SPY Options History — December 2020

In December 2020, SPY traded between $365.12 and $373.32. ATM implied volatility averaged 17.5%, placing in the 12.4% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded above realized volatility by 6.1% (HV 20d: 11.4%). Max pain ranged from $330.00 to $360.00. Net GEX was positive for 19 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 1.37.

Notable Days

  • 2020-12-09: Highest Volume — 4,703,653 contracts
  • 2020-12-07: Largest IV spike — 9.5% change
  • 2020-12-14: Highest IV Rank — 15.4%
  • 2020-12-21: Largest Expected Move — 5.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$368.75$365.12$373.32$365.74$373.32
Max Pain$348.18$330.00$360.00$330.00$360.00
ATM IV17.5%15.9%19.4%17.0%17.8%
Expected Move5.1%4.7%5.8%5.3%4.9%
HV 20d11.4%8.8%17.3%17.3%8.9%
HV 60d18.5%17.0%21.0%21.0%17.0%
IV Rank12.4%10.2%15.4%12.2%12.0%
IV Percentile25.8%16.3%35.3%25.0%26.2%
Term Structure0.0%-0.6%1.4%-0.5%-0.2%
VWIV20.4%17.8%22.9%21.8%20.7%
Skew 25d7.1%5.4%8.7%5.6%7.6%
Skew 10d13.8%10.5%17.2%11.3%15.6%
Call IV 25d15.0%13.8%16.1%15.4%14.8%
Put IV 25d22.1%19.5%24.8%21.0%22.4%
Bid-Ask Spread %1.281.071.591.321.19
Gamma HHI0.050.030.200.060.05
Net GEX4.16B-2.22B14.88B7.44B3.75B
Net DEX-83.82B-142.17B-16.08B-123.84B-46.21B
Net VEX-547.9M-581.1M-520.1M-543.3M-568.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.370.692.051.221.58
Total Volume3,085,040.9551,607,7184,703,6533,403,8902,771,148
Total OI20,568,398.09116,531,11423,621,50321,075,96617,895,401

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-12-01$365.74$330.0017.0%5.3%17.3%12.2%21.8%5.6%-0.5%7.44B-123.84B-543.3M1.221.32N/AN/A1,532,1231,871,7678,255,07212,820,894
2020-12-02$366.62$332.0016.6%5.2%15.6%11.6%19.9%5.9%-0.3%8.26B-127.58B-539.2M1.241.21N/AN/A1,236,1221,531,4478,459,26913,207,131
2020-12-03$366.32$338.0016.7%5.3%14.6%11.6%20.5%5.6%-0.6%7.25B-124.03B-545.2M1.301.39N/AN/A1,170,3381,521,6388,487,49613,224,577
2020-12-04$369.30$340.0015.9%5.1%13.9%10.5%21.7%5.4%1.4%14.88B-142.17B-534.3M1.401.17N/AN/A1,325,9221,856,3098,706,77013,668,098
2020-12-07$368.15$340.0017.4%5.2%14.0%12.7%20.0%6.6%0.4%4.59B-125.74B-532.7M1.171.22N/AN/A1,142,9351,338,5978,491,62613,558,803
2020-12-08$370.22$340.0016.5%4.9%12.6%11.5%19.1%6.1%0.3%6.90B-138.17B-521.7M1.471.17N/AN/A995,0781,462,1848,562,10513,665,136
2020-12-09$367.02$340.0017.9%5.2%12.4%13.4%20.0%6.8%-0.5%1.65B-112.18B-542.5M1.351.58N/AN/A1,998,7332,704,9208,833,21814,124,540
2020-12-10$367.34$342.0017.7%5.2%12.4%13.1%20.4%7.0%-0.2%4.13B-114.63B-541.6M1.331.21N/AN/A1,371,7101,825,4208,903,16214,264,576
2020-12-11$365.86$345.0018.3%5.4%11.5%14.0%21.0%7.5%0.2%1.94B-98.78B-552.6M1.391.36N/AN/A1,793,3792,501,2589,044,59414,576,909
2020-12-14$365.12$345.0019.2%5.6%9.8%15.4%21.6%8.2%0.3%1.68B-88.25B-547.3M1.151.40N/AN/A1,776,0112,050,8728,673,84314,204,580
2020-12-15$369.02$345.0017.9%5.2%10.1%13.4%20.2%7.7%0.3%4.78B-115.16B-532.2M1.561.31N/AN/A1,097,6271,711,1968,652,86014,216,373
2020-12-16$370.73$345.0016.9%4.9%10.1%11.9%20.1%7.2%-0.4%7.73B-129.83B-528.8M1.391.35N/AN/A1,261,6801,752,8088,795,45514,660,858
2020-12-17$371.96$347.0016.5%4.7%9.6%11.0%17.8%6.5%-0.4%7.68B-128.43B-520.1M0.691.35N/AN/A2,386,1061,656,9658,514,67814,496,312
2020-12-18$368.29$355.0017.9%5.2%10.5%13.2%19.6%7.2%-0.4%-2.22B-20.47B-568.2M1.321.59N/AN/A1,564,0272,058,0956,524,13914,902,166
2020-12-21$367.15$358.0019.4%5.8%10.4%14.9%22.9%8.7%0.6%-843.7M-16.08B-581.1M1.331.36N/AN/A1,833,1112,446,2445,924,04410,607,070
2020-12-22$367.08$358.0019.1%5.6%10.4%14.0%22.9%8.4%0.7%-254.2M-18.37B-577.4M1.661.25N/AN/A857,6411,422,4026,020,20710,841,990
2020-12-23$369.01$360.0017.4%5.0%9.1%11.4%20.1%7.9%-0.5%2.51B-28.43B-563.1M1.391.24N/AN/A984,7621,364,0086,180,96611,206,844
2020-12-24$368.45$360.0017.1%4.9%9.2%11.0%18.1%7.8%-0.1%82.5M-22.98B-559.0M1.401.20N/AN/A670,747936,9716,141,09211,153,979
2020-12-28$372.23$360.0016.6%4.7%9.8%10.2%18.9%7.3%0.4%6.29B-45.22B-535.7M1.411.09N/AN/A1,004,7651,419,7186,008,51610,975,936
2020-12-29$371.70$360.0017.8%4.9%9.6%12.0%21.6%7.7%0.4%3.10B-37.80B-556.5M2.051.15N/AN/A1,047,2872,145,4276,007,89611,154,842
2020-12-30$371.96$360.0017.9%5.0%8.8%12.3%19.4%7.4%-0.3%235.9M-39.58B-562.6M1.411.07N/AN/A1,027,0181,444,3856,254,01411,636,721
2020-12-31$373.32$360.0017.8%4.9%8.9%12.0%20.7%7.6%-0.2%3.75B-46.21B-568.9M1.581.19N/AN/A1,073,9661,697,1826,247,33211,648,069