SPY Options History — March 2018

In March 2018, SPY traded between $258.50 and $278.90. ATM implied volatility averaged 14.5%, placing in the 39.9% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded below realized volatility by 3.5% (HV 20d: 18.0%). Max pain ranged from $271.00 to $275.00. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 1.48.

Notable Days

  • 2018-03-01: Highest Volume — 6,536,747 contracts
  • 2018-03-19: Largest IV spike — 32.7% change
  • 2018-03-23: Highest IV Rank — 65.5%
  • 2018-03-23: Largest Expected Move — 6.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$270.15$258.50$278.90$267.99$263.79
Max Pain$274.24$271.00$275.00$271.00$272.00
ATM IV14.5%10.4%19.9%15.8%16.9%
Expected Move4.3%3.3%6.0%5.2%5.1%
HV 20d18.0%13.8%24.4%24.2%20.2%
HV 60d16.3%15.1%18.8%15.1%18.8%
IV Rank39.9%20.9%65.5%46.3%51.5%
IV Percentile92.1%80.6%98.4%97.2%96.0%
Term Structure-0.2%-0.9%1.0%-0.7%-0.4%
VWIV16.3%12.6%21.1%19.4%18.5%
Skew 25d5.6%3.4%8.5%7.3%4.9%
Skew 10d10.9%7.3%17.8%13.6%10.0%
Call IV 25d12.5%9.4%16.4%13.8%15.1%
Put IV 25d18.1%13.4%24.8%21.1%19.9%
Bid-Ask Spread %2.061.513.092.852.23
Gamma HHI0.040.030.090.040.03
Net GEX-3.68B-10.20B9.20B-9.25B-4.94B
Net DEX21.83B-73.47B113.51B58.38B49.20B
Net VEX-592.2M-621.5M-558.4M-621.5M-612.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.481.121.901.521.45
Total Volume4,267,671.3812,542,2586,536,7476,536,7474,183,846
Total OI24,629,637.14320,171,34227,283,04125,347,93223,479,355

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2018-03-01$267.99$271.0015.8%5.2%24.2%46.3%19.4%7.3%-0.7%-9.25B58.38B-621.5M1.522.85N/AN/A2,589,4333,947,3149,338,59716,009,335
2018-03-02$269.52$271.0014.1%4.6%24.4%38.0%17.9%6.2%0.2%-7.58B38.97B-618.3M1.771.98N/AN/A1,949,4013,448,16210,028,23616,761,683
2018-03-05$272.44$275.0014.3%4.1%23.7%39.3%16.1%5.4%-0.7%-790.3M2.72B-607.1M1.211.73N/AN/A1,700,9132,064,4859,803,48216,287,726
2018-03-06$272.58$275.0013.1%4.0%19.9%33.4%16.2%5.3%1.0%-1.16B-240.3M-598.9M1.511.69N/AN/A1,120,1121,686,6879,924,06916,181,758
2018-03-07$272.89$275.0013.1%3.9%19.6%33.5%15.6%5.8%-0.9%-699.4M-180.6M-601.8M1.591.62N/AN/A1,375,0092,181,94010,100,06316,513,038
2018-03-08$273.60$275.0012.3%3.8%19.6%29.6%14.0%4.8%-0.5%297.6M-10.96B-586.4M1.191.58N/AN/A1,379,8051,644,46710,043,26116,448,714
2018-03-09$278.61$275.0010.4%3.3%14.9%20.9%14.0%3.4%0.3%9.20B-73.47B-558.4M1.181.66N/AN/A2,344,1682,774,07510,331,44016,895,186
2018-03-12$278.90$275.0011.1%3.4%14.7%24.1%13.7%3.6%0.4%7.79B-59.22B-564.1M1.301.66N/AN/A1,469,5551,907,7189,727,30816,335,659
2018-03-13$276.64$275.0012.3%3.6%14.7%29.7%13.7%3.8%-0.3%1.82B-32.38B-558.8M1.251.97N/AN/A1,813,2102,267,5509,692,33716,653,720
2018-03-14$275.23$275.0012.5%3.7%14.9%30.6%14.4%4.6%-0.1%-2.72B-11.00B-581.3M1.392.04N/AN/A1,720,6782,392,6379,899,15317,174,965
2018-03-15$275.17$275.0011.6%3.5%14.3%26.5%13.6%4.4%-0.1%-2.48B-4.94B-583.2M1.121.70N/AN/A1,638,4331,836,5669,876,77017,406,271
2018-03-16$274.89$275.0010.8%3.3%13.8%22.5%12.6%4.1%0.4%-7.23B9.92B-568.9M1.561.58N/AN/A1,415,9342,212,7309,354,29117,801,468
2018-03-19$270.74$275.0014.3%4.1%14.8%39.2%15.5%6.2%0.0%-7.89B32.85B-586.5M1.742.66N/AN/A1,918,2703,328,6767,043,42513,127,917
2018-03-20$270.98$275.0014.2%4.0%14.7%38.6%15.8%6.1%-0.2%-5.17B26.14B-598.7M1.281.51N/AN/A1,112,8151,429,4437,494,72213,649,488
2018-03-21$270.56$275.0014.0%4.0%14.6%37.5%14.1%6.1%-0.3%-6.19B28.93B-591.4M1.211.57N/AN/A1,584,5441,909,8517,866,61314,093,347
2018-03-22$263.96$275.0017.9%5.2%17.0%56.1%18.4%8.0%-0.9%-8.95B78.90B-596.2M1.792.69N/AN/A1,752,6053,144,2067,670,42713,847,991
2018-03-23$258.50$275.0019.9%6.0%17.2%65.5%20.5%8.5%0.1%-10.20B113.51B-592.3M1.902.97N/AN/A2,166,9254,118,0968,095,42214,470,816
2018-03-26$265.42$274.0016.7%5.0%19.6%50.4%18.0%6.1%0.2%-5.15B48.51B-602.4M1.712.00N/AN/A1,706,2622,916,5498,110,56514,269,210
2018-03-27$260.73$273.0019.2%5.6%20.2%62.2%20.2%6.6%-0.4%-7.73B80.40B-598.5M1.623.09N/AN/A1,732,8132,810,1768,216,53914,159,800
2018-03-28$260.09$273.0019.2%5.8%19.9%62.4%21.1%6.3%-0.4%-8.27B82.36B-609.7M1.882.57N/AN/A1,712,3183,212,7228,510,89414,527,319
2018-03-29$263.79$272.0016.9%5.1%20.2%51.5%18.5%4.9%-0.4%-4.94B49.20B-612.5M1.452.23N/AN/A1,708,5782,475,2688,626,45314,852,902