SPY Options History — December 2014

In December 2014, SPY traded between $198.20 and $208.76. ATM implied volatility averaged 13.2%, placing in the 38.9% IV rank vs the trailing year. The 30-day expected move averaged 4.0%. IV traded above realized volatility by 3.0% (HV 20d: 10.2%). Max pain ranged from $200.00 to $204.00. Net GEX was positive for 15 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 1.58.

Notable Days

  • 2014-12-18: Highest Volume — 5,193,628 contracts
  • 2014-12-10: Largest IV spike — 30.6% change
  • 2014-12-16: Highest IV Rank — 80.5%
  • 2014-12-16: Largest Expected Move — 5.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$205.63$198.20$208.76$205.89$205.62
Max Pain$201.77$200.00$204.00$200.00$204.00
ATM IV13.2%9.6%18.9%11.7%15.1%
Expected Move4.0%3.4%5.4%3.8%4.2%
HV 20d10.2%4.7%14.9%4.8%14.9%
HV 60d13.9%13.2%14.9%13.2%14.3%
IV Rank38.9%13.4%80.5%28.7%52.8%
IV Percentile69.0%11.1%98.8%62.3%91.3%
Term Structure0.2%-0.2%0.8%-0.1%-0.1%
VWIV16.2%13.6%21.1%15.0%16.9%
Skew 25d5.5%4.1%9.4%4.7%6.9%
Skew 10d11.1%7.0%16.3%8.1%12.8%
Call IV 25d11.1%8.1%16.1%10.0%12.3%
Put IV 25d16.7%12.3%24.1%14.7%19.2%
Bid-Ask Spread %3.391.9011.482.745.38
Gamma HHI0.060.030.090.050.04
Net GEX1.75B-6.58B8.68B1.55B-1.04B
Net DEX-16.95B-49.67B44.01B-27.85B-551.9M
Net VEX-321.7M-361.4M-293.0M-338.3M-313.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.580.722.131.981.53
Total Volume2,519,198.045866,4115,193,6282,017,2942,805,756
Total OI21,433,810.40917,797,74024,761,38421,028,12219,055,490

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-12-01$205.89$200.0011.7%3.8%4.8%28.7%15.0%4.7%-0.1%1.55B-27.85B-338.3M1.982.74N/AN/A677,6671,339,6277,961,67813,066,444
2014-12-02$206.95$200.0010.8%3.6%5.0%21.5%15.6%4.4%0.0%3.33B-39.38B-314.4M1.962.51N/AN/A457,463898,7898,100,61413,420,236
2014-12-03$208.01$200.0010.2%3.5%5.0%17.3%13.8%4.1%0.5%4.96B-49.56B-314.0M1.442.44N/AN/A513,069737,2928,262,15013,679,527
2014-12-04$207.79$200.0010.0%3.4%4.8%16.2%13.7%4.1%0.6%4.80B-48.03B-308.0M1.694.96N/AN/A596,8491,008,9048,386,43313,871,929
2014-12-05$207.77$200.009.6%3.4%4.7%13.4%13.6%4.2%0.8%4.18B-46.70B-310.1M1.782.62N/AN/A700,7921,249,8378,450,16014,122,054
2014-12-08$206.49$201.0011.6%3.8%5.4%27.3%15.1%4.9%0.6%2.21B-29.91B-319.9M2.132.72N/AN/A609,7211,296,1998,115,55813,538,003
2014-12-09$206.48$201.0011.6%3.8%5.3%28.0%14.7%5.3%0.6%1.30B-26.64B-319.2M1.442.75N/AN/A990,2411,429,1938,256,73913,911,612
2014-12-10$203.02$202.0015.2%4.4%8.2%53.8%18.1%6.6%-0.1%-2.93B9.74B-343.8M1.952.56N/AN/A1,068,9162,087,5848,329,22414,271,164
2014-12-11$203.80$202.0015.4%4.5%8.3%55.5%17.7%7.2%-0.0%-2.19B3.30B-352.5M1.832.34N/AN/A1,031,0161,888,1768,606,07214,613,355
2014-12-12$201.00$202.0017.5%5.0%9.6%70.2%21.1%9.4%-0.2%-6.58B34.52B-361.4M1.852.68N/AN/A1,349,0732,501,0928,752,71015,026,523
2014-12-15$199.93$202.0016.4%4.9%9.7%62.6%19.6%6.9%0.1%-4.84B31.92B-340.5M1.472.62N/AN/A1,512,2842,225,9138,505,68314,487,273
2014-12-16$198.20$202.0018.9%5.4%10.1%80.5%19.2%7.2%0.0%-5.12B44.01B-347.1M1.692.69N/AN/A1,353,8932,281,6428,988,18914,717,796
2014-12-17$201.96$202.0015.5%4.6%12.2%56.1%18.0%6.2%0.2%-1.73B7.92B-342.3M1.623.92N/AN/A1,481,7012,399,8199,245,11714,780,508
2014-12-18$206.41$202.0013.2%4.1%14.6%39.2%16.5%4.5%-0.1%8.68B-49.67B-306.3M0.722.53N/AN/A3,016,6072,177,0219,514,05515,247,329
2014-12-19$206.47$202.0013.3%4.1%14.6%40.3%16.5%5.3%-0.1%2.99B-14.19B-319.0M1.3711.48N/AN/A1,821,3532,497,2857,511,66415,604,213
2014-12-22$207.23$202.0012.6%3.9%14.5%35.1%14.6%4.9%0.4%4.22B-24.31B-305.5M1.143.70N/AN/A830,629945,2956,135,29011,662,450
2014-12-23$207.96$202.0012.1%3.8%14.5%31.3%16.4%4.7%0.5%5.33B-29.99B-314.1M1.982.54N/AN/A597,7851,186,2576,374,10812,068,920
2014-12-24$207.77$203.0011.8%3.7%14.5%29.3%15.7%4.7%0.6%4.73B-26.31B-316.4M1.352.97N/AN/A368,649497,7626,447,43012,458,853
2014-12-26$208.57$203.0012.0%3.6%14.6%30.8%13.7%4.6%0.6%5.78B-35.34B-300.4M1.022.24N/AN/A852,830868,7186,433,23212,548,732
2014-12-29$208.76$203.0012.1%3.6%14.5%31.5%14.3%5.1%0.2%5.75B-33.13B-293.0M1.271.90N/AN/A687,823874,0536,206,16012,169,575
2014-12-30$207.85$204.0012.6%3.8%14.4%34.8%16.5%5.6%0.2%3.14B-22.65B-297.0M1.444.39N/AN/A700,2051,007,5776,210,73712,428,840
2014-12-31$205.62$204.0015.1%4.2%14.9%52.8%16.9%6.9%-0.1%-1.04B-551.9M-313.2M1.535.38N/AN/A1,107,3361,698,4206,307,22012,748,270