SPY Options History — September 2015

In September 2015, SPY traded between $188.14 and $200.22. ATM implied volatility averaged 21.0%, placing in the 52.0% IV rank vs the trailing year. The 30-day expected move averaged 6.1%. IV traded below realized volatility by 4.8% (HV 20d: 25.8%). Max pain ranged from $198.00 to $205.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.60.

Notable Days

  • 2015-09-17: Highest Volume — 5,230,617 contracts
  • 2015-09-28: Largest IV spike — 18.1% change
  • 2015-09-01: Highest IV Rank — 78.7%
  • 2015-09-01: Largest Expected Move — 8.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$194.58$188.14$200.22$191.83$191.77
Max Pain$200.67$198.00$205.00$205.00$198.00
ATM IV21.0%17.3%27.1%27.1%21.3%
Expected Move6.1%5.0%8.5%8.5%6.4%
HV 20d25.8%20.7%28.7%25.4%20.7%
HV 60d18.7%17.4%20.0%17.4%20.0%
IV Rank52.0%37.0%78.7%78.7%52.1%
IV Percentile93.9%86.1%99.2%99.2%93.7%
Term Structure-0.1%-0.7%0.4%0.0%-0.4%
VWIV22.8%19.0%29.9%29.9%23.5%
Skew 25d7.9%6.7%10.9%10.9%7.0%
Skew 10d15.8%12.0%21.5%21.5%13.6%
Call IV 25d17.5%14.7%22.8%22.8%17.9%
Put IV 25d25.4%21.8%33.7%33.7%25.0%
Bid-Ask Spread %2.161.564.742.961.71
Gamma HHI0.050.030.150.040.04
Net GEX-4.72B-8.66B-2.43B-4.86B-3.60B
Net DEX66.86B32.30B95.79B95.79B57.00B
Net VEX-350.2M-383.9M-331.8M-382.7M-348.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.601.162.151.941.49
Total Volume3,257,344.3811,831,1845,230,6173,892,1363,375,436
Total OI21,780,755.14317,969,95024,415,88721,748,06520,863,003

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2015-09-01$191.83$205.0027.1%8.5%25.4%78.7%29.9%10.9%0.0%-4.86B95.79B-382.7M1.942.96N/AN/A1,322,1012,570,0358,001,68113,746,384
2015-09-02$194.92$205.0022.4%6.8%26.3%58.7%24.4%8.3%-0.2%-4.73B77.99B-377.5M1.582.15N/AN/A1,159,5161,833,5278,373,21614,124,508
2015-09-03$195.87$202.0021.6%6.2%26.4%55.2%23.4%8.8%-0.0%-4.24B72.46B-383.9M1.472.19N/AN/A1,282,9401,884,5188,591,57114,395,314
2015-09-04$193.24$202.0023.3%6.6%26.7%62.8%25.9%9.3%-0.2%-5.26B92.21B-373.2M1.802.21N/AN/A1,380,5472,488,5938,827,76714,758,606
2015-09-08$197.32$201.0020.5%6.0%27.5%50.7%24.4%9.1%0.4%-4.21B61.22B-366.7M1.253.17N/AN/A1,133,0341,417,7498,118,64514,122,336
2015-09-09$194.54$201.0022.5%6.3%27.7%59.1%24.1%9.4%-0.5%-5.06B80.25B-361.9M1.362.27N/AN/A1,350,3811,837,9798,508,46014,415,270
2015-09-10$195.63$201.0020.9%5.9%27.9%52.4%24.0%8.1%-0.3%-5.34B73.60B-355.9M1.951.77N/AN/A972,2381,899,9358,767,13814,784,993
2015-09-11$196.38$201.0020.1%5.8%28.0%48.7%22.4%7.3%0.4%-4.48B67.92B-354.8M1.451.56N/AN/A1,199,8341,740,8718,934,43415,202,457
2015-09-14$195.78$200.0020.5%5.9%27.9%50.8%23.4%7.6%-0.2%-4.95B67.75B-340.6M1.701.78N/AN/A677,3491,153,8358,213,24814,189,960
2015-09-15$198.65$200.0019.1%5.5%28.5%44.6%20.8%7.8%0.0%-3.48B48.51B-343.3M1.534.74N/AN/A1,030,2031,571,8148,372,98914,398,186
2015-09-16$200.22$200.0017.8%5.1%28.7%39.2%19.0%6.8%-0.3%-2.43B32.30B-332.3M1.162.19N/AN/A1,477,7071,711,2938,598,27114,706,671
2015-09-17$199.55$200.0017.3%5.0%28.6%37.0%19.2%7.1%0.2%-2.52B39.60B-332.8M1.182.96N/AN/A2,401,9662,828,6518,880,79814,982,767
2015-09-18$195.44$200.0020.2%5.9%28.7%49.5%20.7%8.1%-0.5%-8.66B82.25B-344.0M1.971.98N/AN/A1,512,0322,973,6998,849,29315,566,594
2015-09-21$196.29$200.0018.1%5.2%26.6%38.9%19.0%7.0%0.4%-3.67B43.04B-331.8M1.371.81N/AN/A923,8521,267,9336,076,83611,893,114
2015-09-22$192.76$200.0020.6%6.0%24.6%49.0%21.1%7.6%0.2%-4.95B63.65B-332.5M2.151.69N/AN/A689,3981,481,0396,421,40912,232,371
2015-09-23$193.69$200.0019.2%5.6%24.3%42.8%20.2%6.9%0.3%-5.03B58.82B-334.9M1.551.56N/AN/A977,7821,512,1286,681,71312,692,818
2015-09-24$192.95$200.0020.3%6.0%22.5%47.7%21.7%6.7%0.1%-5.11B61.82B-335.3M1.471.73N/AN/A1,682,9782,468,8036,921,58212,843,528
2015-09-25$192.94$200.0020.3%6.0%20.8%47.6%21.4%7.0%0.1%-5.48B62.35B-348.5M1.841.81N/AN/A1,343,9452,478,6997,253,15113,315,588
2015-09-28$188.29$200.0024.0%7.3%22.3%64.0%25.3%8.2%-0.7%-5.46B83.52B-335.2M1.791.56N/AN/A1,389,1972,488,0926,599,78012,833,204
2015-09-29$188.14$198.0023.6%7.2%22.3%62.3%24.9%7.8%-0.4%-5.56B82.02B-338.0M1.491.58N/AN/A1,408,9982,103,6057,092,22513,243,979
2015-09-30$191.77$198.0021.3%6.4%20.7%52.1%23.5%7.0%-0.4%-3.60B57.00B-348.5M1.491.71N/AN/A1,354,1882,021,2487,405,23313,457,770