SPY Options History — July 2021

In July 2021, SPY traded between $422.80 and $440.90. ATM implied volatility averaged 12.9%, placing in the 10.6% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 1.7% (HV 20d: 11.3%). Max pain ranged from $420.00 to $430.00. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.25.

Notable Days

  • 2021-07-19: Highest Volume — 6,520,269 contracts
  • 2021-07-19: Largest IV spike — 34.1% change
  • 2021-07-19: Highest IV Rank — 35.9%
  • 2021-07-19: Largest Expected Move — 5.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$434.90$422.80$440.90$430.18$438.15
Max Pain$425.14$420.00$430.00$420.00$430.00
ATM IV12.9%10.4%18.9%10.9%13.4%
Expected Move3.7%2.6%5.4%2.7%3.6%
HV 20d11.3%7.9%14.2%8.0%14.2%
HV 60d11.9%11.1%12.7%11.1%12.4%
IV Rank10.6%0.0%35.9%2.1%12.4%
IV Percentile14.1%0.0%65.5%1.2%17.5%
Term Structure0.1%-0.3%0.6%-0.1%0.4%
VWIV15.4%10.9%21.8%10.9%14.3%
Skew 25d6.9%5.0%10.3%5.5%7.6%
Skew 10d13.7%10.2%19.8%11.0%15.0%
Call IV 25d10.5%8.9%14.3%9.2%10.6%
Put IV 25d17.4%13.9%24.6%14.7%18.2%
Bid-Ask Spread %1.211.031.421.371.11
Gamma HHI0.050.020.160.040.03
Net GEX3.82B-6.26B13.24B6.30B-214.1M
Net DEX-54.19B-83.76B33.98B-60.31B-46.61B
Net VEX-673.1M-723.8M-622.7M-630.3M-689.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.251.021.581.411.20
Total Volume3,921,130.9052,440,9866,520,2692,440,9864,075,657
Total OI17,320,135.04816,029,87918,742,26416,029,87918,207,751

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-07-01$430.18$420.0010.9%2.7%8.0%2.1%10.9%5.5%-0.1%6.30B-60.31B-630.3M1.411.37N/AN/A1,011,2931,429,6935,356,76710,673,112
2021-07-02$433.71$420.0010.4%2.6%7.9%0.0%10.9%5.0%0.3%9.50B-83.76B-622.7M1.221.41N/AN/A1,743,8892,134,9755,527,85511,132,995
2021-07-06$432.98$420.0011.6%3.5%7.9%4.7%14.8%6.0%0.3%3.65B-62.90B-629.7M1.241.13N/AN/A1,957,2672,421,7075,343,84611,030,863
2021-07-07$434.57$420.0011.8%3.6%8.0%5.8%15.4%6.1%-0.2%6.84B-69.71B-642.8M1.181.19N/AN/A1,850,2162,182,7605,425,76811,255,135
2021-07-08$429.86$421.0014.2%4.2%9.0%15.9%18.7%7.8%-0.3%-1.94B-31.15B-674.0M1.281.03N/AN/A1,933,1792,465,2165,454,60311,331,562
2021-07-09$435.42$421.0011.5%3.5%9.9%4.4%16.3%5.8%0.2%10.95B-81.05B-640.1M1.181.18N/AN/A1,938,1742,285,2535,821,65011,715,600
2021-07-12$436.95$422.0011.9%3.5%10.0%6.4%14.8%6.3%-0.1%8.72B-80.76B-636.9M1.141.18N/AN/A1,578,0321,791,3445,640,73711,633,633
2021-07-13$435.93$424.0012.4%3.7%10.1%8.3%15.5%6.7%0.2%3.61B-67.71B-652.2M1.171.24N/AN/A1,631,8441,909,3665,694,25711,849,842
2021-07-14$436.43$425.0012.3%3.6%10.1%7.7%14.8%6.4%-0.2%5.17B-72.27B-663.5M1.371.29N/AN/A1,674,8822,290,3255,975,40712,257,836
2021-07-15$434.43$425.0012.8%3.8%10.0%10.2%15.3%6.9%-0.2%1.68B-55.39B-672.1M1.581.21N/AN/A1,379,9872,186,9675,901,14512,294,807
2021-07-16$431.26$425.0014.1%4.1%10.5%15.6%15.9%7.5%0.2%-4.05B-26.92B-698.7M1.231.16N/AN/A2,195,2802,699,1876,069,30012,672,964
2021-07-19$422.80$428.0018.9%5.4%11.7%35.9%21.8%10.3%-0.3%-6.26B33.98B-723.8M1.571.16N/AN/A2,540,1943,980,0755,299,64610,799,090
2021-07-20$431.82$426.0014.6%4.2%13.5%17.4%19.1%8.2%0.3%1.93B-30.40B-707.2M1.211.18N/AN/A1,970,4162,385,5775,594,60311,135,129
2021-07-21$433.96$427.0013.4%3.8%13.4%12.6%16.0%7.2%-0.2%4.15B-41.54B-708.2M1.081.27N/AN/A1,552,3531,682,8835,768,15811,948,890
2021-07-22$435.35$428.0013.2%3.8%13.4%11.6%16.4%7.2%-0.2%2.30B-42.64B-711.6M1.331.31N/AN/A1,244,3461,660,3655,663,18711,919,837
2021-07-23$440.04$428.0011.8%3.4%13.7%6.0%14.7%6.4%0.4%13.24B-78.95B-692.3M1.021.42N/AN/A2,469,0402,521,9095,833,52912,272,149
2021-07-26$440.51$428.0012.8%3.5%13.7%9.9%15.5%6.7%0.4%6.14B-69.63B-677.8M1.071.21N/AN/A1,508,0071,618,5775,406,17411,408,241
2021-07-27$438.10$430.0014.1%3.9%14.0%15.6%15.5%7.4%0.6%1.13B-46.70B-702.9M1.421.27N/AN/A1,584,8552,251,6935,412,11611,602,460
2021-07-28$439.64$430.0013.0%3.5%14.0%10.9%14.0%7.2%-0.1%2.58B-57.78B-677.9M1.131.03N/AN/A1,638,6931,854,7755,638,35812,040,289
2021-07-29$440.90$430.0012.7%3.4%14.0%9.5%13.6%6.9%-0.1%4.81B-65.74B-681.2M1.191.14N/AN/A1,423,1011,690,3975,619,11312,094,432
2021-07-30$438.15$430.0013.4%3.6%14.2%12.4%14.3%7.6%0.4%-214.1M-46.61B-689.9M1.201.11N/AN/A1,850,1582,225,4995,779,13212,428,619