SPY Options History — January 2020

In January 2020, SPY traded between $321.49 and $331.82. ATM implied volatility averaged 11.9%, placing in the 25.7% IV rank vs the trailing year. The 30-day expected move averaged 3.5%. IV traded above realized volatility by 5.0% (HV 20d: 6.9%). Max pain ranged from $317.00 to $326.00. Net GEX was positive for 15 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.43.

Notable Days

  • 2020-01-31: Highest Volume — 5,062,861 contracts
  • 2020-01-24: Largest IV spike — 21.4% change
  • 2020-01-31: Highest IV Rank — 67.1%
  • 2020-01-31: Largest Expected Move — 5.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$326.92$321.49$331.82$324.10$321.49
Max Pain$322.57$317.00$326.00$317.00$326.00
ATM IV11.9%9.7%16.9%10.4%16.9%
Expected Move3.5%2.7%5.1%2.7%5.1%
HV 20d6.9%5.2%10.9%6.6%10.9%
HV 60d7.1%6.5%8.3%8.1%8.3%
IV Rank25.7%8.1%67.1%11.7%67.1%
IV Percentile38.2%2.8%91.3%13.1%91.3%
Term Structure0.0%-0.4%0.7%-0.1%0.7%
VWIV13.3%10.6%18.1%10.6%18.1%
Skew 25d5.3%3.9%7.1%4.8%7.0%
Skew 10d9.8%7.5%12.5%8.5%12.5%
Call IV 25d9.5%8.3%13.1%8.4%13.1%
Put IV 25d14.9%12.5%20.1%13.2%20.1%
Bid-Ask Spread %1.150.861.610.911.61
Gamma HHI0.050.030.130.060.06
Net GEX3.00B-10.35B12.42B7.43B-10.35B
Net DEX-42.48B-99.95B34.96B-51.57B34.96B
Net VEX-545.6M-605.0M-496.5M-496.5M-605.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.431.031.931.371.93
Total Volume2,916,715.4291,731,5675,062,8612,209,5465,062,861
Total OI18,168,804.61916,031,38421,110,07416,891,68118,711,577

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-01-02$324.10$317.0010.4%2.7%6.6%11.7%10.6%4.8%-0.1%7.43B-51.57B-496.5M1.370.91N/AN/A930,4281,279,1185,824,98511,066,696
2020-01-03$322.77$318.0011.5%3.2%6.6%19.7%12.4%6.0%0.3%1.28B-31.98B-530.4M1.600.86N/AN/A1,144,2721,828,5005,992,60211,568,333
2020-01-06$323.17$320.0011.8%3.5%6.6%25.2%14.0%5.8%0.2%1.67B-35.79B-521.8M1.601.22N/AN/A860,0101,380,0825,942,37911,528,753
2020-01-07$323.05$319.0011.6%3.4%5.9%23.6%13.8%5.7%0.2%1.88B-33.85B-520.2M1.091.14N/AN/A828,505903,0626,050,26311,686,810
2020-01-08$325.38$320.0011.0%3.2%6.0%18.8%12.4%5.1%-0.2%8.36B-58.26B-507.2M1.131.23N/AN/A1,425,6621,610,7326,174,70811,970,822
2020-01-09$326.35$320.0010.6%3.1%5.9%15.1%11.8%4.7%-0.2%7.90B-64.17B-511.6M1.271.22N/AN/A1,113,8201,415,7166,218,32412,117,232
2020-01-10$325.62$320.0010.3%3.1%6.1%12.8%11.6%4.8%0.3%5.63B-52.56B-522.2M1.351.17N/AN/A1,324,0091,790,6386,537,33812,531,271
2020-01-13$327.49$320.0010.4%3.1%5.5%14.1%12.0%4.9%0.1%9.00B-66.67B-510.4M1.491.16N/AN/A1,117,2221,659,8776,471,20312,375,389
2020-01-14$327.52$321.0010.4%3.0%5.5%13.7%11.3%4.6%0.5%6.58B-63.60B-518.1M1.351.17N/AN/A1,168,5131,577,9096,503,18912,734,607
2020-01-15$327.67$321.0010.6%3.0%5.2%15.4%10.8%4.4%-0.4%6.93B-63.74B-521.4M1.031.17N/AN/A1,581,4631,630,7376,806,46313,173,494
2020-01-16$330.49$323.0010.0%2.9%5.8%10.7%11.7%3.9%-0.3%12.42B-90.84B-533.4M1.161.15N/AN/A1,137,9171,319,9177,010,34613,458,035
2020-01-17$331.71$324.009.7%2.8%5.8%8.1%11.7%4.0%-0.3%9.99B-99.95B-538.4M1.341.14N/AN/A1,235,3321,653,6867,184,73413,925,340
2020-01-21$331.39$325.0010.8%3.1%5.9%17.5%12.7%4.6%0.2%4.29B-55.76B-545.4M1.561.10N/AN/A1,087,8341,698,8976,069,6689,961,716
2020-01-22$331.49$325.0011.1%3.2%5.9%19.4%12.0%4.8%-0.2%3.55B-53.60B-552.6M1.091.08N/AN/A1,104,9161,202,1156,169,16610,345,430
2020-01-23$331.82$325.0010.9%3.2%5.9%18.3%13.0%5.1%-0.2%4.08B-53.91B-561.3M1.191.08N/AN/A1,112,2661,325,3206,245,72610,518,662
2020-01-24$328.44$326.0013.3%3.9%7.2%37.4%14.2%6.0%0.2%-3.36B-20.22B-588.3M1.701.18N/AN/A1,811,4283,084,6546,537,50510,830,322
2020-01-27$323.98$326.0015.5%4.5%8.8%55.8%16.9%7.1%0.2%-6.88B17.47B-591.7M1.741.07N/AN/A1,496,9372,598,9776,480,21010,888,156
2020-01-28$327.26$326.0014.3%4.1%9.5%45.5%16.2%6.3%-0.0%-1.58B-16.89B-593.0M1.591.05N/AN/A949,1881,508,8496,696,58410,952,731
2020-01-29$327.07$326.0014.3%4.1%9.2%45.9%15.5%6.2%-0.3%-2.72B-16.08B-595.0M1.581.13N/AN/A919,3701,455,7826,875,17111,287,657
2020-01-30$327.08$326.0014.1%4.1%9.2%43.8%15.7%6.4%-0.3%-3.11B-15.05B-594.0M1.761.31N/AN/A1,055,8921,858,6116,820,13811,301,162
2020-01-31$321.49$326.0016.9%5.1%10.9%67.1%18.1%7.0%0.7%-10.35B34.96B-605.0M1.931.61N/AN/A1,726,4023,336,4596,982,44311,729,134