6%17.4%13.0%
Skew 25d3.8%2.3%5.5%5.5%3.4%
Skew 10d7.4%4.2%10.7%10.7%6.7%
Call IV 25d11.4%9.8%13.6%13.3%11.1%
Put IV 25d15.2%12.7%19.0%18.8%14.6%
Bid-Ask Spread %2.731.684.043.283.17
Gamma HHI0.060.040.160.040.16
Net GEX-192.4M-4.11B3.55B-1.59B-4.11B
Net DEX-17.69B-48.22B13.67B-1.35B8.01B
Net VEX-259.5M-290.1M-237.1M-290.1M-270.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.390.222.061.411.43
Total Volume2,493,536.3681,323,3167,286,8271,323,3163,061,455
Total OI21,115,613.63217,323,71424,203,37020,020,20619,329,879

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2012-09-04$141.22$140.0015.9%4.6%6.2%13.7%17.4%5.5%-0.2%-1.59B-1.35B-290.1M1.413.28N/AN/A548,418774,8986,571,58813,448,618
2012-09-05$141.00$140.0016.0%4.6%6.1%14.0%17.6%5.4%-0.4%-1.73B491.4M-289.7M1.753.57N/AN/A482,877845,3596,715,16713,690,490
2012-09-06$143.73$140.0012.9%3.8%9.1%6.5%15.4%4.5%0.1%856.7M-22.65B-266.0M1.792.39N/AN/A987,6231,772,5246,796,43213,891,409
2012-09-07$144.44$140.0011.2%3.5%9.2%2.4%12.5%3.9%0.4%1.11B-29.57B-254.7M1.164.04N/AN/A1,100,3791,274,0797,027,10214,406,054
2012-09-10$143.27$141.0016.6%4.0%9.7%15.3%14.7%4.8%1.1%-474.0M-14.76B-267.4M2.062.93N/AN/A532,8991,099,4176,966,65514,195,069
2012-09-11$143.71$141.0019.0%3.9%9.8%21.1%15.3%4.9%1.1%-387.7M-16.72B-268.9M1.942.66N/AN/A542,9641,056,0207,084,57114,535,356
2012-09-12$144.52$141.0014.5%3.7%9.9%10.4%13.8%4.3%1.1%487.0M-25.13B-259.9M1.293.04N/AN/A721,685928,9367,217,53614,825,011
2012-09-13$146.40$141.0012.4%3.6%10.7%5.5%13.0%3.6%1.0%3.11B-42.74B-237.2M1.213.60N/AN/A2,062,8022,492,1517,365,64014,926,944
2012-09-14$147.16$142.0012.9%3.7%10.6%6.4%13.2%3.0%0.9%3.55B-48.22B-237.1M0.992.86N/AN/A2,074,6212,050,8407,611,35415,426,672
2012-09-17$146.68$143.0012.4%3.6%10.8%5.4%12.9%3.2%1.3%1.94B-39.49B-240.4M1.242.02N/AN/A822,0481,015,4317,523,97215,199,014
2012-09-18$146.75$144.0011.7%3.3%10.8%3.6%12.4%2.9%1.4%1.51B-37.77B-241.0M1.042.11N/AN/A905,885944,8627,690,58015,527,076
2012-09-19$146.56$144.0011.5%3.3%10.8%3.3%13.6%3.1%1.5%1.66B-37.15B-246.2M1.201.68N/AN/A821,479985,9627,957,67815,922,332
2012-09-20$146.68$144.0010.8%3.1%10.7%1.5%11.4%2.3%1.6%1.74B-40.84B-242.5M0.222.61N/AN/A5,964,0341,322,7938,054,65616,148,714
2012-09-21$145.69$146.0010.9%3.1%10.5%1.8%12.0%3.4%1.9%-2.20B-6.09B-253.3M1.593.01N/AN/A968,0491,540,1786,427,58916,598,237
2012-09-24$145.70$145.0011.1%3.2%10.3%2.3%11.7%3.1%1.6%-1.14B-4.31B-255.2M1.192.42N/AN/A654,843781,8095,403,37811,920,336
2012-09-25$144.22$146.0012.6%3.6%11.1%5.8%12.7%3.6%1.4%-2.48B5.87B-267.7M1.782.51N/AN/A713,8641,272,8595,602,89412,129,690
2012-09-26$143.29$146.0013.6%3.9%11.4%8.3%13.9%4.0%1.1%-3.43B13.67B-274.7M1.772.04N/AN/A836,8101,484,6915,746,23912,478,378
2012-09-27$144.69$145.0011.5%3.3%11.8%3.1%12.1%3.1%1.5%-2.07B2.55B-267.4M1.251.89N/AN/A858,2951,073,3526,022,42912,811,920
2012-09-28$143.97$145.0012.4%3.6%11.6%5.3%13.0%3.4%1.3%-4.11B8.01B-270.3M1.433.17N/AN/A1,261,9801,799,4756,275,31813,054,561