SPY Options History — September 2014

In September 2014, SPY traded between $196.60 and $201.85. ATM implied volatility averaged 10.7%, placing in the 25.0% IV rank vs the trailing year. The 30-day expected move averaged 3.8%. IV traded above realized volatility by 3.7% (HV 20d: 7.1%). Max pain ranged from $195.00 to $197.00. Net GEX was positive for 1 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 2.21.

Notable Days

  • 2014-09-18: Highest Volume — 4,293,224 contracts
  • 2014-09-25: Largest IV spike — 21.6% change
  • 2014-09-30: Highest IV Rank — 51.8%
  • 2014-09-30: Largest Expected Move — 4.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$199.55$196.60$201.85$200.54$196.92
Max Pain$195.86$195.00$197.00$195.00$197.00
ATM IV10.7%8.7%13.8%10.1%13.8%
Expected Move3.8%3.5%4.2%3.8%4.2%
HV 20d7.1%5.2%9.6%8.0%9.6%
HV 60d8.5%8.1%9.4%8.2%9.3%
IV Rank25.0%7.5%51.8%19.5%51.8%
IV Percentile35.8%2.4%89.3%18.7%89.3%
Term Structure0.3%-0.0%0.7%0.4%-0.0%
VWIV15.6%12.2%21.8%21.6%17.0%
Skew 25d4.8%2.5%5.9%4.3%5.9%
Skew 10d9.4%4.4%12.5%7.9%12.5%
Call IV 25d9.0%7.5%11.3%8.3%11.3%
Put IV 25d13.8%10.7%17.2%12.7%17.2%
Bid-Ask Spread %3.022.184.502.963.35
Gamma HHI0.060.040.160.060.07
Net GEX-6.06B-12.36B2.59B-2.44B-9.94B
Net DEX5.40B-33.51B45.83B-14.52B37.10B
Net VEX-343.3M-367.9M-293.3M-336.0M-367.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.210.663.662.882.27
Total Volume2,300,531.9051,371,7144,293,2241,642,7302,351,746
Total OI21,283,716.23817,849,27423,971,26819,738,94120,932,648

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-09-02$200.54$195.0010.1%3.8%8.0%19.5%21.6%4.3%0.4%-2.44B-14.52B-336.0M2.882.96N/AN/A423,4371,219,2935,557,88514,181,056
2014-09-03$200.44$195.0010.0%3.8%6.8%18.5%15.2%4.4%0.5%-3.83B-11.36B-342.7M3.662.83N/AN/A341,9121,252,4445,660,48714,570,018
2014-09-04$200.35$195.0010.0%3.8%6.9%18.7%13.9%4.5%0.4%-4.98B-9.22B-349.8M2.612.88N/AN/A639,9521,668,4415,705,45715,220,254
2014-09-05$201.16$195.009.2%3.6%6.4%11.8%21.8%4.4%0.4%-2.58B-19.62B-328.0M1.982.52N/AN/A811,6231,610,4385,904,53515,914,845
2014-09-08$200.64$195.009.7%3.7%6.0%16.4%12.2%4.6%0.1%-3.26B-11.34B-334.7M1.642.54N/AN/A520,442851,2725,875,26415,624,991
2014-09-09$199.52$195.0010.3%3.7%6.5%21.4%14.6%5.1%-0.0%-6.94B4.30B-354.1M1.863.30N/AN/A578,5271,076,7156,067,74215,944,438
2014-09-10$200.06$195.0010.1%3.7%6.4%19.7%13.4%5.1%0.3%-5.67B-2.60B-346.8M1.932.65N/AN/A536,9471,035,1826,201,29116,123,518
2014-09-11$200.27$195.009.7%3.7%6.1%16.4%18.1%5.1%0.6%-4.98B-5.90B-342.7M1.712.56N/AN/A512,325875,7116,245,09716,367,327
2014-09-12$199.10$195.0010.6%3.8%6.5%24.3%14.0%5.1%0.3%-12.36B8.95B-348.9M1.832.67N/AN/A967,8961,772,8636,405,57716,593,470
2014-09-15$198.98$195.0011.3%3.8%6.5%29.7%16.4%5.1%0.3%-6.56B8.89B-346.0M2.672.18N/AN/A463,9131,238,5745,940,02916,108,483
2014-09-16$200.56$195.009.7%3.6%6.9%16.7%13.2%4.8%0.7%-3.79B-9.03B-324.5M2.093.13N/AN/A822,9281,720,4426,040,70416,531,876
2014-09-17$200.75$196.009.6%3.6%5.2%15.7%13.8%4.2%0.5%-4.24B-10.00B-329.5M1.803.69N/AN/A1,134,3732,045,3006,111,40417,077,101
2014-09-18$201.85$196.008.7%3.5%5.4%7.5%13.1%2.5%0.2%2.59B-33.51B-293.3M0.664.50N/AN/A2,589,3661,703,8586,458,85617,512,412
2014-09-19$200.88$197.009.2%3.6%5.7%11.6%13.7%3.9%0.4%-4.76B6.49B-324.4M1.974.26N/AN/A928,1141,831,2405,454,63818,034,297
2014-09-22$199.09$197.0011.0%3.8%6.5%27.5%16.9%4.9%0.2%-6.46B19.03B-336.0M2.482.71N/AN/A595,4171,478,8584,556,62713,292,647
2014-09-23$197.72$197.0012.4%3.9%6.8%40.0%14.8%5.5%0.0%-8.76B32.80B-357.9M2.502.71N/AN/A598,5661,495,0724,759,52113,742,728
2014-09-24$199.52$197.0010.9%3.7%7.5%26.7%13.4%4.8%0.2%-6.46B15.90B-349.6M1.622.46N/AN/A851,0731,380,2044,949,31714,266,236
2014-09-25$196.60$197.0013.3%4.0%9.1%47.0%16.0%5.6%0.0%-11.26B45.83B-366.0M2.253.46N/AN/A1,040,3272,344,0705,199,67114,722,313
2014-09-26$198.05$197.0012.3%3.9%9.6%38.8%16.8%5.3%0.2%-11.42B29.29B-364.6M2.923.42N/AN/A758,5092,215,3395,554,65015,179,824
2014-09-29$197.56$197.0013.1%4.1%9.6%46.0%18.4%5.7%0.1%-9.12B31.83B-365.1M3.082.62N/AN/A497,0421,531,4195,332,80715,036,000
2014-09-30$196.92$197.0013.8%4.2%9.6%51.8%17.0%5.9%-0.0%-9.94B37.10B-367.9M2.273.35N/AN/A718,9661,632,7805,465,15215,467,496