SPY Options History — July 2014

In July 2014, SPY traded between $193.35 and $198.59. ATM implied volatility averaged 10.0%, placing in the 18.8% IV rank vs the trailing year. The 30-day expected move averaged 3.9%. IV traded above realized volatility by 3.1% (HV 20d: 6.8%). Max pain ranged from $190.00 to $196.00. Net GEX was positive for 5 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 2.05.

Notable Days

  • 2014-07-31: Highest Volume — 4,481,928 contracts
  • 2014-07-31: Largest IV spike — 29.2% change
  • 2014-07-31: Highest IV Rank — 55.1%
  • 2014-07-31: Largest Expected Move — 4.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$197.16$193.35$198.59$197.03$193.35
Max Pain$192.67$190.00$196.00$194.00$193.00
ATM IV10.0%8.2%14.2%8.8%14.2%
Expected Move3.9%3.7%4.3%3.9%4.3%
HV 20d6.8%5.7%9.9%5.9%9.9%
HV 60d7.3%6.7%8.8%8.8%8.1%
IV Rank18.8%3.5%55.1%8.8%55.1%
IV Percentile17.3%0.8%88.9%1.6%88.9%
Term Structure0.2%-0.2%0.6%0.3%-0.2%
VWIV14.9%12.1%17.0%17.0%15.0%
Skew 25d4.1%2.7%5.9%3.4%5.9%
Skew 10d8.4%5.3%12.0%6.6%12.0%
Call IV 25d8.4%7.1%11.8%7.6%11.8%
Put IV 25d12.5%9.8%17.8%11.0%17.8%
Bid-Ask Spread %3.302.614.203.193.58
Gamma HHI0.060.050.110.060.05
Net GEX-2.02B-7.78B4.31B1.26B-7.78B
Net DEX-4.80B-25.77B40.92B-15.78B40.92B
Net VEX-315.8M-370.3M-291.8M-294.5M-370.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.051.582.851.682.37
Total Volume1,972,169.6821,112,6504,481,9282,199,2144,481,928
Total OI17,857,39715,785,97919,898,62416,371,19618,388,643

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-07-01$197.03$194.008.8%3.9%5.9%8.8%17.0%3.4%0.3%1.26B-15.78B-294.5M1.683.19N/AN/A820,8591,378,3554,562,07611,809,120
2014-07-02$197.26$194.008.4%3.8%5.9%5.6%14.5%3.1%0.3%1.36B-15.67B-299.2M1.633.89N/AN/A648,1921,058,7834,723,33612,190,199
2014-07-03$198.25$195.008.2%3.8%5.7%3.5%15.9%2.7%0.4%4.31B-25.77B-291.8M2.293.34N/AN/A692,4661,584,3334,975,15812,622,082
2014-07-07$197.58$195.009.1%3.8%5.7%11.5%15.2%3.5%-0.0%-365.2M-13.51B-299.7M2.283.08N/AN/A422,171960,9474,809,33312,537,781
2014-07-08$196.20$195.0010.0%3.9%6.3%19.2%14.6%4.1%0.1%-3.66B-2.04B-307.3M2.443.13N/AN/A655,2091,600,8584,923,88312,914,279
2014-07-09$197.22$194.009.5%3.9%6.5%14.8%15.5%3.8%0.1%-1.34B-9.35B-310.4M1.792.98N/AN/A477,738852,8835,100,38813,281,371
2014-07-10$196.29$192.0010.2%4.0%6.6%20.7%14.0%4.4%0.4%-6.22B4.37B-327.8M2.303.16N/AN/A639,5271,468,0655,210,55713,511,537
2014-07-11$196.72$193.009.6%3.9%6.2%15.9%15.2%4.2%-0.0%-3.59B-3.41B-318.9M1.693.30N/AN/A635,5281,075,6275,338,04213,849,698
2014-07-14$197.55$192.009.2%3.8%6.3%11.9%15.6%4.1%0.6%58.2M-13.07B-304.3M2.223.12N/AN/A410,694911,9315,001,35313,304,222
2014-07-15$197.27$192.009.8%3.9%6.3%16.8%14.8%4.1%0.1%-780.0M-10.58B-304.8M1.763.00N/AN/A671,1721,178,2005,038,50113,588,764
2014-07-16$198.00$193.009.1%3.8%6.4%10.9%15.7%4.0%0.4%850.1M-16.43B-302.4M2.103.51N/AN/A358,696753,9545,187,39513,874,088
2014-07-17$195.90$194.0011.6%4.0%7.0%32.9%14.5%5.4%0.3%-6.04B9.26B-323.1M2.853.99N/AN/A957,3462,725,3395,161,28913,962,359
2014-07-18$197.15$194.009.7%3.9%7.4%16.4%14.3%4.2%0.4%-1.50B-8.61B-307.9M2.063.08N/AN/A954,0901,960,6605,338,18214,560,442
2014-07-21$197.18$0.0010.3%3.8%7.3%21.4%13.3%4.8%0.2%-2.55B-1.34B-309.8M2.434.12N/AN/A384,879935,9044,557,95511,228,024
2014-07-22$198.06$196.009.8%3.7%7.4%17.4%14.9%4.2%0.2%-1.19B-9.51B-305.0M1.954.20N/AN/A674,3871,316,0854,699,48711,607,988
2014-07-23$198.59$190.009.8%3.7%7.1%17.0%13.2%3.9%0.3%-353.3M-13.49B-313.1M1.853.31N/AN/A506,446937,6454,943,38112,161,309
2014-07-24$198.54$190.009.7%3.8%7.1%16.7%12.1%3.7%0.3%-919.4M-11.22B-322.5M1.702.91N/AN/A517,853882,8205,072,66212,372,292
2014-07-25$197.63$190.0010.3%3.8%7.3%21.7%15.1%4.3%0.4%-3.83B-1.31B-329.2M2.273.10N/AN/A624,3911,417,6125,167,73312,682,898
2014-07-28$197.77$190.0010.2%3.8%7.3%20.7%16.8%4.2%0.2%-3.11B-1.30B-330.8M2.162.83N/AN/A425,982919,9224,872,52312,268,132
2014-07-29$196.85$190.0010.9%3.9%7.5%26.6%15.4%4.5%0.1%-4.46B6.50B-336.4M1.773.23N/AN/A524,741927,3674,956,28312,587,786
2014-07-30$197.03$190.0011.0%3.9%7.3%27.5%15.3%4.5%0.1%-4.52B5.75B-338.8M1.582.61N/AN/A796,5561,259,5925,045,28612,874,917
2014-07-31$193.35$193.0014.2%4.3%9.9%55.1%15.0%5.9%-0.2%-7.78B40.92B-370.3M2.373.58N/AN/A1,328,1603,153,7685,301,24013,087,403