SPY Options History — January 2014

In January 2014, SPY traded between $177.59 and $184.55. ATM implied volatility averaged 11.9%, placing in the 28.0% IV rank vs the trailing year. The 30-day expected move averaged 4.6%. IV traded above realized volatility by 1.6% (HV 20d: 10.4%). Max pain ranged from $175.00 to $180.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 1.52.

Notable Days

  • 2014-01-24: Highest Volume — 4,748,482 contracts
  • 2014-01-24: Largest IV spike — 31.7% change
  • 2014-01-31: Highest IV Rank — 64.0%
  • 2014-01-31: Largest Expected Move — 4.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$182.03$177.59$184.55$182.95$178.28
Max Pain$179.52$175.00$180.00$175.00$180.00
ATM IV11.9%10.0%15.7%11.9%15.7%
Expected Move4.6%4.4%4.8%4.6%4.8%
HV 20d10.4%8.2%12.5%10.7%12.0%
HV 60d9.4%8.7%10.4%10.1%10.4%
IV Rank28.0%9.9%64.0%27.6%64.0%
IV Percentile40.4%3.2%95.2%51.2%95.2%
Term Structure0.2%-0.2%1.4%0.2%-0.2%
VWIV16.3%14.4%21.0%16.5%17.0%
Skew 25d3.7%2.8%5.8%3.5%4.9%
Skew 10d6.6%4.7%13.9%6.7%5.9%
Call IV 25d10.4%8.8%13.2%10.5%13.2%
Put IV 25d14.1%11.6%18.2%14.1%18.0%
Bid-Ask Spread %8.946.4918.917.597.36
Gamma HHI0.060.040.100.060.05
Net GEX-595.0M-5.20B3.10B1.97B-3.93B
Net DEX-6.62B-31.96B34.01B-21.95B27.93B
Net VEX-249.2M-297.8M-214.1M-223.5M-297.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.521.091.981.441.42
Total Volume2,151,484.3331,237,2924,748,4822,128,5533,315,089
Total OI15,111,345.1911,821,68818,354,06614,902,62615,728,461

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-01-02$182.95$175.0011.9%4.6%10.7%27.6%16.5%3.5%0.2%1.97B-21.95B-223.5M1.447.59N/AN/A871,8501,256,7035,402,9839,499,643
2014-01-03$182.90$175.0011.5%4.6%10.8%24.2%17.0%3.4%0.2%2.27B-21.77B-227.1M1.448.69N/AN/A678,649977,5805,562,2879,800,653
2014-01-06$182.43$180.0011.6%4.7%10.6%24.5%14.6%3.3%0.1%631.7M-17.21B-218.6M1.516.77N/AN/A575,808871,5255,006,9779,559,254
2014-01-07$183.40$180.0011.0%4.5%10.1%18.9%16.8%3.1%0.2%1.91B-25.40B-214.1M1.396.99N/AN/A521,035723,9675,178,3759,816,395
2014-01-08$183.65$180.0010.9%4.5%10.0%18.3%16.1%3.0%-0.1%1.99B-26.47B-219.9M1.216.96N/AN/A644,310780,5545,287,13410,108,696
2014-01-09$183.67$180.0010.8%4.5%9.9%17.2%17.2%2.9%-0.1%2.04B-27.11B-220.9M1.736.53N/AN/A595,3301,027,5435,474,77010,366,472
2014-01-10$184.13$180.0010.0%4.4%8.7%9.9%14.4%2.8%0.3%3.10B-31.60B-221.3M1.548.24N/AN/A805,1791,243,3775,614,43810,758,988
2014-01-13$181.89$180.0011.5%4.6%9.9%24.1%15.1%3.5%-0.0%-554.2M-9.62B-235.4M1.487.23N/AN/A923,6921,364,4995,430,98710,421,919
2014-01-14$183.67$180.0010.7%4.4%10.3%15.8%21.0%3.0%-0.0%1.32B-25.35B-229.5M1.447.27N/AN/A758,4881,088,9495,647,45210,872,067
2014-01-15$184.55$180.0010.3%4.4%10.2%12.6%15.5%3.1%0.1%2.39B-31.96B-234.2M1.447.39N/AN/A1,003,1961,442,7855,767,15011,097,229
2014-01-16$184.03$180.0010.6%4.5%10.1%15.2%16.7%3.6%0.1%1.18B-25.33B-252.9M1.987.08N/AN/A500,132991,8975,974,74411,831,046
2014-01-17$183.82$180.0010.2%4.5%8.2%11.0%14.9%3.7%0.0%-647.8M-22.47B-251.9M1.467.86N/AN/A949,1541,381,0866,089,82812,264,238
2014-01-21$184.23$180.0010.4%4.5%8.2%13.5%16.5%3.6%1.4%-522.0M-11.24B-249.5M1.506.49N/AN/A563,821848,3024,192,4147,629,274
2014-01-22$184.31$180.0010.4%4.5%8.2%13.5%15.1%3.6%1.2%-429.8M-11.30B-250.9M1.857.45N/AN/A434,030803,2624,367,5727,982,752
2014-01-23$182.80$180.0011.0%4.4%8.7%19.4%15.2%3.9%0.3%-3.08B846.8M-263.3M1.898.18N/AN/A847,3041,600,3694,502,8048,258,912
2014-01-24$178.60$180.0014.5%4.7%11.8%53.1%17.7%5.8%0.1%-5.20B31.39B-278.5M1.5113.07N/AN/A1,888,2832,860,1994,704,8228,831,409
2014-01-27$177.98$180.0014.6%4.7%11.8%53.5%16.7%4.1%0.1%-4.52B30.18B-277.5M1.6814.05N/AN/A1,183,0531,983,1924,802,3728,832,274
2014-01-28$179.26$180.0013.6%4.7%12.2%43.7%16.1%4.3%0.2%-3.85B20.85B-286.4M1.5410.05N/AN/A624,208963,3135,152,8919,344,568
2014-01-29$177.59$180.0014.6%4.7%12.5%54.2%17.0%3.9%0.1%-5.00B34.01B-286.4M1.3013.53N/AN/A1,422,5511,842,8285,229,3089,543,527
2014-01-30$178.54$180.0014.6%4.7%12.4%53.9%15.1%4.6%0.3%-3.55B24.48B-294.0M1.0918.91N/AN/A967,8861,056,1935,697,1869,703,978
2014-01-31$178.28$180.0015.7%4.8%12.0%64.0%17.0%4.9%-0.2%-3.93B27.93B-297.8M1.427.36N/AN/A1,370,6181,944,4715,838,1749,890,287