SPY Options History — November 2014

In November 2014, SPY traded between $201.20 and $207.79. ATM implied volatility averaged 11.2%, placing in the 24.4% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 0.5% (HV 20d: 10.6%). Max pain ranged from $194.00 to $200.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 13 of 19 days. Put/call ratio averaged 1.53.

Notable Days

  • 2014-11-21: Highest Volume — 3,730,797 contracts
  • 2014-11-28: Largest IV spike — 13.8% change
  • 2014-11-04: Highest IV Rank — 36.9%
  • 2014-11-04: Largest Expected Move — 4.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$204.64$201.20$207.79$201.72$206.92
Max Pain$196.11$194.00$200.00$194.00$200.00
ATM IV11.2%9.6%12.9%12.8%11.0%
Expected Move3.7%3.4%4.1%4.1%3.6%
HV 20d10.6%5.4%19.6%19.6%5.7%
HV 60d13.2%13.1%13.4%13.4%13.2%
IV Rank24.4%13.4%36.9%36.3%23.1%
IV Percentile47.2%10.7%79.8%78.2%43.3%
Term Structure0.3%-0.6%1.4%0.4%0.1%
VWIV14.3%11.7%18.1%14.4%14.6%
Skew 25d4.0%3.5%4.6%4.3%4.0%
Skew 10d7.5%6.3%9.2%8.7%7.0%
Call IV 25d9.8%8.5%11.1%11.1%9.7%
Put IV 25d13.8%12.3%15.6%15.5%13.7%
Bid-Ask Spread %2.541.486.152.266.02
Gamma HHI0.060.040.070.040.06
Net GEX4.28B1.55B6.79B1.99B3.32B
Net DEX-50.81B-71.46B-34.09B-37.01B-42.40B
Net VEX-339.1M-373.4M-310.7M-373.4M-335.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.530.942.151.251.93
Total Volume1,971,738.7371,261,9063,730,7971,908,9291,632,739
Total OI23,861,766.47420,130,79527,051,23422,573,57321,638,400

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-11-03$201.72$194.0012.8%4.1%19.6%36.3%14.4%4.3%0.4%1.99B-37.01B-373.4M1.252.26N/AN/A846,6251,062,3047,703,38114,870,192
2014-11-04$201.20$194.0012.9%4.1%18.8%36.9%14.4%4.6%0.4%1.55B-34.09B-370.3M1.472.11N/AN/A795,8751,167,4807,910,79715,155,905
2014-11-05$202.39$194.0012.1%4.0%17.9%31.0%14.6%4.3%0.4%3.36B-45.71B-360.3M0.941.76N/AN/A1,097,0561,029,8857,981,01815,395,934
2014-11-06$203.16$194.0011.8%3.9%16.1%29.1%14.5%4.0%0.4%4.46B-52.75B-356.6M1.291.78N/AN/A1,113,0211,440,4428,432,68315,670,140
2014-11-07$203.19$195.0011.1%3.8%14.9%23.8%13.4%3.6%0.5%5.42B-52.37B-353.2M1.701.67N/AN/A847,6101,443,1228,694,42816,042,359
2014-11-10$203.84$195.0010.5%3.6%13.1%19.8%13.5%3.6%1.0%4.22B-52.35B-330.0M2.151.79N/AN/A566,3701,218,8948,245,90015,222,570
2014-11-11$204.03$195.0010.7%3.6%12.8%21.2%13.7%3.5%1.1%4.59B-55.15B-327.2M1.391.85N/AN/A606,847842,8448,228,38215,166,544
2014-11-12$204.05$195.0010.8%3.6%10.5%22.0%15.0%3.7%1.0%3.44B-49.44B-343.8M1.451.74N/AN/A678,492981,4028,462,54315,841,006
2014-11-13$204.05$195.0011.1%3.7%10.1%24.2%15.9%4.2%1.0%3.38B-49.23B-350.3M1.491.89N/AN/A959,0981,430,5468,653,79316,178,937
2014-11-14$204.26$195.0010.9%3.7%9.2%22.4%12.3%4.0%1.4%3.79B-52.97B-345.1M1.763.20N/AN/A641,3991,130,0988,883,65016,640,809
2014-11-17$204.34$195.0011.7%3.7%9.1%28.1%18.1%4.3%-0.5%2.70B-48.07B-340.4M1.981.97N/AN/A477,169947,1488,672,16216,342,890
2014-11-18$205.55$196.0011.3%3.6%7.5%25.5%15.0%3.8%-0.3%5.34B-62.79B-328.9M1.182.31N/AN/A1,011,0981,195,1188,784,53616,691,745
2014-11-19$205.26$196.0011.8%3.7%7.1%29.1%15.1%4.3%-0.6%4.80B-59.01B-326.7M2.043.29N/AN/A718,5271,469,4009,111,69217,087,998
2014-11-20$205.50$197.0011.5%3.6%6.5%26.7%16.8%4.3%-0.6%5.02B-57.87B-329.6M1.911.99N/AN/A620,2981,185,4559,229,96417,348,499
2014-11-21$206.54$197.0010.4%3.5%6.2%18.9%13.0%3.6%-0.1%6.79B-71.46B-310.7M1.281.85N/AN/A1,639,1372,091,6609,336,37417,714,860
2014-11-24$207.26$199.0010.0%3.5%6.2%16.2%13.1%3.8%0.2%5.43B-46.36B-314.8M1.233.15N/AN/A633,003781,3587,622,06412,508,731
2014-11-25$207.19$200.0010.1%3.5%5.5%16.8%11.7%3.9%0.1%5.10B-44.98B-321.8M1.281.48N/AN/A834,6011,065,0097,812,42812,823,906
2014-11-26$207.79$200.009.6%3.4%5.4%13.4%13.4%3.6%-0.0%6.54B-51.38B-324.8M1.316.15N/AN/A545,334716,5728,098,79213,167,551
2014-11-28$206.92$200.0011.0%3.6%5.7%23.1%14.6%4.0%0.1%3.32B-42.40B-335.9M1.936.02N/AN/A557,0521,075,6878,179,63313,458,767