SPY Options History — April 2020

In April 2020, SPY traded between $245.00 and $294.49. ATM implied volatility averaged 36.4%, placing in the 40.5% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded below realized volatility by 23.0% (HV 20d: 59.4%). Max pain ranged from $276.00 to $280.00. Net GEX was positive for 6 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.57.

Notable Days

  • 2020-04-09: Highest Volume — 6,590,900 contracts
  • 2020-04-20: Largest IV spike — 15.3% change
  • 2020-04-01: Highest IV Rank — 66.3%
  • 2020-04-01: Largest Expected Move — 16.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$275.58$245.00$294.49$245.00$289.98
Max Pain$278.29$276.00$280.00$280.00$280.00
ATM IV36.4%26.0%54.0%54.0%28.6%
Expected Move10.5%7.6%16.4%16.4%8.4%
HV 20d59.4%36.3%79.4%76.8%36.3%
HV 60d52.2%48.9%53.6%48.9%53.6%
IV Rank40.5%25.4%66.3%66.3%29.2%
IV Percentile89.0%82.9%95.2%95.2%84.5%
Term Structure-0.3%-1.4%0.4%-1.4%-0.6%
VWIV40.4%30.4%59.0%59.0%32.3%
Skew 25d15.1%11.7%21.2%21.2%13.0%
Skew 10d26.5%20.5%36.1%36.1%23.5%
Call IV 25d29.3%21.0%42.6%42.6%23.2%
Put IV 25d44.4%32.7%63.8%63.8%36.2%
Bid-Ask Spread %1.311.091.621.621.09
Gamma HHI0.030.020.040.040.02
Net GEX-583.0M-2.62B2.08B-2.35B-949.4M
Net DEX30.99B-29.17B117.76B117.76B713.3M
Net VEX-663.8M-706.0M-543.5M-553.1M-699.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.571.271.901.691.36
Total Volume4,498,663.813,457,2396,590,9005,274,8173,841,946
Total OI25,534,04022,965,37328,415,90825,566,39124,451,274

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-04-01$245.00$280.0054.0%16.4%76.8%66.3%59.0%21.2%-1.4%-2.35B117.76B-553.1M1.691.62N/AN/A1,961,4723,313,3459,880,98315,685,408
2020-04-02$250.47$280.0046.7%13.2%77.3%55.6%48.6%19.7%-1.2%-1.88B102.49B-569.7M1.901.46N/AN/A1,434,5612,719,5259,890,26915,640,142
2020-04-03$246.33$280.0044.0%12.6%77.3%51.6%45.8%17.3%0.3%-2.62B115.68B-543.5M1.671.61N/AN/A1,701,6612,848,56510,130,44416,170,090
2020-04-06$263.70$279.0037.8%10.9%79.4%42.6%43.2%17.3%0.4%-555.9M59.70B-615.6M1.681.40N/AN/A1,931,2223,247,8149,951,32615,673,094
2020-04-07$268.18$276.0039.6%11.2%78.9%45.2%42.3%16.8%0.2%-496.1M47.57B-647.5M1.411.53N/AN/A2,423,3413,416,47010,077,62215,933,614
2020-04-08$273.02$276.0038.4%10.9%78.0%43.4%42.8%16.2%-0.9%52.2M30.02B-675.7M1.601.43N/AN/A1,833,6692,928,75310,450,97616,549,059
2020-04-09$278.61$276.0036.8%10.5%71.1%41.2%40.5%14.7%-0.9%136.7M11.97B-695.9M1.511.51N/AN/A2,625,7653,965,13510,352,84816,879,161
2020-04-13$275.58$276.0037.2%10.7%70.0%41.7%41.2%14.4%0.3%-683.9M30.84B-663.1M1.461.37N/AN/A1,685,0342,464,47010,351,77916,763,279
2020-04-14$283.96$276.0033.3%9.6%65.3%36.0%38.3%12.4%0.2%336.2M-2.45B-677.7M1.751.25N/AN/A1,599,7002,806,97610,338,49416,603,155
2020-04-15$278.23$278.0036.3%10.4%65.6%40.3%39.5%14.6%-0.8%-1.17B25.38B-673.7M1.641.18N/AN/A1,678,9432,758,57610,537,99117,304,312
2020-04-16$278.80$277.0036.0%10.4%58.4%39.9%39.4%14.8%-0.8%-452.4M21.93B-682.5M1.271.15N/AN/A1,619,5882,059,48410,556,30117,192,525
2020-04-17$285.71$277.0032.6%9.5%57.2%35.0%37.4%13.7%0.4%917.1M-9.33B-699.4M1.571.19N/AN/A1,912,7443,002,80610,840,46517,575,443
2020-04-20$282.22$278.0037.6%11.0%53.0%42.2%41.4%15.9%0.2%-902.4M16.37B-706.0M1.841.27N/AN/A1,527,9202,818,9408,579,33514,386,038
2020-04-21$273.96$279.0040.7%11.9%51.5%46.9%43.5%15.4%0.3%-1.99B48.24B-690.2M1.481.34N/AN/A1,839,6952,713,9798,593,14214,514,762
2020-04-22$280.21$278.0037.1%10.7%43.7%41.6%42.3%15.4%-1.2%-681.6M23.58B-703.0M1.581.19N/AN/A1,342,3122,114,9278,947,63014,931,646
2020-04-23$280.18$279.0035.4%10.2%41.8%39.1%38.5%15.1%-1.1%-1.10B26.49B-701.6M1.561.22N/AN/A1,495,0162,330,6198,882,16514,962,613
2020-04-24$283.57$279.0030.6%8.8%41.5%32.0%34.9%12.8%-1.0%-643.6M11.18B-696.6M1.601.22N/AN/A1,619,7362,585,2289,070,41015,385,480
2020-04-27$288.08$280.0027.5%8.1%41.5%27.6%35.1%11.7%0.4%975.0M-4.52B-682.0M1.641.13N/AN/A1,367,2552,237,2618,859,78114,930,596
2020-04-28$286.80$280.0028.3%8.4%41.3%28.7%31.8%12.6%0.4%-264.0M6.38B-679.7M1.351.10N/AN/A1,530,8702,059,3578,811,05715,132,904
2020-04-29$294.49$280.0026.0%7.6%41.4%25.4%30.4%11.8%-0.5%2.08B-29.17B-684.5M1.471.16N/AN/A2,065,9793,041,2818,970,18815,477,039
2020-04-30$289.98$280.0028.6%8.4%36.3%29.2%32.3%13.0%-0.6%-949.4M713.3M-699.2M1.361.09N/AN/A1,625,8122,216,1348,943,46715,507,807