SPY Options History — March 2015

In March 2015, SPY traded between $204.55 and $212.01. ATM implied volatility averaged 12.7%, placing in the 35.5% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 1.3% (HV 20d: 11.4%). Max pain ranged from $207.00 to $210.00. Net GEX was positive for 3 of 22 trading days. Term structure was in contango for 20 of 22 days. Put/call ratio averaged 1.93.

Notable Days

  • 2015-03-06: Highest Volume — 4,191,019 contracts
  • 2015-03-25: Largest IV spike — 16.1% change
  • 2015-03-11: Highest IV Rank — 49.7%
  • 2015-03-11: Largest Expected Move — 4.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$208.13$204.55$212.01$212.01$206.72
Max Pain$208.55$207.00$210.00$207.00$209.00
ATM IV12.7%10.5%14.6%10.5%13.9%
Expected Move3.7%3.2%4.1%3.2%4.0%
HV 20d11.4%7.7%14.4%9.2%14.4%
HV 60d14.0%13.5%14.5%14.1%14.0%
IV Rank35.5%19.5%49.7%19.5%44.6%
IV Percentile62.0%29.4%83.7%29.4%76.2%
Term Structure0.2%-0.1%0.5%0.3%0.2%
VWIV14.1%11.3%16.0%13.1%14.1%
Skew 25d4.8%4.0%5.8%4.0%5.4%
Skew 10d9.3%6.7%11.4%6.7%9.6%
Call IV 25d10.7%8.7%12.7%8.7%11.4%
Put IV 25d15.6%12.7%18.1%12.7%16.8%
Bid-Ask Spread %2.611.547.261.872.01
Gamma HHI0.050.030.100.060.05
Net GEX-3.81B-7.86B1.86B440.9M-4.71B
Net DEX11.83B-17.95B38.92B-17.95B22.33B
Net VEX-319.4M-335.0M-293.5M-293.5M-333.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.930.862.992.992.08
Total Volume2,379,189.6361,268,4894,191,0191,537,6262,668,381
Total OI17,901,274.36415,218,46620,240,40416,588,09517,420,195

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2015-03-02$212.01$207.0010.5%3.2%9.2%19.5%13.1%4.0%0.3%440.9M-17.95B-293.5M2.991.87N/AN/A385,3271,152,2995,042,93811,545,157
2015-03-03$211.11$207.0011.3%3.4%8.6%25.7%13.5%4.5%0.4%-1.41B-7.22B-313.7M2.231.65N/AN/A517,9021,157,1165,167,66611,857,791
2015-03-04$210.20$208.0011.8%3.6%8.0%29.3%13.5%5.3%0.2%-3.53B977.9M-319.1M1.361.89N/AN/A729,500992,2145,304,18312,214,234
2015-03-05$210.59$209.0011.4%3.3%7.7%26.4%14.7%4.8%0.2%-2.77B-5.59B-312.9M2.111.55N/AN/A407,932860,5575,510,21012,403,889
2015-03-06$207.35$209.0013.1%3.9%9.1%38.8%15.1%5.8%0.1%-7.63B26.45B-326.6M2.001.86N/AN/A1,397,9062,793,1135,558,22712,667,250
2015-03-09$208.34$209.0012.4%3.7%9.1%33.5%15.4%5.0%0.5%-4.68B9.31B-316.3M2.272.36N/AN/A408,650926,4445,311,24212,355,392
2015-03-10$204.78$209.0014.2%4.1%11.0%46.7%15.6%5.0%0.1%-7.86B37.29B-325.1M2.084.91N/AN/A958,9811,997,6135,424,66712,661,380
2015-03-11$204.55$208.0014.6%4.1%10.3%49.7%16.0%5.5%-0.1%-7.67B38.92B-330.3M2.392.60N/AN/A627,2151,499,2785,694,92812,812,721
2015-03-12$206.97$208.0013.2%3.8%11.2%38.9%15.6%4.5%0.2%-5.86B16.85B-322.4M2.482.39N/AN/A578,7761,436,2525,863,68913,207,500
2015-03-13$205.54$208.0013.9%4.0%10.8%44.6%15.1%4.5%0.1%-7.57B29.67B-325.6M2.222.72N/AN/A931,5092,070,9085,929,48913,406,131
2015-03-16$208.17$208.0013.7%3.9%11.7%43.1%15.5%4.7%0.1%-3.76B6.05B-316.9M1.682.33N/AN/A871,4671,465,0825,638,62913,009,548
2015-03-17$208.02$208.0013.5%3.9%11.7%41.7%14.6%4.4%-0.1%-4.55B6.71B-312.2M1.722.48N/AN/A623,9991,072,3155,796,99013,359,700
2015-03-18$210.61$208.0011.4%3.3%12.6%25.9%13.7%4.2%0.5%1.58B-14.74B-299.8M1.707.26N/AN/A1,274,2772,171,4696,017,88713,597,981
2015-03-19$209.56$208.0011.4%3.2%12.7%26.2%12.1%4.1%0.4%-60.2M-7.66B-300.0M0.862.79N/AN/A1,864,5741,606,3466,188,53514,051,869
2015-03-20$210.36$209.0011.2%3.2%12.6%24.4%11.3%4.3%0.1%1.86B-1.60B-310.0M1.133.66N/AN/A1,735,0721,952,6405,648,21014,355,439
2015-03-23$209.90$209.0011.4%3.2%12.6%26.4%12.1%4.8%0.5%-1.32B2.62B-316.4M1.632.52N/AN/A590,156963,5734,590,84210,627,624
2015-03-24$208.89$210.0011.8%3.4%12.6%29.0%12.7%4.8%0.5%-3.06B10.42B-324.4M2.082.49N/AN/A508,6771,055,7184,849,18010,929,683
2015-03-25$205.85$210.0013.7%4.0%13.6%42.8%14.3%5.2%0.3%-6.06B31.64B-330.2M2.002.45N/AN/A966,8581,930,1444,976,93411,231,083
2015-03-26$205.37$209.0014.1%4.1%13.6%45.7%15.2%5.3%0.2%-6.76B35.31B-334.9M1.911.54N/AN/A1,066,7212,039,1975,315,09511,705,004
2015-03-27$205.78$209.0013.6%4.0%13.6%41.8%14.4%5.0%0.4%-6.05B31.86B-335.0M1.842.47N/AN/A666,3641,223,8335,544,14712,122,332
2015-03-30$208.29$209.0012.7%3.6%14.2%35.3%13.7%5.1%0.3%-2.40B8.63B-327.8M1.621.62N/AN/A839,3471,356,4705,232,74311,679,702
2015-03-31$206.72$209.0013.9%4.0%14.4%44.6%14.1%5.4%0.2%-4.71B22.33B-333.4M2.082.01N/AN/A866,4171,801,9645,413,59712,006,598