SPY Options History — September 2021

In September 2021, SPY traded between $430.81 and $453.23. ATM implied volatility averaged 14.6%, placing in the 18.9% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded above realized volatility by 4.6% (HV 20d: 10.0%). Max pain ranged from $434.00 to $445.00. Net GEX was positive for 9 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.24.

Notable Days

  • 2021-09-20: Highest Volume — 8,519,377 contracts
  • 2021-09-20: Largest IV spike — 39.2% change
  • 2021-09-20: Highest IV Rank — 45.1%
  • 2021-09-20: Largest Expected Move — 6.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$443.80$430.81$453.23$451.96$430.81
Max Pain$443.52$434.00$445.00$434.00$443.00
ATM IV14.6%10.0%20.9%11.0%19.5%
Expected Move4.3%3.0%6.1%3.0%5.8%
HV 20d10.0%7.3%14.1%7.3%14.1%
HV 60d10.8%9.8%12.3%10.1%12.3%
IV Rank18.9%0.0%45.1%2.6%39.3%
IV Percentile37.1%0.0%82.5%2.8%81.0%
Term Structure0.1%-0.4%0.6%0.5%-0.2%
VWIV17.1%12.8%23.7%12.8%21.1%
Skew 25d8.0%5.5%11.2%5.9%10.0%
Skew 10d15.3%9.9%21.3%12.6%17.5%
Call IV 25d11.6%8.7%15.9%9.4%14.7%
Put IV 25d19.6%14.3%27.1%15.2%24.7%
Bid-Ask Spread %1.431.082.161.541.39
Gamma HHI0.040.030.060.040.03
Net GEX-1.67B-9.60B9.93B4.08B-9.60B
Net DEX-22.91B-105.58B65.73B-89.93B65.73B
Net VEX-669.3M-705.6M-617.6M-664.8M-694.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.240.751.481.301.30
Total Volume4,866,682.193,020,4478,519,3773,264,5526,164,552
Total OI18,894,003.8115,734,72120,629,33419,433,45418,831,135

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-09-01$451.96$434.0011.0%3.0%7.3%2.6%12.8%5.9%0.5%4.08B-89.93B-664.8M1.301.54N/AN/A1,422,1971,842,3556,473,34012,960,114
2021-09-02$452.35$442.0011.5%3.5%7.3%4.5%15.3%6.0%0.6%6.04B-92.13B-661.8M1.291.45N/AN/A1,317,0971,703,3506,368,11812,929,097
2021-09-03$453.23$443.0010.0%3.3%7.3%0.0%13.5%5.5%0.3%9.93B-105.58B-637.7M1.291.28N/AN/A1,531,8781,982,0456,562,06213,435,106
2021-09-07$451.74$444.0012.1%3.6%7.4%8.5%14.5%6.9%-0.2%3.39B-83.38B-644.1M0.971.28N/AN/A1,812,3611,766,6836,314,46112,836,866
2021-09-08$450.70$444.0012.1%3.6%7.5%8.5%17.5%6.9%-0.1%1.87B-74.54B-643.2M1.251.28N/AN/A1,923,0782,400,1236,433,70512,958,671
2021-09-09$449.90$444.0012.6%3.8%7.6%10.6%15.2%7.0%-0.2%1.61B-67.60B-655.6M1.101.45N/AN/A1,807,1461,990,6546,569,03613,108,832
2021-09-10$445.96$444.0014.5%4.2%8.2%18.4%16.8%8.3%0.2%-5.13B-26.68B-685.1M1.201.44N/AN/A2,478,6812,962,5216,696,46213,525,692
2021-09-13$445.79$445.0014.2%4.1%8.2%17.2%16.8%8.1%0.2%-2.45B-34.51B-651.7M1.421.28N/AN/A2,142,7503,053,0396,430,75413,046,548
2021-09-14$443.79$444.0014.6%4.2%8.3%18.8%16.7%8.1%0.3%-3.67B-22.88B-652.1M1.231.38N/AN/A1,995,3532,447,9476,510,63113,242,456
2021-09-15$448.32$445.0012.7%3.6%8.6%11.1%14.2%6.6%-0.2%1.84B-64.58B-617.6M1.161.55N/AN/A2,430,9212,815,9956,743,48013,595,199
2021-09-16$447.55$445.0012.6%3.6%8.4%10.7%14.6%6.9%-0.2%-1.38B-46.76B-631.1M0.751.73N/AN/A2,869,6012,146,7966,614,14113,337,195
2021-09-17$441.54$445.0015.0%4.4%9.8%20.7%16.7%8.7%0.2%-7.52B2.25B-681.1M1.001.35N/AN/A3,236,5913,234,6886,796,31313,833,021
2021-09-20$432.26$445.0020.9%6.1%11.9%45.1%23.7%11.2%0.1%-7.99B60.39B-690.0M1.401.35N/AN/A3,556,6564,962,7215,080,49410,654,227
2021-09-21$434.92$445.0018.8%5.5%11.6%36.5%21.2%9.7%0.1%-8.31B47.18B-692.1M1.391.23N/AN/A1,955,2742,724,2755,353,11710,978,673
2021-09-22$438.40$445.0016.6%4.8%12.0%27.4%17.7%8.7%-0.3%-4.20B18.45B-696.1M1.311.59N/AN/A2,442,5293,197,3125,982,49011,719,573
2021-09-23$443.55$445.0013.9%3.9%12.8%16.2%17.3%7.5%-0.2%779.4M-15.39B-688.6M1.381.31N/AN/A2,049,4902,833,1095,934,35011,657,645
2021-09-24$444.57$442.0012.9%3.6%12.7%11.9%15.5%7.3%0.3%3.53B-30.02B-687.5M1.301.27N/AN/A1,909,3672,473,3076,418,05512,118,206
2021-09-27$443.07$443.0013.8%3.8%12.2%15.7%16.0%8.0%0.3%-1.03B-13.46B-676.0M1.021.08N/AN/A1,862,1571,895,9376,112,38611,800,284
2021-09-28$434.35$443.0018.8%5.6%13.8%36.2%21.7%9.7%0.2%-7.74B45.84B-705.6M1.482.16N/AN/A2,445,8963,609,0226,191,75411,951,529
2021-09-29$435.02$444.0018.8%5.5%13.8%36.3%20.7%9.9%-0.4%-9.11B46.59B-698.4M1.471.61N/AN/A1,942,0752,862,7976,397,73012,271,132
2021-09-30$430.81$443.0019.5%5.8%14.1%39.3%21.1%10.0%-0.2%-9.60B65.73B-694.3M1.301.39N/AN/A2,680,8923,483,6606,504,86212,326,273