SPY Options History — September 2020

In September 2020, SPY traded between $323.39 and $358.40. ATM implied volatility averaged 22.7%, placing in the 20.5% IV rank vs the trailing year. The 30-day expected move averaged 6.5%. IV traded above realized volatility by 0.8% (HV 20d: 21.8%). Max pain ranged from $320.00 to $332.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 1.32.

Notable Days

  • 2020-09-03: Highest Volume — 6,949,821 contracts
  • 2020-09-03: Largest IV spike — 28.5% change
  • 2020-09-03: Highest IV Rank — 25.5%
  • 2020-09-03: Largest Expected Move — 7.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$336.26$323.39$358.40$351.92$334.71
Max Pain$327.90$320.00$332.00$320.00$330.00
ATM IV22.7%19.1%26.2%19.1%22.8%
Expected Move6.5%5.4%7.5%5.4%6.6%
HV 20d21.8%7.5%26.8%7.5%26.8%
HV 60d17.2%15.4%19.6%17.4%17.5%
IV Rank20.5%15.1%25.5%15.1%20.6%
IV Percentile63.3%54.0%74.2%54.0%61.9%
Term Structure-0.1%-0.7%0.5%0.4%-0.2%
VWIV24.7%21.7%28.2%23.1%24.4%
Skew 25d7.9%6.1%11.3%7.2%7.4%
Skew 10d15.1%12.2%23.6%16.3%12.8%
Call IV 25d19.6%16.7%22.3%16.7%19.7%
Put IV 25d27.5%23.9%33.6%23.9%27.1%
Bid-Ask Spread %1.551.182.381.221.30
Gamma HHI0.030.020.060.030.02
Net GEX-343.9M-5.30B5.11B3.67B1.82B
Net DEX-43.73B-163.07B27.14B-130.09B-36.46B
Net VEX-710.0M-810.3M-674.7M-729.1M-696.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.321.051.561.241.37
Total Volume4,215,021.6192,237,8046,949,8212,262,9514,654,296
Total OI22,180,139.85719,335,14024,053,19922,520,80620,958,744

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-09-01$351.92$320.0019.1%5.4%7.5%15.1%23.1%7.2%0.4%3.67B-130.09B-729.1M1.241.22N/AN/A1,011,6201,251,3318,477,24814,043,558
2020-09-02$358.40$320.0020.3%5.7%9.1%17.0%21.7%6.1%-0.7%5.11B-163.07B-712.5M1.301.26N/AN/A2,004,6112,611,5578,632,09714,334,889
2020-09-03$344.45$325.0026.2%7.5%17.9%25.5%28.0%11.3%-0.5%-650.5M-73.10B-810.3M1.491.56N/AN/A2,790,1044,159,7178,694,51414,579,961
2020-09-04$343.68$325.0022.9%6.6%17.9%20.8%26.3%9.6%-0.1%-994.3M-73.78B-780.2M1.452.38N/AN/A2,687,4353,896,3189,087,70014,965,499
2020-09-08$334.54$326.0025.2%7.2%20.5%24.2%28.2%9.3%0.0%-1.74B-33.87B-746.2M1.232.05N/AN/A2,225,9482,730,6068,875,58914,510,962
2020-09-09$340.86$325.0022.9%6.6%21.5%20.8%24.2%8.2%-0.3%1.20B-74.26B-720.9M1.201.75N/AN/A1,709,6752,050,5118,949,55414,454,925
2020-09-10$334.89$326.0024.2%6.9%22.0%22.7%25.4%8.3%-0.6%-1.21B-40.47B-726.9M1.291.89N/AN/A1,873,1482,409,3458,922,26214,467,885
2020-09-11$333.93$327.0022.3%6.5%22.0%20.0%23.1%7.3%0.2%-2.07B-36.25B-707.6M1.461.64N/AN/A1,952,9612,843,7679,228,14914,809,835
2020-09-14$339.26$330.0021.0%6.1%22.7%17.9%23.8%7.0%0.4%1.35B-69.61B-680.0M1.221.58N/AN/A1,368,6081,667,6018,887,34414,288,990
2020-09-15$339.71$330.0020.8%6.0%22.6%17.6%23.3%7.2%0.4%1.08B-70.82B-679.3M1.251.53N/AN/A996,5181,241,2868,879,85914,267,434
2020-09-16$340.10$330.0020.6%5.9%22.6%17.4%22.8%7.4%-0.4%934.0M-73.46B-674.7M1.351.79N/AN/A1,628,0022,204,5049,102,18714,533,030
2020-09-17$334.83$330.0021.6%6.2%23.3%18.9%23.7%7.5%-0.5%-1.87B-42.86B-682.2M1.051.72N/AN/A2,279,2922,397,8999,001,41814,591,479
2020-09-18$331.42$330.0021.6%6.3%23.5%18.9%23.6%7.5%0.0%-5.30B5.52B-699.3M1.281.40N/AN/A2,303,0292,950,9118,345,75714,957,568
2020-09-21$325.58$332.0024.1%6.9%24.2%22.5%25.8%8.2%0.1%-3.68B21.82B-686.5M1.561.39N/AN/A2,117,4413,297,1527,492,14111,842,999
2020-09-22$330.76$330.0022.7%6.4%24.7%20.4%24.1%7.7%0.1%-238.9M-10.45B-699.2M1.331.34N/AN/A1,213,3091,611,4417,592,72212,124,898
2020-09-23$323.39$330.0025.0%7.2%25.6%23.9%25.6%8.4%-0.3%-3.68B27.14B-695.4M1.431.52N/AN/A1,867,2412,676,1137,741,25712,473,460
2020-09-24$323.69$330.0024.6%7.1%25.2%23.3%26.5%8.5%-0.4%-2.95B21.46B-701.7M1.421.38N/AN/A1,647,1322,340,5077,790,04712,483,266
2020-09-25$328.26$330.0022.6%6.5%25.8%20.4%24.9%7.9%0.5%347.5M-4.61B-698.7M1.371.37N/AN/A1,687,2462,309,6318,032,71412,700,706
2020-09-28$334.18$330.0022.6%6.5%26.8%20.3%24.6%7.3%0.4%1.42B-34.84B-686.9M1.191.27N/AN/A1,547,3751,847,6887,742,77412,424,917
2020-09-29$332.92$330.0023.3%6.7%26.7%21.4%25.1%7.3%0.0%231.8M-26.25B-695.8M1.311.18N/AN/A1,061,6551,390,9237,758,99312,733,606
2020-09-30$334.71$330.0022.8%6.6%26.8%20.6%24.4%7.4%-0.2%1.82B-36.46B-696.1M1.371.30N/AN/A1,960,8112,693,4857,931,51513,027,229