SPY Options History — February 2015

In February 2015, SPY traded between $202.14 and $211.78. ATM implied volatility averaged 13.5%, placing in the 41.4% IV rank vs the trailing year. The 30-day expected move averaged 4.0%. IV traded below realized volatility by 1.0% (HV 20d: 14.5%). Max pain ranged from $202.00 to $207.00. Net GEX was positive for 12 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 1.88.

Notable Days

  • 2015-02-06: Highest Volume — 3,950,524 contracts
  • 2015-02-03: Largest IV drop — 11.2% change
  • 2015-02-02: Highest IV Rank — 64.6%
  • 2015-02-02: Largest Expected Move — 4.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$208.27$202.14$211.78$202.14$210.80
Max Pain$204.11$202.00$207.00$203.00$207.00
ATM IV13.5%11.2%16.7%16.7%11.2%
Expected Move4.0%3.3%4.8%4.8%3.3%
HV 20d14.5%10.7%17.6%17.6%10.7%
HV 60d14.0%13.4%14.2%13.4%14.1%
IV Rank41.4%24.5%64.6%64.6%24.5%
IV Percentile70.5%40.5%92.9%92.9%40.5%
Term Structure0.2%-0.4%1.2%0.1%-0.0%
VWIV15.9%12.2%19.5%19.5%12.7%
Skew 25d5.4%4.2%7.0%7.0%4.7%
Skew 10d10.8%8.1%13.9%13.9%9.2%
Call IV 25d11.3%9.3%13.6%13.6%9.3%
Put IV 25d16.7%14.1%20.6%20.6%14.1%
Bid-Ask Spread %2.321.703.273.272.05
Gamma HHI0.050.030.100.040.04
Net GEX625.3M-3.42B6.49B-3.42B-1.66B
Net DEX-11.81B-32.50B17.32B17.32B-9.12B
Net VEX-326.6M-358.2M-296.1M-343.3M-312.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.881.312.511.972.05
Total Volume2,137,697.9471,342,6743,950,5242,438,5962,115,343
Total OI18,270,910.89515,583,78320,776,49316,437,46517,378,742

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2015-02-02$202.14$203.0016.7%4.8%17.6%64.6%19.5%7.0%0.1%-3.42B17.32B-343.3M1.973.27N/AN/A822,3221,616,2745,247,32911,190,136
2015-02-03$204.70$203.0014.8%4.2%16.9%51.0%16.0%6.0%0.2%-947.4M-46.5M-333.0M1.641.74N/AN/A932,9181,529,1095,487,84611,627,832
2015-02-04$203.84$203.0015.3%4.4%16.6%54.5%16.8%6.3%0.2%-2.00B6.70B-346.7M1.962.22N/AN/A618,5691,210,8355,751,45212,080,863
2015-02-05$206.07$202.0014.4%4.3%16.4%47.7%16.4%5.9%0.2%648.5M-8.99B-340.4M1.552.60N/AN/A943,2761,465,5975,903,09712,365,792
2015-02-06$205.36$202.0015.4%4.7%15.4%55.4%18.2%6.1%0.1%411.5M-2.90B-357.1M1.753.16N/AN/A1,436,2712,514,2536,160,33112,839,111
2015-02-09$204.71$202.0015.9%4.7%15.2%58.8%18.7%6.7%0.4%-2.56B7.25B-358.2M1.872.63N/AN/A505,436945,3005,932,73612,416,311
2015-02-10$206.90$203.0014.2%4.3%15.4%46.7%18.3%6.1%0.9%-65.7M-8.53B-347.5M1.842.39N/AN/A621,3921,142,8676,045,59312,634,518
2015-02-11$206.80$203.0014.5%4.3%15.2%48.6%17.4%5.9%0.7%-317.8M-6.83B-344.5M2.262.44N/AN/A520,1591,174,4036,204,35512,959,938
2015-02-12$208.89$203.0012.9%3.9%15.4%37.0%16.3%4.9%0.9%3.37B-23.84B-325.7M1.602.34N/AN/A1,090,4801,748,2656,290,26613,108,444
2015-02-13$209.77$204.0012.4%3.8%14.8%33.5%15.0%4.6%1.2%6.49B-30.42B-323.2M1.601.96N/AN/A928,6401,484,9326,456,05513,542,951
2015-02-17$209.94$204.0013.7%4.0%14.3%42.5%15.9%5.6%-0.4%1.63B-22.67B-319.4M2.181.86N/AN/A562,4481,224,3066,146,53813,344,874
2015-02-18$210.00$205.0013.5%3.9%14.3%41.5%17.3%5.4%-0.2%1.13B-22.57B-316.3M2.511.70N/AN/A408,7171,027,2206,245,79113,924,679
2015-02-19$210.05$205.0013.0%3.7%14.2%37.7%15.4%5.1%-0.1%1.73B-23.21B-316.9M2.093.02N/AN/A592,0301,237,7016,316,86014,089,339
2015-02-20$211.21$205.0012.3%3.5%13.6%32.8%14.5%4.4%-0.1%3.19B-32.50B-313.9M1.312.96N/AN/A1,401,4721,842,8656,341,68214,434,811
2015-02-23$211.05$206.0012.3%3.5%13.4%32.6%14.7%5.2%-0.1%434.0M-13.34B-304.9M2.261.74N/AN/A412,029930,6454,737,06210,846,721
2015-02-24$211.78$206.0011.3%3.3%13.4%25.1%13.2%4.4%-0.1%1.70B-18.62B-296.1M1.981.82N/AN/A583,8351,157,9314,850,04411,020,069
2015-02-25$211.69$206.0011.3%3.3%12.6%25.5%13.2%4.2%-0.3%1.47B-17.81B-298.0M1.652.43N/AN/A737,3951,216,0284,998,79811,331,311
2015-02-26$211.46$206.0011.4%3.3%10.7%26.1%12.2%4.7%0.2%640.2M-14.31B-307.5M1.691.76N/AN/A710,7961,204,2025,229,09811,665,932
2015-02-27$210.80$207.0011.2%3.3%10.7%24.5%12.7%4.7%-0.0%-1.66B-9.12B-312.0M2.052.05N/AN/A692,9671,422,3765,390,76311,987,979