SPY Options History — March 2019

In March 2019, SPY traded between $274.08 and $284.85. ATM implied volatility averaged 12.1%, placing in the 18.6% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 2.0% (HV 20d: 10.0%). Max pain ranged from $271.00 to $281.00. Net GEX was positive for 12 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.51.

Notable Days

  • 2019-03-22: Highest Volume — 3,919,156 contracts
  • 2019-03-22: Largest IV spike — 25.7% change
  • 2019-03-25: Highest IV Rank — 30.4%
  • 2019-03-07: Largest Expected Move — 4.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$280.12$274.08$284.85$280.73$282.55
Max Pain$277.19$271.00$281.00$271.00$281.00
ATM IV12.1%10.1%14.8%10.1%11.6%
Expected Move3.7%3.0%4.5%3.0%3.6%
HV 20d10.0%8.2%11.8%8.2%11.6%
HV 60d16.4%12.8%19.3%19.3%12.8%
IV Rank18.6%10.1%30.4%10.1%16.7%
IV Percentile45.2%29.0%66.3%29.0%42.1%
Term Structure0.0%-0.4%0.3%0.2%0.3%
VWIV14.1%12.2%17.3%12.2%14.1%
Skew 25d4.5%3.3%6.0%4.7%4.1%
Skew 10d8.9%6.5%11.9%9.4%8.2%
Call IV 25d10.3%8.6%12.4%8.6%9.8%
Put IV 25d14.8%12.3%17.7%13.3%13.9%
Bid-Ask Spread %1.491.042.181.101.56
Gamma HHI0.040.030.060.050.04
Net GEX482.0M-7.95B5.48B4.03B3.21B
Net DEX-15.17B-42.69B19.02B-37.82B-21.52B
Net VEX-420.7M-470.9M-380.3M-380.3M-438.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.511.161.841.621.53
Total Volume2,569,171.2381,501,2203,919,1562,445,0122,280,751
Total OI17,909,126.57115,514,11220,013,97918,136,66317,482,949

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2019-03-01$280.73$271.0010.1%3.0%8.2%10.1%12.2%4.7%0.2%4.03B-37.82B-380.3M1.621.10N/AN/A931,5121,513,5005,821,94012,314,723
2019-03-04$279.18$271.0011.5%3.6%8.6%16.0%14.4%5.5%0.2%-149.8M-20.55B-391.9M1.551.05N/AN/A1,380,6802,144,6585,653,90511,800,965
2019-03-05$279.62$272.0011.1%3.4%8.5%14.3%13.6%5.2%0.2%1.38B-24.21B-395.9M1.331.04N/AN/A643,562857,6585,893,49612,175,140
2019-03-06$277.43$272.0012.5%3.9%8.9%20.4%15.2%5.7%-0.1%-3.27B-5.32B-405.6M1.701.20N/AN/A910,9541,553,0556,113,23612,475,731
2019-03-07$274.96$272.0013.7%4.5%9.5%25.8%17.3%6.0%-0.3%-4.78B12.84B-417.7M1.761.42N/AN/A1,193,9352,107,3366,114,65712,682,460
2019-03-08$274.08$272.0013.5%4.1%8.8%24.9%15.6%5.6%0.2%-7.95B19.02B-421.9M1.671.68N/AN/A1,144,3331,914,5366,467,80013,102,654
2019-03-11$278.49$277.0011.6%3.7%10.3%16.7%13.7%4.8%0.2%1.01B-20.42B-401.5M1.392.18N/AN/A955,9281,330,8386,332,78812,658,008
2019-03-12$279.71$277.0010.8%3.4%10.3%13.0%15.0%4.3%0.2%2.58B-27.57B-396.6M1.541.61N/AN/A855,9581,322,3646,347,13512,869,929
2019-03-13$281.70$277.0010.5%3.3%9.7%11.8%13.4%4.0%-0.2%5.48B-42.69B-390.8M1.281.73N/AN/A1,169,2731,493,1076,413,51813,374,393
2019-03-14$281.43$278.0010.7%3.4%9.7%12.5%14.4%3.8%-0.2%4.32B-34.82B-400.0M1.161.73N/AN/A1,063,8651,237,9046,452,80513,561,174
2019-03-15$281.29$278.0010.6%3.4%9.7%12.1%13.5%3.3%0.2%3.96B-16.25B-403.1M1.511.50N/AN/A996,9721,500,9495,759,77413,947,129
2019-03-18$282.52$278.0010.9%3.4%9.4%13.4%12.2%3.5%0.2%3.31B-25.19B-405.6M1.421.51N/AN/A842,1901,194,0324,907,88710,606,225
2019-03-19$281.74$280.0011.8%3.5%9.5%17.2%12.5%3.9%-0.4%1.09B-17.79B-424.4M1.421.54N/AN/A979,0641,389,2095,030,98110,837,316
2019-03-20$282.02$280.0011.7%3.5%9.5%16.8%13.3%3.5%-0.4%852.8M-17.65B-433.2M1.651.51N/AN/A1,122,1521,847,5055,267,69111,256,468
2019-03-21$284.85$280.0011.6%3.5%9.8%16.5%13.0%3.5%-0.4%4.19B-36.42B-440.9M1.391.40N/AN/A1,116,7871,551,4985,394,42311,343,985
2019-03-22$279.73$281.0014.5%4.2%11.8%29.5%14.9%4.9%0.1%-3.99B7.50B-470.9M1.641.66N/AN/A1,484,2252,434,9315,503,99811,773,678
2019-03-25$279.32$281.0014.8%4.3%11.7%30.4%15.1%4.7%0.2%-2.68B4.19B-462.8M1.841.51N/AN/A1,038,5841,915,5895,548,53111,249,712
2019-03-26$280.10$281.0013.7%4.0%11.7%25.8%14.1%4.6%0.3%-1.24B-2.27B-454.6M1.251.42N/AN/A954,1151,188,2245,608,52811,387,036
2019-03-27$280.26$281.0013.5%4.0%11.7%25.1%14.1%4.5%-0.3%-1.16B-3.04B-451.9M1.581.48N/AN/A1,017,5281,605,7825,763,59011,603,335
2019-03-28$280.85$281.0012.8%3.8%11.7%21.9%13.7%4.4%-0.2%-70.7M-8.53B-446.4M1.441.37N/AN/A724,8941,042,6595,731,81611,460,149
2019-03-29$282.55$281.0011.6%3.6%11.6%16.7%14.1%4.1%0.3%3.21B-21.52B-438.3M1.531.56N/AN/A900,1761,380,5755,876,13511,606,814