SPY Options History — March 2020

In March 2020, SPY traded between $221.72 and $311.29. ATM implied volatility averaged 52.0%, placing in the 77.7% IV rank vs the trailing year. The 30-day expected move averaged 15.2%. IV traded below realized volatility by 4.9% (HV 20d: 56.9%). Max pain ranged from $280.00 to $319.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 7 of 22 days. Put/call ratio averaged 1.56.

Notable Days

  • 2020-03-18: Highest Volume — 7,529,659 contracts
  • 2020-03-12: Largest IV spike — 37.8% change
  • 2020-03-09: Highest IV Rank — 100.0%
  • 2020-03-18: Largest Expected Move — 22.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$264.64$221.72$311.29$305.36$258.05
Max Pain$302.77$280.00$319.00$318.00$280.00
ATM IV52.0%26.3%77.0%28.5%45.9%
Expected Move15.2%8.3%22.1%9.2%13.9%
HV 20d56.9%32.6%79.8%32.8%76.5%
HV 60d35.1%20.2%47.9%20.2%47.9%
IV Rank77.7%50.2%100.0%56.7%54.5%
IV Percentile98.4%94.0%100.0%99.2%94.0%
Term Structure-0.6%-2.7%0.7%0.0%0.2%
VWIV55.2%31.9%76.7%34.5%53.5%
Skew 25d20.1%12.6%26.5%15.4%20.9%
Skew 10d35.0%21.9%46.3%25.3%38.6%
Call IV 25d41.5%21.2%61.3%21.5%35.6%
Put IV 25d61.6%33.8%87.0%36.9%56.6%
Bid-Ask Spread %2.211.463.691.561.68
Gamma HHI0.030.020.040.020.03
Net GEX-2.54B-4.92B-904.0M-3.18B-1.36B
Net DEX137.82B43.48B213.44B83.37B89.33B
Net VEX-556.9M-680.9M-364.7M-620.8M-593.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.561.252.141.451.46
Total Volume5,865,707.2274,534,4197,529,6595,481,4895,249,779
Total OI24,399,800.09120,895,95628,353,53020,895,95626,535,223

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$305.36$318.0028.5%9.2%32.8%56.7%34.5%15.4%0.0%-3.18B83.37B-620.8M1.451.56N/AN/A2,236,5883,244,9019,026,90011,869,056
2020-03-03$302.77$317.0032.0%10.5%32.6%66.7%37.9%15.6%-0.0%-3.24B89.84B-637.9M1.421.80N/AN/A2,091,3292,974,5069,049,28811,924,302
2020-03-04$311.29$317.0026.3%8.3%33.8%50.2%31.9%12.6%-0.6%-1.12B43.48B-672.2M1.351.84N/AN/A1,997,7852,693,7999,397,64112,510,508
2020-03-05$301.35$319.0036.2%9.8%35.0%78.6%35.1%17.2%-1.0%-3.62B96.73B-680.9M1.742.40N/AN/A1,652,7092,881,7109,234,89712,580,244
2020-03-06$295.60$318.0037.5%10.5%35.2%82.5%38.5%17.8%0.2%-4.92B125.55B-655.8M2.143.69N/AN/A1,992,7824,257,3629,537,54312,981,233
2020-03-09$278.20$317.0047.6%13.2%40.2%100.0%47.9%17.6%-0.1%-4.32B171.54B-575.1M1.862.50N/AN/A2,131,6013,966,5999,376,07012,678,610
2020-03-10$286.12$315.0043.4%12.1%42.0%89.2%44.0%18.0%-1.3%-3.38B135.48B-613.2M1.492.12N/AN/A2,162,6243,225,1149,660,35712,678,625
2020-03-11$274.71$315.0049.2%13.8%43.3%100.0%49.2%18.1%-2.0%-3.93B168.93B-573.9M1.531.85N/AN/A2,239,9643,434,12710,137,38613,486,432
2020-03-12$251.77$314.0067.9%18.8%50.8%100.0%63.7%25.1%-2.7%-3.11B211.20B-472.6M1.362.09N/AN/A3,093,7334,207,13610,323,86113,754,608
2020-03-13$262.41$310.0055.4%15.7%54.4%78.9%55.3%21.3%0.7%-2.94B188.96B-508.4M1.473.60N/AN/A2,725,8923,994,62611,441,38214,129,193
2020-03-16$245.01$309.0074.1%21.2%57.6%100.0%73.3%25.1%-0.1%-2.60B201.28B-474.7M1.583.21N/AN/A2,603,8824,110,04911,191,54614,440,710
2020-03-17$251.54$307.0068.5%19.7%59.4%91.3%69.4%26.5%0.1%-2.25B181.99B-529.1M1.432.13N/AN/A2,259,4183,237,13211,397,11114,344,451
2020-03-18$233.34$305.0077.0%22.1%62.6%100.0%76.7%25.6%-2.1%-2.41B207.08B-459.3M1.442.53N/AN/A3,088,0724,441,58711,777,25615,077,556
2020-03-19$244.11$300.0064.7%18.7%66.4%82.0%68.1%23.8%-1.5%-2.30B191.60B-485.0M1.422.46N/AN/A2,348,2233,325,08811,937,51915,154,323
2020-03-20$231.42$300.0058.5%17.1%67.7%72.9%58.6%20.7%0.2%-2.66B213.44B-402.0M1.552.26N/AN/A2,688,8134,157,41012,369,37615,984,154
2020-03-23$221.72$291.0057.4%17.3%68.2%71.2%59.4%17.2%-0.1%-2.41B163.85B-364.7M1.251.97N/AN/A2,712,9283,394,3009,870,30913,592,182
2020-03-24$241.40$285.0054.8%16.7%77.3%67.4%61.2%14.8%-0.5%-1.54B119.50B-504.8M1.472.12N/AN/A2,216,1983,260,75410,230,00413,685,067
2020-03-25$251.79$284.0056.6%17.2%79.7%70.2%64.3%19.6%-1.1%-1.06B95.15B-585.4M1.611.80N/AN/A2,547,6844,105,52610,487,49714,550,120
2020-03-26$256.95$280.0055.2%16.9%79.8%68.0%66.3%23.4%-0.9%-1.15B86.64B-607.8M2.031.46N/AN/A1,869,3793,799,40710,459,95314,988,224
2020-03-27$255.85$280.0056.8%17.4%78.9%70.4%65.9%23.7%-0.0%-1.53B92.13B-615.3M1.481.84N/AN/A2,206,9093,262,78310,756,38616,120,865
2020-03-30$261.30$280.0049.4%15.1%76.5%59.6%58.8%21.8%0.2%-904.0M74.99B-619.1M1.701.66N/AN/A1,832,4493,122,90210,521,68915,545,945
2020-03-31$258.05$280.0045.9%13.9%76.5%54.5%53.5%20.9%0.2%-1.36B89.33B-593.4M1.461.68N/AN/A2,136,1713,113,60810,665,46615,869,757