SPY Options History — March 2022

In March 2022, SPY traded between $416.80 and $461.62. ATM implied volatility averaged 22.5%, placing in the 63.3% IV rank vs the trailing year. The 30-day expected move averaged 7.0%. IV traded below realized volatility by 1.3% (HV 20d: 23.9%). Max pain ranged from $443.00 to $450.00. Net GEX was positive for 7 of 23 trading days. Term structure was in contango for 10 of 23 days. Put/call ratio averaged 1.53.

Notable Days

  • 2022-03-16: Highest Volume — 7,532,035 contracts
  • 2022-03-02: Largest IV drop — 13.0% change
  • 2022-03-01: Highest IV Rank — 100.0%
  • 2022-03-07: Largest Expected Move — 9.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$437.95$416.80$461.62$428.62$454.47
Max Pain$447.65$443.00$450.00$446.00$450.00
ATM IV22.5%15.0%30.1%28.9%17.2%
Expected Move7.0%4.7%9.9%9.2%5.2%
HV 20d23.9%21.5%26.1%22.4%21.5%
HV 60d20.3%18.8%21.1%19.1%21.1%
IV Rank63.3%24.6%100.0%100.0%35.5%
IV Percentile86.5%59.1%100.0%100.0%72.6%
Term Structure-0.2%-1.1%0.4%0.0%-0.3%
VWIV26.7%19.9%36.0%34.5%22.4%
Skew 25d8.6%5.8%11.3%11.3%6.7%
Skew 10d16.2%11.6%21.1%21.1%13.0%
Call IV 25d18.8%12.8%24.8%23.9%14.2%
Put IV 25d27.5%18.6%35.4%35.2%20.9%
Bid-Ask Spread %1.601.162.721.701.46
Gamma HHI0.030.020.050.020.02
Net GEX-3.35B-10.37B4.53B-7.05B-5.30B
Net DEX36.66B-53.55B119.65B86.60B-5.84B
Net VEX-653.3M-696.8M-607.3M-696.4M-693.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.531.241.821.521.73
Total Volume5,876,880.6093,909,5377,532,0355,729,1455,225,087
Total OI17,985,196.60915,705,80119,358,63917,667,78118,423,668

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2022-03-01$428.62$446.0028.9%9.2%22.4%100.0%34.5%11.3%0.0%-7.05B86.60B-696.4M1.521.70N/AN/A2,270,7093,458,4366,013,41611,654,365
2022-03-02$438.95$445.0025.2%7.7%23.8%80.2%29.8%10.6%-1.0%-1.63B34.14B-694.1M1.601.84N/AN/A2,748,8494,386,4396,372,81312,146,257
2022-03-03$434.24$445.0026.3%8.2%23.6%86.3%30.7%11.0%-1.1%-5.68B62.45B-696.8M1.331.43N/AN/A2,504,9213,335,4686,231,62512,252,377
2022-03-04$430.80$445.0027.0%8.4%22.4%89.7%31.2%10.3%0.1%-8.57B81.46B-688.2M1.501.62N/AN/A2,752,4624,115,0136,522,27712,745,900
2022-03-07$420.76$445.0030.1%9.9%23.3%100.0%36.0%10.7%-0.1%-9.79B115.66B-656.7M1.241.51N/AN/A3,126,1773,869,6325,925,10512,098,351
2022-03-08$417.67$445.0029.6%9.9%23.3%97.3%35.3%10.0%0.1%-8.99B119.65B-647.0M1.431.47N/AN/A2,980,6084,247,7976,148,28811,957,585
2022-03-09$428.71$445.0026.6%8.7%25.3%82.5%32.0%10.1%-0.5%-3.84B66.47B-661.3M1.731.91N/AN/A2,374,2334,095,8606,530,08812,520,252
2022-03-10$424.89$445.0026.3%8.5%24.6%81.1%30.5%9.5%-0.7%-7.47B86.99B-645.7M1.551.81N/AN/A2,037,4393,155,8986,216,37812,508,228
2022-03-11$420.95$443.0026.5%8.6%24.0%82.2%30.0%8.9%0.2%-10.37B103.16B-631.4M1.451.95N/AN/A2,487,3123,607,2036,497,72312,860,916
2022-03-14$416.80$450.0028.1%7.8%23.6%90.2%27.3%9.6%-0.1%-9.79B114.05B-613.6M1.611.89N/AN/A2,239,0453,610,9676,051,69212,215,346
2022-03-15$425.59$449.0025.5%7.2%25.1%77.2%27.1%9.2%-0.9%-5.56B71.74B-616.5M1.821.89N/AN/A1,585,9972,890,6406,007,00512,110,805
2022-03-16$432.99$448.0022.3%6.5%25.4%61.2%26.5%8.4%-0.9%-973.4M35.93B-607.3M1.602.72N/AN/A2,896,1734,635,8626,211,19912,580,192
2022-03-17$440.31$448.0020.5%6.1%26.1%52.3%24.8%7.7%-0.8%1.17B7.37B-617.8M1.431.85N/AN/A2,115,1133,030,3236,145,54812,705,423
2022-03-18$444.40$449.0019.4%5.8%25.3%46.9%23.6%7.6%0.3%2.64B3.56B-634.5M1.391.55N/AN/A2,584,2293,590,3865,967,37413,246,687
2022-03-21$442.70$449.0020.0%5.9%25.2%49.7%23.5%8.1%0.2%-1.26B6.89B-632.9M1.491.20N/AN/A2,551,3883,808,0554,917,53110,788,270
2022-03-22$449.80$449.0018.3%5.5%25.3%41.0%22.4%7.5%0.2%1.24B-17.32B-637.7M1.661.39N/AN/A1,749,3342,910,9084,967,37010,768,671
2022-03-23$445.54$450.0018.9%5.6%24.5%44.5%22.0%7.7%-0.3%-4.47B6.35B-646.1M1.441.29N/AN/A2,124,4113,068,1755,214,96811,408,418
2022-03-24$449.40$450.0017.7%5.4%24.4%38.2%20.6%7.2%-0.3%265.5M-11.22B-642.9M1.651.16N/AN/A1,473,1852,436,3525,089,73111,388,360
2022-03-25$451.09$450.0017.0%5.3%23.1%34.7%21.8%7.1%0.3%3.11B-18.81B-652.7M1.551.30N/AN/A2,699,5004,180,2925,311,51311,940,947
2022-03-28$454.82$450.0015.9%5.0%23.0%29.4%20.9%6.7%0.3%2.51B-26.86B-661.7M1.551.28N/AN/A2,035,1653,155,9125,206,46511,902,045
2022-03-29$461.62$450.0015.0%4.7%22.6%24.6%19.9%5.8%0.4%4.53B-53.55B-660.7M1.461.27N/AN/A2,208,1063,224,1665,261,06712,175,530
2022-03-30$457.67$450.0016.3%5.0%21.7%31.3%20.6%6.6%-0.3%-1.82B-25.81B-690.4M1.451.39N/AN/A2,281,5073,303,5205,522,45212,929,301
2022-03-31$454.47$450.0017.2%5.2%21.5%35.5%22.4%6.7%-0.3%-5.30B-5.84B-693.2M1.731.46N/AN/A1,913,5563,311,5315,427,19212,996,476