SPY Options History — May 2020

In May 2020, SPY traded between $280.18 and $303.96. ATM implied volatility averaged 26.3%, placing in the 25.8% IV rank vs the trailing year. The 30-day expected move averaged 7.8%. IV traded below realized volatility by 1.9% (HV 20d: 28.3%). Max pain ranged from $280.00 to $295.00. Net GEX was positive for 7 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 1.52.

Notable Days

  • 2020-05-13: Highest Volume — 6,693,537 contracts
  • 2020-05-13: Largest IV spike — 21.2% change
  • 2020-05-13: Highest IV Rank — 34.7%
  • 2020-05-01: Largest Expected Move — 9.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$291.74$280.18$303.96$282.54$303.96
Max Pain$292.10$280.00$295.00$280.00$295.00
ATM IV26.3%22.5%32.4%31.7%22.7%
Expected Move7.8%6.6%9.5%9.5%6.8%
HV 20d28.3%24.3%37.9%37.9%24.3%
HV 60d53.8%52.0%55.0%53.7%52.0%
IV Rank25.8%20.2%34.7%33.6%20.5%
IV Percentile79.8%74.2%85.7%85.3%74.2%
Term Structure0.0%-0.8%0.8%0.4%0.1%
VWIV30.0%25.6%35.1%35.1%25.6%
Skew 25d11.2%9.1%14.5%14.5%9.1%
Skew 10d20.0%17.1%25.0%25.0%17.1%
Call IV 25d21.4%18.6%25.8%24.5%19.2%
Put IV 25d32.6%28.3%39.1%38.9%28.3%
Bid-Ask Spread %1.160.921.471.261.35
Gamma HHI0.030.020.050.030.03
Net GEX-355.1M-3.74B2.12B-2.77B-381.1M
Net DEX-43.2M-40.72B58.65B38.28B-38.40B
Net VEX-660.5M-690.5M-639.5M-690.5M-663.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.521.151.751.591.49
Total Volume4,360,845.43,197,8706,693,5375,272,3925,333,628
Total OI24,420,468.3521,945,88526,647,60825,173,54224,466,834

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-05-01$282.54$280.0031.7%9.5%37.9%33.6%35.1%14.5%0.4%-2.77B38.28B-690.5M1.591.26N/AN/A2,033,0063,239,3869,279,05815,894,484
2020-05-04$283.76$293.0030.6%9.1%36.9%32.1%34.9%13.4%0.5%-1.54B28.73B-679.4M1.581.02N/AN/A1,428,6112,263,2759,230,72715,423,254
2020-05-05$286.01$293.0028.9%8.7%29.1%29.6%33.6%12.3%0.6%-837.0M16.60B-680.1M1.511.21N/AN/A1,306,6621,979,5249,277,19015,428,479
2020-05-06$284.85$293.0029.4%8.7%28.8%30.2%31.6%12.7%-0.6%-2.09B24.65B-672.3M1.421.02N/AN/A1,572,7312,231,3399,442,44515,751,407
2020-05-07$287.67$292.0027.4%8.3%28.4%27.4%32.4%11.9%-0.5%-469.1M8.69B-674.2M1.581.02N/AN/A1,292,3902,039,8149,478,32915,695,148
2020-05-08$292.35$292.0023.5%7.3%28.1%21.6%29.4%10.2%0.7%1.94B-18.12B-664.4M1.750.93N/AN/A1,543,8992,706,2429,662,01916,076,672
2020-05-11$293.21$292.0022.9%6.9%27.6%20.8%28.0%9.6%0.5%932.1M-16.84B-639.5M1.401.02N/AN/A1,646,8632,307,8719,458,71915,880,661
2020-05-12$287.92$292.0026.7%7.9%26.7%26.4%30.7%11.6%0.4%-1.57B14.29B-644.0M1.381.25N/AN/A1,649,2862,269,4899,457,81815,983,862
2020-05-13$280.18$292.0032.4%9.4%27.5%34.7%34.1%13.2%-0.8%-3.74B58.65B-641.7M1.691.08N/AN/A2,491,1994,202,3389,707,40116,410,822
2020-05-14$284.10$292.0029.1%8.5%27.9%29.9%32.9%12.6%-0.6%-2.19B32.21B-648.3M1.660.94N/AN/A1,924,8813,187,8669,664,51316,420,214
2020-05-15$285.07$292.0027.5%8.1%26.5%27.4%30.0%12.1%0.3%-1.42B25.18B-643.7M1.350.92N/AN/A2,370,6983,193,5679,881,44416,766,164
2020-05-18$296.49$292.0023.9%7.1%29.5%22.2%29.3%10.1%0.7%1.59B-24.48B-657.0M1.481.12N/AN/A1,936,2242,871,1988,369,93113,575,954
2020-05-19$293.74$293.0025.4%7.4%27.4%24.4%29.2%10.6%0.8%-157.3M-3.94B-664.5M1.151.36N/AN/A1,486,3861,711,4848,369,69713,964,302
2020-05-20$297.07$293.0024.5%7.0%26.7%23.1%27.9%9.7%-0.7%1.84B-24.15B-657.0M1.511.15N/AN/A1,636,8042,470,2948,678,08014,196,408
2020-05-21$295.05$293.0025.3%7.3%26.9%24.3%27.5%10.0%-0.7%-221.3M-7.60B-666.7M1.551.13N/AN/A1,409,9302,179,6718,596,91214,632,578
2020-05-22$295.10$293.0024.6%7.2%26.6%23.3%28.2%9.8%0.2%-375.2M-6.87B-665.8M1.451.26N/AN/A1,528,0302,221,8028,815,46214,821,381
2020-05-26$299.43$293.0023.7%6.9%26.6%22.0%26.4%9.6%0.3%2.12B-28.88B-644.4M1.641.47N/AN/A1,603,6242,627,8208,588,79314,352,407
2020-05-27$302.83$293.0022.5%6.6%26.6%20.2%26.0%10.0%-0.3%1.64B-40.72B-648.9M1.651.40N/AN/A1,773,0312,919,2948,524,29614,664,950
2020-05-28$303.53$294.0023.5%7.0%25.1%21.7%27.5%10.7%-0.4%587.1M-38.17B-664.4M1.631.29N/AN/A1,759,3152,867,4368,512,70615,007,846
2020-05-29$303.96$295.0022.7%6.8%24.3%20.5%25.6%9.1%0.1%-381.1M-38.40B-663.7M1.491.35N/AN/A2,143,5123,190,1168,787,89915,678,935