SPY Options History — March 2021

In March 2021, SPY traded between $376.10 and $396.76. ATM implied volatility averaged 16.7%, placing in the 2.9% IV rank vs the trailing year. The 30-day expected move averaged 4.9%. IV traded above realized volatility by 0.8% (HV 20d: 15.9%). Max pain ranged from $370.00 to $388.00. Net GEX was positive for 18 of 23 trading days. Term structure was in contango for 14 of 23 days. Put/call ratio averaged 1.28.

Notable Days

  • 2021-03-05: Highest Volume — 6,144,675 contracts
  • 2021-03-05: Largest IV drop — 20.7% change
  • 2021-03-04: Highest IV Rank — 11.6%
  • 2021-03-04: Largest Expected Move — 6.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$390.57$376.10$396.76$389.71$396.71
Max Pain$379.17$370.00$388.00$375.00$388.00
ATM IV16.7%14.2%23.0%17.4%14.9%
Expected Move4.9%4.0%6.4%5.3%4.0%
HV 20d15.9%12.6%17.7%13.5%14.0%
HV 60d15.1%13.9%15.5%13.9%15.3%
IV Rank2.9%0.0%11.6%2.5%1.6%
IV Percentile11.5%0.0%56.7%15.9%1.2%
Term Structure0.1%-1.3%0.9%0.2%0.3%
VWIV19.4%15.8%24.7%21.9%15.8%
Skew 25d7.0%4.6%11.3%8.3%6.1%
Skew 10d13.8%8.9%20.5%16.2%13.1%
Call IV 25d14.4%12.6%18.6%14.8%12.9%
Put IV 25d21.4%18.3%29.9%23.1%19.1%
Bid-Ask Spread %1.371.121.601.191.47
Gamma HHI0.040.020.060.030.05
Net GEX2.63B-3.93B7.93B4.01B6.18B
Net DEX-41.29B-97.48B24.66B-55.33B-41.16B
Net VEX-645.9M-694.0M-604.3M-679.3M-637.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.280.751.661.311.21
Total Volume4,245,820.7832,823,7016,144,6754,647,4954,051,115
Total OI18,773,808.65215,746,53620,859,80118,731,82117,650,238

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-03-01$389.71$375.0017.4%5.3%13.5%2.5%21.9%8.3%0.2%4.01B-55.33B-679.3M1.311.19N/AN/A2,007,6942,639,8017,270,14911,461,672
2021-03-02$388.04$375.0018.0%5.4%12.7%3.5%21.6%8.7%-1.1%705.8M-40.94B-694.0M1.281.13N/AN/A1,330,3101,707,6547,431,27411,768,327
2021-03-03$383.35$375.0019.7%6.2%12.6%6.3%23.4%9.5%-1.3%-2.69B-10.41B-689.5M1.241.23N/AN/A1,992,1782,465,1217,651,23512,019,394
2021-03-04$376.10$370.0023.0%6.4%14.3%11.6%24.7%11.3%-0.5%-3.93B24.66B-689.1M1.391.40N/AN/A2,465,2643,438,2657,629,92311,804,249
2021-03-05$384.31$370.0018.2%5.5%16.2%3.9%22.8%8.7%0.3%1.73B-29.43B-686.0M1.371.51N/AN/A2,593,4553,551,2208,008,18612,207,635
2021-03-08$383.71$370.0019.1%5.7%16.1%5.2%21.2%9.0%0.6%1.07B-27.12B-671.4M1.481.12N/AN/A1,881,1812,776,6797,720,43511,855,046
2021-03-09$387.86$370.0018.0%5.4%16.4%3.5%22.2%7.8%0.8%3.22B-51.32B-660.8M1.661.22N/AN/A1,232,9942,052,0607,599,69311,929,340
2021-03-10$390.01$374.0017.4%5.1%16.5%2.5%20.5%7.2%-0.2%5.65B-64.85B-654.4M1.341.24N/AN/A1,603,4782,154,9517,798,01212,410,509
2021-03-11$393.80$375.0016.4%4.9%16.9%0.9%19.9%6.4%-0.2%6.80B-85.22B-639.2M1.501.12N/AN/A1,621,3432,434,6207,585,94612,287,570
2021-03-12$393.96$375.0015.7%4.7%16.8%0.0%19.5%5.5%0.4%4.27B-84.68B-639.7M1.221.24N/AN/A1,695,8562,076,3417,841,06613,018,735
2021-03-15$395.39$378.0015.1%4.5%16.8%0.0%17.9%5.0%0.5%7.93B-92.44B-613.6M1.201.36N/AN/A1,542,1421,848,8447,654,25112,448,680
2021-03-16$396.35$379.0015.2%4.4%16.8%0.2%18.4%5.3%0.5%6.73B-96.03B-604.3M1.361.41N/AN/A1,447,1471,972,2417,582,98012,452,539
2021-03-17$396.76$380.0014.8%4.2%16.8%0.0%17.0%4.6%0.3%7.08B-97.48B-604.3M1.101.56N/AN/A1,977,9242,181,7627,763,93112,924,412
2021-03-18$391.24$380.0017.1%4.9%17.6%3.7%18.6%6.7%-0.2%1.66B-48.01B-620.5M0.751.57N/AN/A2,726,8082,043,5297,420,82212,679,212
2021-03-19$391.15$385.0015.8%4.5%17.6%2.1%17.4%6.3%0.3%56.8M-12.98B-633.2M1.171.45N/AN/A2,175,8642,536,7746,780,37812,961,941
2021-03-22$392.67$385.0014.2%4.2%17.4%0.0%16.6%5.7%0.9%2.97B-25.73B-618.3M1.261.48N/AN/A1,452,1221,829,4345,974,2879,772,249
2021-03-23$389.18$386.0016.3%4.7%17.7%4.9%19.0%7.0%0.5%-1.62B-4.21B-627.2M1.211.60N/AN/A1,686,5472,032,4695,912,5559,992,879
2021-03-24$388.92$386.0016.3%4.6%17.5%4.8%17.7%6.9%-0.6%-3.07B-801.0M-634.0M1.301.54N/AN/A2,027,5092,642,7826,180,66110,379,661
2021-03-25$389.98$386.0015.4%4.4%15.3%2.8%17.8%6.5%-0.2%-1.29B-8.09B-636.5M1.191.50N/AN/A2,225,9792,638,6606,097,77510,517,729
2021-03-26$393.54$386.0014.2%4.0%15.5%0.0%16.6%6.6%0.4%6.50B-33.14B-640.7M1.471.55N/AN/A2,054,0693,024,4206,373,06910,922,798
2021-03-29$395.83$386.0016.2%4.5%14.9%4.6%19.0%6.2%-0.0%4.33B-37.75B-641.7M1.201.36N/AN/A2,264,9992,726,5726,031,90010,822,898
2021-03-30$394.64$387.0015.3%4.2%14.8%2.7%16.3%6.4%0.2%2.27B-27.28B-640.1M1.301.24N/AN/A1,226,7991,596,9026,104,67311,096,685
2021-03-31$396.71$388.0014.9%4.0%14.0%1.6%15.8%6.1%0.3%6.18B-41.16B-637.3M1.211.47N/AN/A1,831,9482,219,1676,306,63711,343,601