SPY Options History — May 2014

In May 2014, SPY traded between $186.97 and $192.63. ATM implied volatility averaged 10.8%, placing in the 10.7% IV rank vs the trailing year. The 30-day expected move averaged 4.1%. IV traded above realized volatility by 1.9% (HV 20d: 8.9%). Max pain ranged from $185.00 to $189.00. Net GEX was positive for 7 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 1.83.

Notable Days

  • 2014-05-15: Highest Volume — 3,372,775 contracts
  • 2014-05-15: Largest IV spike — 9.3% change
  • 2014-05-06: Highest IV Rank — 21.3%
  • 2014-05-06: Largest Expected Move — 4.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$189.17$186.97$192.63$188.31$192.63
Max Pain$186.95$185.00$189.00$185.00$188.00
ATM IV10.8%9.5%11.8%10.9%9.5%
Expected Move4.1%4.0%4.3%4.2%4.1%
HV 20d8.9%6.8%12.6%12.6%8.3%
HV 60d10.7%10.3%11.2%11.2%10.3%
IV Rank10.7%0.0%21.3%12.2%0.0%
IV Percentile16.4%0.0%47.2%17.1%0.0%
Term Structure0.3%-0.3%0.9%0.4%0.6%
VWIV17.2%14.3%21.7%18.5%14.3%
Skew 25d3.6%3.0%4.0%3.8%3.1%
Skew 10d6.7%5.2%8.3%7.1%6.3%
Call IV 25d9.4%8.4%10.2%9.4%8.4%
Put IV 25d13.0%11.5%14.2%13.2%11.5%
Bid-Ask Spread %3.522.944.823.324.82
Gamma HHI0.050.040.110.050.07
Net GEX-1.08B-6.02B2.60B-896.2M2.60B
Net DEX-10.30B-28.41B7.26B-10.55B-28.41B
Net VEX-268.3M-280.7M-252.0M-269.3M-280.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.831.212.521.501.56
Total Volume2,012,238.4761,256,4343,372,7751,835,1632,373,686
Total OI16,140,538.1913,898,95218,512,32215,254,10117,443,617

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-05-01$188.31$185.0010.9%4.2%12.6%12.2%18.5%3.8%0.4%-896.2M-10.55B-269.3M1.503.32N/AN/A732,8071,102,3564,850,23910,403,862
2014-05-02$188.00$185.0010.7%4.2%12.6%9.7%21.7%3.6%0.6%-4.87B-8.91B-268.2M1.713.27N/AN/A977,9351,667,4875,101,74110,656,628
2014-05-05$188.15$185.0011.2%4.3%11.8%15.1%15.8%4.0%0.2%-1.83B-7.02B-268.7M1.773.31N/AN/A492,747871,9264,812,49310,342,514
2014-05-06$186.97$185.0011.8%4.3%11.1%21.3%20.0%4.0%0.2%-3.72B3.30B-272.7M2.033.60N/AN/A604,7941,227,7904,984,81410,586,189
2014-05-07$188.00$185.0011.4%4.2%11.2%17.5%19.9%3.9%0.2%-1.54B-7.08B-264.9M2.053.39N/AN/A782,6501,603,4565,159,90610,857,016
2014-05-08$187.76$185.0011.4%4.2%10.6%17.5%19.9%3.7%0.2%-3.18B-3.11B-268.4M2.113.21N/AN/A717,7761,517,7365,321,45811,296,612
2014-05-09$187.92$186.0010.8%4.1%7.3%11.5%15.1%3.7%0.4%-2.13B-5.44B-266.3M1.732.94N/AN/A833,7211,443,0785,474,00111,616,074
2014-05-12$189.85$186.0010.5%4.1%7.1%7.7%16.6%3.3%0.7%1.17B-21.59B-252.0M1.773.23N/AN/A775,5531,376,3975,230,90511,327,340
2014-05-13$189.98$186.0010.5%4.1%6.9%7.7%16.8%3.3%0.9%1.72B-22.26B-255.0M1.593.17N/AN/A622,648987,7475,405,93811,773,926
2014-05-14$189.12$187.0010.6%4.1%6.8%8.8%16.9%3.4%0.8%-1.01B-12.42B-268.7M2.163.52N/AN/A584,3831,262,7815,542,70312,104,028
2014-05-15$187.33$188.0011.6%4.2%7.4%18.8%18.4%4.0%0.8%-6.02B7.26B-276.5M1.883.70N/AN/A1,172,0602,200,7155,652,71012,256,593
2014-05-16$188.07$188.0010.9%4.1%7.5%11.7%14.5%3.6%0.7%-2.52B-4.22B-277.5M1.444.02N/AN/A969,5701,394,0916,017,60112,494,721
2014-05-19$188.82$189.0010.7%4.1%7.5%10.1%14.6%3.8%0.1%-1.59B-3.59B-266.1M1.883.10N/AN/A436,874819,5604,506,6269,392,326
2014-05-20$187.40$189.0011.6%4.1%7.8%19.6%16.6%4.0%-0.3%-3.62B7.17B-271.4M1.923.20N/AN/A573,9831,100,2314,657,6089,673,348
2014-05-21$189.11$189.0010.8%4.0%8.5%10.4%16.5%3.8%-0.1%-1.01B-6.36B-266.4M2.363.67N/AN/A539,1091,271,0384,835,9009,892,026
2014-05-22$189.59$188.0010.6%4.0%8.5%8.9%17.7%3.5%0.1%-760.9M-9.14B-270.1M1.623.45N/AN/A607,788986,1394,933,83310,249,360
2014-05-23$190.25$188.0010.3%4.0%8.1%5.9%16.4%3.0%0.0%1.09B-15.17B-268.3M1.463.51N/AN/A893,6981,302,9995,178,08110,663,472
2014-05-27$191.50$188.0010.2%4.0%8.3%4.8%16.6%3.3%0.1%1.50B-21.15B-261.3M1.213.48N/AN/A964,8091,163,7354,955,75810,455,021
2014-05-28$191.52$188.0010.1%4.0%8.3%4.0%17.5%3.3%-0.2%1.46B-20.72B-268.8M2.523.65N/AN/A399,8021,009,0675,273,41110,883,889
2014-05-29$192.37$188.009.9%4.1%8.3%1.6%16.2%3.0%0.1%2.43B-26.81B-273.1M2.094.26N/AN/A611,6131,280,6735,413,83011,273,184
2014-05-30$192.63$188.009.5%4.1%8.3%0.0%14.3%3.1%0.6%2.60B-28.41B-280.7M1.564.82N/AN/A926,0051,447,6815,574,83511,868,782