SPY Options History — January 2019

In January 2019, SPY traded between $244.89 and $269.61. ATM implied volatility averaged 16.7%, placing in the 39.6% IV rank vs the trailing year. The 30-day expected move averaged 4.9%. IV traded below realized volatility by 7.0% (HV 20d: 23.8%). Max pain ranged from $255.00 to $265.00. Net GEX was positive for 8 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.57.

Notable Days

  • 2019-01-04: Highest Volume — 4,329,817 contracts
  • 2019-01-22: Largest IV spike — 20.9% change
  • 2019-01-03: Highest IV Rank — 67.6%
  • 2019-01-03: Largest Expected Move — 6.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$260.00$244.89$269.61$249.42$269.61
Max Pain$257.71$255.00$265.00$260.00$265.00
ATM IV16.7%14.0%22.8%21.2%14.0%
Expected Move4.9%4.2%6.5%6.3%4.2%
HV 20d23.8%15.9%28.0%25.8%17.0%
HV 60d22.4%21.2%23.6%22.4%21.4%
IV Rank39.6%27.0%67.6%60.7%27.0%
IV Percentile72.2%53.2%96.0%93.7%53.2%
Term Structure-0.1%-0.6%0.4%-0.3%-0.4%
VWIV18.7%16.1%23.3%22.8%16.1%
Skew 25d5.3%3.8%6.6%6.3%3.8%
Skew 10d10.5%8.3%12.8%12.0%8.6%
Call IV 25d14.4%12.5%19.8%18.2%12.5%
Put IV 25d19.7%16.3%26.4%24.5%16.3%
Bid-Ask Spread %1.521.262.931.291.58
Gamma HHI0.030.020.050.040.03
Net GEX-354.2M-3.89B3.05B-2.83B2.62B
Net DEX2.64B-39.90B65.02B45.77B-27.88B
Net VEX-371.3M-398.0M-340.8M-343.8M-383.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.571.112.031.811.63
Total Volume2,614,985.286632,2604,329,8173,205,5332,596,433
Total OI18,069,980.42916,384,86320,714,53016,542,64417,701,384

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2019-01-02$249.42$260.0021.2%6.3%25.8%60.7%22.8%6.3%-0.3%-2.83B45.77B-343.8M1.811.29N/AN/A1,142,0482,063,4857,050,1199,492,525
2019-01-03$244.89$255.0022.8%6.5%24.7%67.6%23.3%6.6%-0.6%-3.89B65.02B-340.8M1.371.74N/AN/A1,282,3431,755,4137,216,1589,769,468
2019-01-04$252.25$255.0019.3%5.7%27.5%52.3%20.6%5.4%0.3%-599.5M25.26B-360.2M1.111.62N/AN/A2,048,7702,281,0477,549,51810,113,704
2019-01-07$254.93$255.0018.6%5.5%28.0%49.3%21.7%5.6%0.3%-579.5M15.85B-359.9M1.211.60N/AN/A518,126628,1397,406,88410,181,087
2019-01-08$256.73$255.0017.9%5.3%27.9%46.1%19.6%5.5%0.3%-219.9M9.13B-365.8M1.291.52N/AN/A1,069,2881,381,5877,583,65410,404,464
2019-01-09$257.71$255.0017.7%5.1%27.9%43.2%19.0%5.6%-0.5%525.2M3.33B-370.8M1.631.47N/AN/A1,122,1671,825,9607,779,99310,883,766
2019-01-10$259.07$255.0017.0%5.0%28.0%40.2%19.4%5.5%-0.4%200.7M-1.98B-371.1M1.671.39N/AN/A932,6991,559,9607,783,91411,033,223
2019-01-11$258.88$255.0015.7%4.7%27.9%34.7%18.0%5.0%0.3%-287.8M-1.33B-364.1M1.711.26N/AN/A897,9401,539,4327,956,30811,488,957
2019-01-14$257.71$256.0016.0%4.7%27.9%36.1%20.0%5.7%0.3%-2.94B10.54B-356.7M2.031.36N/AN/A658,6251,334,8727,558,35711,296,831
2019-01-15$260.32$256.0015.2%4.4%27.1%32.5%17.5%5.5%0.3%-378.1M-5.47B-351.0M1.411.43N/AN/A971,5971,373,9687,552,14911,391,950
2019-01-16$261.18$256.0015.2%4.4%25.6%32.4%17.6%5.3%-0.5%1.11B-10.69B-361.0M1.721.58N/AN/A1,057,8341,823,5517,794,30111,752,679
2019-01-17$262.64$257.0014.4%4.2%25.5%29.1%16.3%4.9%-0.4%549.2M-16.18B-370.0M1.251.61N/AN/A1,211,3711,512,3017,844,91912,142,390
2019-01-18$266.08$257.0014.2%4.2%24.7%28.2%16.1%4.3%-0.5%3.05B-39.90B-366.3M1.521.48N/AN/A1,622,7852,460,0458,194,32512,520,205
2019-01-22$261.87$260.0017.2%5.1%24.6%41.3%19.3%5.9%0.2%-2.07B9.92B-398.0M1.692.93N/AN/A1,082,7351,832,0535,842,39210,542,471
2019-01-23$263.18$260.0017.0%5.0%22.7%40.2%17.8%5.8%-0.4%-1000.0M1.84B-393.9M1.851.35N/AN/A1,045,3761,934,9535,922,00510,880,570
2019-01-24$263.37$260.0015.7%4.7%20.0%34.5%17.8%5.4%-0.4%-974.0M731.5M-389.0M1.571.31N/AN/A806,8801,269,1585,963,01711,149,386
2019-01-25$265.79$260.0014.4%4.3%15.9%28.8%16.2%4.3%0.3%1.49B-16.60B-386.4M1.181.40N/AN/A1,469,4811,738,2426,174,09111,500,040
2019-01-28$263.43$260.0016.2%4.9%16.5%36.9%17.9%5.3%0.4%-2.17B4.15B-386.4M1.991.33N/AN/A211,557420,7036,042,07911,059,383
2019-01-29$263.42$260.0016.4%4.9%16.6%37.9%18.4%5.1%0.4%-1.42B3.98B-392.6M1.701.29N/AN/A548,535932,9956,091,75911,173,614
2019-01-30$267.48$260.0015.1%4.5%17.0%32.1%17.2%4.5%-0.1%2.38B-20.03B-386.3M1.571.37N/AN/A1,148,6751,801,5626,228,45911,457,091
2019-01-31$269.61$265.0014.0%4.2%17.0%27.0%16.1%3.8%-0.4%2.62B-27.88B-383.3M1.631.58N/AN/A988,2981,608,1356,160,38511,540,999