SPY Options History — February 2021

In February 2021, SPY traded between $376.78 and $392.66. ATM implied volatility averaged 17.9%, placing in the 8.1% IV rank vs the trailing year. The 30-day expected move averaged 5.3%. IV traded above realized volatility by 0.2% (HV 20d: 17.7%). Max pain ranged from $368.00 to $376.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 1.52.

Notable Days

  • 2021-02-26: Highest Volume — 5,389,388 contracts
  • 2021-02-25: Largest IV spike — 34.9% change
  • 2021-02-01: Highest IV Rank — 17.2%
  • 2021-02-25: Largest Expected Move — 6.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$387.81$376.78$392.66$376.78$384.10
Max Pain$372.58$368.00$376.00$375.00$375.00
ATM IV17.9%15.9%22.6%22.6%19.9%
Expected Move5.3%4.7%6.8%6.3%6.1%
HV 20d17.7%15.0%19.1%19.0%15.0%
HV 60d13.7%12.8%15.1%15.1%13.8%
IV Rank8.1%1.4%17.2%17.2%6.5%
IV Percentile18.5%2.8%49.6%49.6%36.1%
Term Structure0.1%-1.3%0.7%0.4%0.5%
VWIV21.5%18.9%27.2%26.0%23.8%
Skew 25d8.2%6.6%11.8%11.7%10.1%
Skew 10d16.7%14.2%22.8%22.5%18.9%
Call IV 25d15.0%13.2%18.5%17.6%16.2%
Put IV 25d23.2%19.8%30.3%29.4%26.3%
Bid-Ask Spread %1.291.082.221.081.22
Gamma HHI0.040.020.060.020.02
Net GEX2.85B-2.61B7.89B385.4M-1.66B
Net DEX-60.36B-92.26B-5.22B-16.80B-15.28B
Net VEX-689.0M-728.9M-660.9M-707.5M-711.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.521.121.881.721.24
Total Volume3,715,805.5262,091,2725,389,3884,109,6385,389,388
Total OI19,037,908.21117,397,67821,091,50317,397,67819,520,314

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-02-01$376.78$375.0022.6%6.3%19.0%17.2%26.0%11.7%0.4%385.4M-16.80B-707.5M1.721.08N/AN/A1,513,6692,595,9696,760,38310,637,295
2021-02-02$382.35$375.0019.8%5.4%19.1%12.9%22.3%9.1%0.3%2.57B-46.87B-698.6M1.741.39N/AN/A1,220,8392,128,0816,769,56910,902,468
2021-02-03$382.76$376.0018.4%4.8%19.0%10.9%20.6%8.3%0.1%2.17B-48.27B-695.4M1.691.20N/AN/A1,170,9011,981,3527,005,84211,480,696
2021-02-04$385.21$368.0017.1%5.4%19.0%8.9%22.6%7.1%-0.1%4.13B-61.28B-683.7M1.881.28N/AN/A929,8191,744,8366,862,02311,450,782
2021-02-05$387.53$368.0016.2%5.1%18.3%7.5%20.9%6.7%0.4%7.89B-76.81B-679.5M1.441.18N/AN/A1,722,0002,485,7817,086,91112,028,940
2021-02-08$389.65$369.0016.4%5.1%18.3%7.8%20.3%6.9%0.3%6.77B-79.15B-681.0M1.311.26N/AN/A1,371,4841,797,4256,982,16411,612,848
2021-02-09$390.74$370.0016.6%5.1%18.1%8.1%19.0%7.0%0.3%5.84B-84.58B-682.5M1.561.24N/AN/A815,4271,275,8457,179,76411,828,196
2021-02-10$389.60$370.0017.5%5.3%18.2%9.5%21.3%7.7%-0.1%2.61B-73.94B-694.1M1.501.32N/AN/A1,675,3462,519,8867,349,92912,217,894
2021-02-11$390.26$370.0017.0%5.1%18.2%8.7%20.9%7.3%-0.1%4.00B-76.93B-691.1M1.581.20N/AN/A1,231,5891,948,2667,337,49812,224,950
2021-02-12$391.88$371.0015.9%4.7%18.2%7.0%19.3%6.6%0.4%7.00B-92.26B-674.9M1.811.24N/AN/A1,111,9462,008,3877,563,63212,662,699
2021-02-16$392.66$372.0016.6%4.8%17.7%8.0%20.6%7.3%0.7%5.03B-91.18B-660.9M1.431.32N/AN/A1,605,2242,294,6887,351,24712,315,608
2021-02-17$392.29$373.0017.0%4.9%17.5%7.3%21.1%7.5%0.4%2.47B-83.48B-675.8M1.541.26N/AN/A1,382,9232,125,2287,412,22512,573,035
2021-02-18$391.32$373.0017.3%5.0%16.9%7.6%18.9%8.0%-0.0%2.85B-77.96B-683.4M1.121.39N/AN/A1,654,7791,858,6967,546,85812,834,215
2021-02-19$390.43$374.0017.0%4.9%16.9%6.3%19.1%8.0%0.1%1.01B-73.68B-685.4M1.351.18N/AN/A1,576,9512,135,2627,875,59313,215,910
2021-02-22$387.77$375.0017.9%5.2%17.1%4.4%22.2%8.8%0.1%-1.96B-35.37B-682.7M1.631.13N/AN/A1,320,2532,145,5606,851,53910,907,319
2021-02-23$388.48$375.0018.1%5.2%17.1%3.6%21.3%8.3%0.1%207.8M-41.54B-690.2M1.531.11N/AN/A1,803,2312,755,3126,765,83911,076,969
2021-02-24$391.77$375.0016.7%4.8%17.3%1.4%20.5%7.8%0.3%5.43B-66.24B-683.9M1.401.20N/AN/A1,699,5342,384,9117,114,33311,595,398
2021-02-25$382.86$375.0022.5%6.8%15.8%10.9%27.2%11.8%-1.3%-2.61B-5.22B-728.9M1.312.22N/AN/A2,256,9302,962,5877,061,77511,757,596
2021-02-26$384.10$375.0019.9%6.1%15.0%6.5%23.8%10.1%0.5%-1.66B-15.28B-711.8M1.241.22N/AN/A2,410,4352,978,9537,456,02712,064,287