SPY Options History — September 2019

In September 2019, SPY traded between $290.90 and $301.83. ATM implied volatility averaged 13.0%, placing in the 21.4% IV rank vs the trailing year. The 30-day expected move averaged 3.8%. IV traded below realized volatility by 1.8% (HV 20d: 14.8%). Max pain ranged from $292.00 to $298.00. Net GEX was positive for 12 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 1.64.

Notable Days

  • 2019-09-24: Highest Volume — 4,055,722 contracts
  • 2019-09-24: Largest IV spike — 19.6% change
  • 2019-09-03: Highest IV Rank — 40.0%
  • 2019-09-03: Largest Expected Move — 5.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$298.10$290.90$301.83$290.90$297.08
Max Pain$295.05$292.00$298.00$292.00$298.00
ATM IV13.0%10.8%17.0%17.0%14.4%
Expected Move3.8%3.2%5.3%5.3%4.1%
HV 20d14.8%9.5%20.3%19.7%10.4%
HV 60d14.6%14.3%14.8%14.3%14.8%
IV Rank21.4%12.6%40.0%40.0%26.0%
IV Percentile40.3%17.5%74.6%74.6%54.0%
Term Structure0.1%-0.7%0.4%0.1%0.3%
VWIV14.9%12.1%20.7%20.7%15.9%
Skew 25d6.1%4.2%8.6%8.6%6.9%
Skew 10d10.9%7.2%14.8%14.8%12.0%
Call IV 25d10.6%9.3%13.2%13.2%11.2%
Put IV 25d16.7%14.1%21.8%21.8%18.1%
Bid-Ask Spread %1.150.951.471.090.96
Gamma HHI0.030.020.050.020.03
Net GEX1.05B-5.90B7.45B-2.82B-701.6M
Net DEX-21.83B-66.79B22.96B18.17B2.29B
Net VEX-519.5M-553.1M-476.9M-553.1M-524.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.640.842.142.072.14
Total Volume2,705,659.81,621,8744,055,7222,614,5091,902,136
Total OI21,345,15518,639,14423,225,58120,657,05519,843,929

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2019-09-03$290.90$292.0017.0%5.3%19.7%40.0%20.7%8.6%0.1%-2.82B18.17B-553.1M2.071.09N/AN/A851,3331,763,1767,182,79913,474,256
2019-09-04$293.90$292.0014.8%4.5%19.8%30.3%17.3%7.6%-0.7%986.4M-7.88B-539.2M2.070.95N/AN/A701,5101,450,8747,182,17813,664,545
2019-09-05$297.96$292.0012.8%3.9%20.3%21.6%16.2%6.5%-0.1%4.08B-38.42B-531.4M1.711.20N/AN/A1,200,7842,055,0327,236,67913,948,610
2019-09-06$298.26$292.0011.9%3.7%19.4%17.7%16.0%5.8%0.3%4.84B-42.24B-522.1M1.111.28N/AN/A1,228,2361,363,3977,413,04814,637,698
2019-09-09$297.99$292.0012.2%3.7%19.3%18.7%15.0%6.1%0.4%1.94B-33.64B-517.5M1.721.19N/AN/A833,2391,436,6167,499,01213,899,833
2019-09-10$297.28$293.0012.5%3.8%18.4%20.0%14.7%6.1%0.1%1.44B-25.90B-519.6M1.911.20N/AN/A835,7591,599,2007,487,75113,842,583
2019-09-11$299.62$294.0011.7%3.5%18.0%16.7%14.3%5.6%-0.1%5.77B-49.84B-517.5M1.561.24N/AN/A1,002,8281,565,4967,716,40114,839,716
2019-09-12$301.83$294.0011.0%3.3%14.7%13.3%13.1%5.3%-0.1%7.45B-66.79B-502.8M1.191.29N/AN/A1,381,4301,644,2677,732,69214,687,943
2019-09-13$301.24$294.0010.8%3.3%14.8%12.6%12.4%5.0%0.4%4.15B-57.48B-515.8M1.401.20N/AN/A1,072,3671,501,0067,899,00215,269,143
2019-09-16$300.14$295.0011.9%3.5%14.4%17.4%13.4%5.5%0.3%1.22B-40.42B-512.2M1.771.26N/AN/A846,4161,500,1917,803,35814,675,600
2019-09-17$300.95$295.0011.8%3.4%13.8%16.7%14.8%5.1%0.3%3.97B-45.97B-512.5M1.351.20N/AN/A690,137931,7377,718,71114,844,404
2019-09-18$301.01$295.0011.5%3.3%13.5%15.4%12.6%4.7%-0.2%4.90B-49.86B-479.5M1.741.47N/AN/A1,266,2692,199,5387,878,62615,204,485
2019-09-19$301.21$296.0011.3%3.2%13.4%14.4%12.1%4.2%-0.2%4.67B-53.09B-476.9M0.841.20N/AN/A1,579,5621,325,0997,907,84415,317,737
2019-09-20$298.45$297.0013.1%3.8%13.9%22.6%14.2%5.9%0.2%-5.06B4.16B-512.5M2.101.10N/AN/A1,084,3542,282,0406,913,66315,749,219
2019-09-23$298.71$298.0012.5%3.6%9.5%18.5%14.2%6.0%0.3%-2.24B-826.0M-515.1M1.880.96N/AN/A748,7741,405,9286,156,58412,482,560
2019-09-24$295.57$298.0014.9%4.3%10.4%28.3%16.3%6.7%0.2%-4.28B19.97B-532.2M1.891.17N/AN/A1,403,6362,652,0866,225,59912,566,223
2019-09-25$297.73$298.0014.0%3.9%10.6%23.7%14.7%6.4%-0.4%-1.50B3.06B-530.6M1.381.01N/AN/A1,171,6131,621,7866,626,68513,128,647
2019-09-26$297.23$298.0013.9%3.9%10.6%23.7%13.9%6.3%-0.3%-1.86B5.24B-533.4M1.491.04N/AN/A971,3211,444,9186,879,82212,975,337
2019-09-27$294.90$298.0015.4%4.5%10.2%30.4%16.2%6.8%0.4%-5.90B22.96B-542.4M1.521.07N/AN/A1,427,5432,171,5627,126,50613,263,672
2019-09-30$297.08$298.0014.4%4.1%10.4%26.0%15.9%6.9%0.3%-701.6M2.29B-524.6M2.140.96N/AN/A605,8341,296,3026,946,63712,897,292