SPY Options History — February 2020

In February 2020, SPY traded between $289.48 and $338.45. ATM implied volatility averaged 17.1%, placing in the 51.5% IV rank vs the trailing year. The 30-day expected move averaged 5.2%. IV traded above realized volatility by 2.3% (HV 20d: 14.8%). Max pain ranged from $316.00 to $325.00. Net GEX was positive for 12 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 1.62.

Notable Days

  • 2020-02-28: Highest Volume — 7,939,293 contracts
  • 2020-02-28: Largest IV spike — 38.7% change
  • 2020-02-25: Highest IV Rank — 100.0%
  • 2020-02-28: Largest Expected Move — 14.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$327.31$289.48$338.45$324.33$289.48
Max Pain$320.21$316.00$325.00$325.00$320.00
ATM IV17.1%11.3%43.7%16.1%43.7%
Expected Move5.2%3.4%14.2%4.6%14.2%
HV 20d14.8%11.3%25.6%11.3%25.6%
HV 60d10.4%8.5%17.0%8.5%17.0%
IV Rank51.5%21.0%100.0%60.3%100.0%
IV Percentile70.9%36.5%100.0%87.7%100.0%
Term Structure-0.2%-1.1%0.7%0.1%-0.5%
VWIV19.3%13.7%47.5%17.1%47.5%
Skew 25d7.3%4.8%19.5%6.8%19.5%
Skew 10d13.2%8.8%32.3%12.0%32.3%
Call IV 25d13.8%9.3%32.7%12.6%32.7%
Put IV 25d21.1%14.1%52.2%19.4%52.2%
Bid-Ask Spread %1.501.102.261.162.26
Gamma HHI0.040.020.060.030.03
Net GEX1.50B-5.90B9.16B-2.33B-5.11B
Net DEX-22.20B-99.00B164.84B1.27B164.84B
Net VEX-574.8M-608.6M-546.4M-588.7M-568.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.621.142.362.121.52
Total Volume3,955,286.5262,066,8267,939,2932,533,1167,939,293
Total OI19,414,281.21117,738,84421,098,12917,894,51021,097,252

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-02-03$324.33$325.0016.1%4.6%11.3%60.3%17.1%6.8%0.1%-2.33B1.27B-588.7M2.121.16N/AN/A810,7641,722,3526,708,38811,186,122
2020-02-04$329.27$325.0014.1%3.8%12.4%43.8%15.3%5.8%0.2%1.80B-38.45B-578.7M1.971.12N/AN/A883,4491,736,8886,662,90111,194,271
2020-02-05$332.65$325.0013.2%3.4%12.9%36.6%13.9%5.3%-0.5%5.10B-63.96B-568.0M1.881.18N/AN/A1,043,3661,963,1536,767,20811,703,065
2020-02-06$333.93$316.0012.4%3.7%12.7%30.2%14.4%5.4%-0.3%4.96B-69.95B-564.5M1.561.83N/AN/A807,7671,259,0596,800,17411,894,803
2020-02-07$332.54$317.0012.8%3.8%12.8%33.6%15.8%5.9%0.1%1.75B-54.85B-581.3M2.361.53N/AN/A848,8672,000,8476,985,63012,310,647
2020-02-10$333.99$318.0012.8%3.8%12.8%33.8%15.5%5.7%0.1%3.61B-65.78B-560.6M1.601.44N/AN/A836,2701,337,1136,823,98812,017,156
2020-02-11$335.43$318.0012.6%3.8%12.8%32.2%14.9%5.5%0.1%5.31B-78.15B-557.9M1.141.41N/AN/A1,440,1521,640,1186,971,76611,908,800
2020-02-12$337.39$318.0011.3%3.4%12.9%21.0%13.8%4.8%-0.1%9.16B-96.52B-546.4M1.161.37N/AN/A1,490,4841,728,7977,274,85212,319,273
2020-02-13$336.80$319.0011.8%3.6%12.9%25.0%13.9%5.1%-0.3%4.42B-82.75B-578.4M1.311.49N/AN/A1,242,0431,630,0477,441,27912,688,539
2020-02-14$337.21$320.0011.3%3.5%12.6%21.3%13.7%4.8%0.2%6.56B-87.63B-571.4M1.711.58N/AN/A969,0071,653,8477,696,76713,077,240
2020-02-18$336.73$320.0012.3%3.6%12.6%28.9%14.6%5.4%0.7%3.77B-78.79B-555.4M1.301.46N/AN/A1,242,4981,618,4887,508,47812,565,452
2020-02-19$338.45$320.0012.4%3.6%12.7%30.4%13.7%5.3%-0.4%9.05B-99.00B-550.6M1.431.57N/AN/A914,7271,303,8917,649,47012,614,079
2020-02-20$336.82$320.0012.9%3.8%12.9%34.5%14.7%6.0%-0.5%3.96B-77.79B-569.7M1.591.50N/AN/A1,254,6582,000,4367,674,33112,751,174
2020-02-21$333.15$321.0015.2%4.5%13.5%53.2%16.8%7.3%-0.1%-1.63B-39.43B-589.8M1.721.69N/AN/A1,604,7522,767,4027,888,58613,209,543
2020-02-24$323.67$321.0020.7%6.3%16.7%97.9%23.9%10.0%-0.2%-4.56B43.04B-608.6M1.811.52N/AN/A2,254,8714,080,1187,026,12310,712,721
2020-02-25$313.74$321.0024.6%7.5%19.4%100.0%26.7%9.6%-0.2%-5.77B87.45B-598.6M1.511.10N/AN/A3,050,3144,607,9027,398,25511,003,989
2020-02-26$312.29$320.0024.0%7.4%18.9%96.0%26.2%9.0%-0.5%-5.90B84.72B-601.9M1.601.45N/AN/A2,410,0103,848,4458,242,96711,327,088
2020-02-27$300.96$320.0031.5%10.0%22.5%100.0%34.0%11.9%-1.1%-5.69B130.00B-582.0M1.561.76N/AN/A2,814,1044,394,1458,284,25311,484,713
2020-02-28$289.48$320.0043.7%14.2%25.6%100.0%47.5%19.5%-0.5%-5.11B164.84B-568.6M1.522.26N/AN/A3,152,3874,786,9069,088,42812,008,824