SPY Options History — November 2020

In November 2020, SPY traded between $328.99 and $363.20. ATM implied volatility averaged 20.6%, placing in the 17.4% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded below realized volatility by 2.8% (HV 20d: 23.4%). Max pain ranged from $320.00 to $330.00. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 1.48.

Notable Days

  • 2020-11-09: Highest Volume — 5,317,333 contracts
  • 2020-11-13: Largest IV drop — 14.5% change
  • 2020-11-02: Highest IV Rank — 34.4%
  • 2020-11-02: Largest Expected Move — 10.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$354.62$328.99$363.20$328.99$361.55
Max Pain$326.20$320.00$330.00$330.00$330.00
ATM IV20.6%17.0%32.2%32.2%17.0%
Expected Move6.2%5.1%10.2%10.2%5.4%
HV 20d23.4%17.4%25.7%22.0%17.4%
HV 60d22.1%20.7%22.7%20.7%20.9%
IV Rank17.4%12.1%34.4%34.4%12.2%
IV Percentile41.6%25.4%84.1%84.1%25.4%
Term Structure-0.0%-0.7%0.7%0.1%0.0%
VWIV24.8%19.9%37.4%37.4%19.9%
Skew 25d7.6%5.9%12.4%12.4%6.0%
Skew 10d14.8%11.2%22.0%22.0%11.2%
Call IV 25d17.8%15.0%25.9%25.9%15.0%
Put IV 25d25.4%20.9%38.3%38.3%21.0%
Bid-Ask Spread %1.421.231.971.441.30
Gamma HHI0.040.020.060.020.04
Net GEX4.81B-998.5M8.04B-998.5M3.98B
Net DEX-101.30B-142.79B6.19B6.19B-104.01B
Net VEX-618.4M-693.4M-544.0M-693.4M-544.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.481.122.061.521.57
Total Volume3,438,7791,622,7445,317,3333,874,4413,212,843
Total OI22,770,616.0520,815,15525,118,02821,343,11321,431,543

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-11-02$328.99$330.0032.2%10.2%22.0%34.4%37.4%12.4%0.1%-998.5M6.19B-693.4M1.521.44N/AN/A1,536,0952,338,3468,607,71412,735,399
2020-11-03$337.29$330.0029.0%9.1%23.5%29.7%35.9%11.1%0.1%868.6M-31.41B-688.3M1.481.85N/AN/A1,303,6411,932,9308,350,28712,464,868
2020-11-04$344.00$330.0024.9%7.6%23.8%23.7%29.6%9.7%-0.5%3.86B-67.08B-678.1M1.471.97N/AN/A1,897,4162,790,4599,011,45713,673,878
2020-11-05$349.70$320.0023.3%6.9%24.3%21.3%27.4%9.0%-0.5%5.03B-95.44B-673.3M1.401.49N/AN/A1,457,9742,038,8248,844,65413,699,070
2020-11-06$351.15$320.0020.7%6.3%24.2%17.6%25.3%7.7%0.3%5.95B-103.97B-645.1M1.581.43N/AN/A1,230,4501,938,7819,007,93414,133,789
2020-11-09$357.92$320.0019.9%6.0%24.3%16.3%24.1%6.5%0.3%7.46B-132.54B-607.3M1.301.59N/AN/A2,309,8493,007,4848,682,39213,464,048
2020-11-10$354.26$320.0020.8%6.2%24.6%17.7%24.4%7.3%0.3%3.83B-102.26B-627.7M1.291.41N/AN/A1,401,7251,811,6408,779,35813,779,600
2020-11-11$356.20$321.0019.6%5.9%24.5%15.9%30.9%7.0%-0.3%5.70B-115.35B-620.5M2.061.30N/AN/A1,144,0262,354,0569,092,31214,058,048
2020-11-12$351.96$322.0021.5%6.4%24.9%18.8%25.4%8.7%-0.4%2.59B-86.93B-653.3M2.001.35N/AN/A1,185,8712,374,1648,957,09514,529,950
2020-11-13$358.52$324.0018.4%5.6%25.7%14.2%23.9%6.9%0.4%7.57B-128.14B-623.2M1.581.27N/AN/A1,457,3592,301,9829,159,54615,035,265
2020-11-16$361.29$325.0018.6%5.6%24.6%14.4%22.3%6.7%0.7%8.04B-142.79B-600.5M1.211.30N/AN/A1,716,4092,077,5369,102,67814,799,043
2020-11-17$360.35$326.0019.1%5.6%24.7%15.1%22.4%6.8%0.7%5.65B-134.01B-607.9M1.521.23N/AN/A1,214,8421,843,1069,126,19514,809,921
2020-11-18$357.85$327.0019.6%5.6%24.8%15.9%20.4%7.0%-0.6%3.32B-115.63B-612.6M1.191.38N/AN/A1,500,5241,791,2099,278,99915,205,059
2020-11-19$357.90$329.0019.0%5.5%24.8%15.1%20.4%7.2%-0.6%4.32B-116.00B-604.3M1.291.32N/AN/A1,452,7481,871,5089,265,29915,241,929
2020-11-20$356.51$330.0018.9%5.5%24.8%14.9%22.9%7.2%0.0%3.30B-107.68B-604.0M1.231.34N/AN/A1,477,0381,810,6839,503,69915,614,329
2020-11-23$357.71$330.0018.3%5.4%23.2%14.0%21.1%7.1%-0.3%4.39B-90.32B-579.1M1.121.39N/AN/A1,505,9491,679,9358,446,64912,595,316
2020-11-24$363.20$330.0017.5%5.2%23.6%12.9%21.2%6.2%-0.7%7.75B-121.41B-572.6M1.461.31N/AN/A1,417,9992,069,5748,393,43112,690,246
2020-11-25$362.90$330.0017.0%5.1%19.7%12.2%20.2%6.2%-0.3%6.68B-118.70B-568.5M1.491.29N/AN/A1,083,7181,614,1438,603,06313,373,237
2020-11-27$363.12$330.0017.0%5.2%19.6%12.1%20.2%5.9%0.3%6.84B-118.56B-565.1M1.821.39N/AN/A574,5031,048,2418,527,64013,337,381
2020-11-30$361.55$330.0017.0%5.4%17.4%12.2%19.9%6.0%0.0%3.98B-104.01B-544.0M1.571.30N/AN/A1,251,1571,961,6868,314,64513,116,898