SPY Options History — March 2014

In March 2014, SPY traded between $184.53 and $188.30. ATM implied volatility averaged 12.2%, placing in the 27.7% IV rank vs the trailing year. The 30-day expected move averaged 4.4%. IV traded above realized volatility by 1.7% (HV 20d: 10.5%). Max pain ranged from $175.00 to $187.00. Net GEX was positive for 5 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 1.78.

Notable Days

  • 2014-03-14: Highest Volume — 3,905,607 contracts
  • 2014-03-13: Largest IV spike — 16.7% change
  • 2014-03-14: Highest IV Rank — 53.7%
  • 2014-03-14: Largest Expected Move — 4.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$186.52$184.53$188.30$184.82$186.82
Max Pain$185.48$175.00$187.00$175.00$186.00
ATM IV12.2%10.7%14.6%13.1%11.9%
Expected Move4.4%4.3%4.6%4.4%4.3%
HV 20d10.5%8.6%13.8%13.8%11.1%
HV 60d12.3%12.0%12.6%12.2%12.3%
IV Rank27.7%9.9%53.7%38.9%22.1%
IV Percentile52.3%11.1%84.9%71.4%47.6%
Term Structure0.2%-0.8%0.7%0.3%0.1%
VWIV16.8%15.3%19.1%17.1%16.2%
Skew 25d4.6%3.4%6.3%5.1%4.5%
Skew 10d8.6%5.9%10.3%10.3%8.4%
Call IV 25d10.5%9.8%12.7%11.0%10.3%
Put IV 25d15.1%13.2%19.1%16.1%14.8%
Bid-Ask Spread %4.823.379.639.634.09
Gamma HHI0.060.040.160.040.06
Net GEX-1.90B-7.39B3.11B-2.11B-243.5M
Net DEX-10.17B-32.23B15.52B-6.73B-4.31B
Net VEX-274.1M-301.1M-258.0M-291.3M-258.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.780.502.312.311.79
Total Volume2,333,961.2381,362,3013,905,6072,441,3271,852,564
Total OI16,573,491.85713,496,08919,337,97915,612,84313,827,497

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-03-03$184.82$175.0013.1%4.4%13.8%38.9%17.1%5.1%0.3%-2.11B-6.73B-291.3M2.319.63N/AN/A737,0251,704,3025,210,92010,401,923
2014-03-04$187.65$179.0011.7%4.3%10.3%26.2%15.3%4.6%0.0%513.5M-28.25B-272.1M1.485.46N/AN/A844,1161,249,2655,301,80310,759,932
2014-03-05$187.78$187.0011.5%4.3%10.3%23.8%17.1%4.4%0.1%391.9M-28.61B-275.3M1.583.84N/AN/A527,292835,0095,422,52811,080,839
2014-03-06$188.13$187.0011.8%4.4%10.2%26.4%16.8%4.3%0.1%935.3M-31.70B-270.9M1.604.23N/AN/A797,1031,278,8455,540,08311,306,556
2014-03-07$188.30$187.0011.4%4.4%9.6%23.3%16.4%4.5%0.1%811.3M-31.25B-278.8M1.685.39N/AN/A935,7771,572,5085,713,49711,660,979
2014-03-10$188.22$187.0011.7%4.4%8.6%25.8%15.3%4.6%-0.1%-146.4M-26.83B-268.2M2.073.46N/AN/A471,961977,7435,437,47711,071,315
2014-03-11$187.01$187.0012.2%4.4%9.2%30.5%16.3%4.8%-0.1%-1.60B-17.64B-271.8M1.483.37N/AN/A828,8271,230,4405,520,34811,357,709
2014-03-12$187.32$187.0011.7%4.4%8.6%25.7%18.9%4.7%0.2%-1.72B-17.41B-278.8M1.783.57N/AN/A608,1291,081,5615,730,88311,681,990
2014-03-13$185.19$187.0013.6%4.6%9.7%44.5%16.2%5.4%-0.4%-4.38B2.57B-291.2M2.264.07N/AN/A1,156,8982,615,4095,861,34711,913,183
2014-03-14$184.53$187.0014.6%4.6%9.8%53.7%16.4%6.3%-0.8%-7.39B10.33B-301.1M2.166.16N/AN/A1,234,0902,671,5176,071,86712,322,563
2014-03-17$186.32$185.0012.8%4.5%10.2%32.2%16.2%5.0%0.1%-1.65B-11.45B-279.5M2.105.61N/AN/A647,0351,361,7405,947,67012,154,609
2014-03-18$187.57$186.0011.5%4.4%10.4%18.3%19.1%4.3%0.7%-110.7M-23.11B-276.2M1.474.18N/AN/A896,0871,320,5076,032,57712,388,851
2014-03-19$186.50$186.0012.1%4.4%10.3%24.5%15.7%4.4%0.2%-1.84B-11.94B-280.3M1.164.45N/AN/A1,209,0881,401,9686,191,77812,674,448
2014-03-20$187.90$186.0010.7%4.3%10.4%9.9%16.7%3.4%0.5%3.11B-32.23B-258.8M0.506.86N/AN/A2,449,8411,231,6976,552,17512,785,804
2014-03-21$186.19$186.0011.9%4.4%11.0%22.5%16.6%4.5%0.5%-5.70B5.75B-268.8M1.605.69N/AN/A1,028,2441,649,8815,314,97212,935,641
2014-03-24$185.40$186.0012.4%4.5%10.9%27.8%18.2%4.7%0.4%-3.04B6.41B-264.1M2.034.54N/AN/A654,3641,326,0294,551,5638,944,526
2014-03-25$186.39$186.0011.7%4.4%11.1%19.8%16.6%4.2%0.4%-1.90B-879.2M-258.0M2.174.05N/AN/A531,4921,155,0544,667,5249,281,462
2014-03-26$184.77$186.0012.6%4.5%11.5%29.8%17.9%4.5%0.4%-4.57B12.11B-268.8M2.274.67N/AN/A710,2871,615,4204,747,2649,626,697
2014-03-27$184.61$186.0012.7%4.4%11.3%30.7%18.1%4.4%0.4%-5.90B15.52B-271.5M1.753.96N/AN/A853,0871,494,3724,893,7379,937,779
2014-03-28$185.59$186.0012.3%4.4%11.4%26.1%16.1%4.5%0.5%-3.28B6.00B-272.0M2.003.97N/AN/A754,9691,511,6435,112,15110,106,862
2014-03-31$186.82$186.0011.9%4.3%11.1%22.1%16.2%4.5%0.1%-243.5M-4.31B-258.3M1.794.09N/AN/A663,2021,189,3624,432,0829,395,415