SPY Options History — May 2021

In May 2021, SPY traded between $406.46 and $422.36. ATM implied volatility averaged 15.4%, placing in the 12.2% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 2.0% (HV 20d: 13.3%). Max pain ranged from $395.00 to $406.00. Net GEX was positive for 9 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 1.38.

Notable Days

  • 2021-05-12: Highest Volume — 6,088,223 contracts
  • 2021-05-12: Largest IV spike — 27.9% change
  • 2021-05-12: Highest IV Rank — 43.0%
  • 2021-05-12: Largest Expected Move — 6.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$416.18$406.46$422.36$418.27$420.61
Max Pain$399.15$395.00$406.00$405.00$400.00
ATM IV15.4%11.8%22.0%14.1%11.8%
Expected Move4.5%3.4%6.3%4.0%3.4%
HV 20d13.3%9.2%15.6%9.2%15.1%
HV 60d13.4%12.4%14.6%12.4%12.6%
IV Rank12.2%0.0%43.0%6.3%0.0%
IV Percentile16.0%0.0%66.7%6.0%0.0%
Term Structure0.1%-0.6%0.8%0.3%0.2%
VWIV18.2%14.1%24.1%16.7%14.1%
Skew 25d7.1%5.2%10.1%6.2%5.2%
Skew 10d14.4%11.6%21.3%12.2%11.6%
Call IV 25d12.7%10.3%17.3%11.9%10.3%
Put IV 25d19.8%15.5%27.4%18.1%15.5%
Bid-Ask Spread %1.381.181.531.181.50
Gamma HHI0.030.020.060.030.06
Net GEX-662.5M-7.98B7.33B-504.6M5.20B
Net DEX-42.48B-87.77B26.40B-54.11B-65.72B
Net VEX-679.7M-751.6M-629.4M-673.8M-629.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.381.111.591.321.46
Total Volume3,931,414.92,468,7446,088,2233,272,8923,161,363
Total OI18,966,689.617,262,27520,523,86618,031,71018,944,851

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-05-03$418.27$405.0014.1%4.0%9.2%6.3%16.7%6.2%0.3%-504.6M-54.11B-673.8M1.321.18N/AN/A1,412,0401,860,8526,046,32211,985,388
2021-05-04$413.90$406.0016.1%4.6%10.1%15.4%17.7%7.3%0.3%-4.99B-25.43B-699.0M1.111.18N/AN/A1,926,7272,146,9276,062,62312,003,989
2021-05-05$416.02$406.0015.1%4.2%10.2%10.7%16.7%6.9%-0.2%-1.30B-44.02B-684.2M1.501.19N/AN/A1,496,6402,244,0536,364,98512,334,471
2021-05-06$417.71$395.0014.6%4.5%10.2%8.3%18.1%7.1%-0.3%775.8M-52.66B-683.9M1.551.42N/AN/A1,312,2092,035,8046,211,33112,258,605
2021-05-07$422.36$395.0012.9%4.1%10.7%0.5%16.3%5.5%0.8%7.33B-87.77B-656.1M1.281.44N/AN/A1,967,9052,525,1066,388,13112,691,894
2021-05-10$419.58$395.0014.1%4.3%11.0%6.0%17.4%6.4%0.3%-1.34B-57.14B-672.1M1.391.53N/AN/A1,698,8012,369,3986,257,62012,410,135
2021-05-11$413.92$396.0017.2%5.1%12.1%20.5%19.9%7.8%0.5%-4.77B-20.70B-700.4M1.411.34N/AN/A1,959,2952,768,5866,360,59112,505,305
2021-05-12$406.46$396.0022.0%6.3%13.7%43.0%24.1%10.1%-0.6%-7.98B26.40B-751.6M1.511.24N/AN/A2,423,8633,664,3606,710,16512,830,112
2021-05-13$412.21$397.0018.1%5.3%14.0%24.6%20.5%8.4%-0.4%-2.88B-20.89B-726.6M1.441.21N/AN/A1,799,9972,597,4966,829,80812,912,935
2021-05-14$416.74$397.0014.7%4.4%14.5%8.7%19.4%6.9%0.2%2.65B-58.74B-689.4M1.361.43N/AN/A1,865,8952,534,9047,009,20713,216,390
2021-05-17$415.45$398.0016.0%4.8%14.3%15.1%18.6%7.7%0.6%-2.37B-41.31B-687.8M1.241.44N/AN/A1,619,3352,011,9836,685,16512,931,692
2021-05-18$414.02$398.0016.3%4.7%14.3%16.2%19.2%7.6%0.5%-2.66B-33.97B-683.1M1.331.49N/AN/A1,061,3471,407,3976,637,91312,811,656
2021-05-19$409.21$399.0018.7%5.4%14.5%27.7%21.4%8.9%-0.4%-7.53B-979.3M-700.7M1.541.28N/AN/A2,210,8853,412,1626,871,08213,024,818
2021-05-20$415.77$400.0016.0%4.6%15.4%14.8%19.6%7.6%-0.4%821.6M-52.49B-681.5M1.181.50N/AN/A1,758,6282,078,0286,860,51113,008,816
2021-05-21$415.01$400.0015.4%4.5%15.0%12.4%19.1%7.8%0.1%-1.43B-44.25B-684.4M1.291.45N/AN/A2,092,2252,707,1677,036,48213,487,384
2021-05-24$419.74$400.0013.7%4.0%15.5%4.1%17.5%6.5%0.2%4.60B-60.51B-648.1M1.431.45N/AN/A1,544,3642,212,0476,038,85411,223,421
2021-05-25$418.33$400.0014.4%4.2%15.6%7.4%17.2%6.7%0.1%312.7M-46.89B-660.4M1.591.53N/AN/A1,181,7871,875,6566,153,06111,611,982
2021-05-26$418.85$400.0013.4%3.9%15.6%2.9%16.6%6.1%-0.3%667.8M-51.56B-651.6M1.221.42N/AN/A1,353,1641,650,3396,363,23412,013,178
2021-05-27$419.46$400.0012.7%3.7%15.5%0.0%14.3%5.7%-0.2%2.14B-56.87B-629.4M1.501.45N/AN/A1,072,0811,607,4826,275,21011,964,475
2021-05-28$420.61$400.0011.8%3.4%15.1%0.0%14.1%5.2%0.2%5.20B-65.72B-629.8M1.461.50N/AN/A1,283,5821,877,7816,473,37112,471,480