SPY Options History — May 2022

In May 2022, SPY traded between $387.72 and $428.43. ATM implied volatility averaged 26.7%, placing in the 83.2% IV rank vs the trailing year. The 30-day expected move averaged 7.9%. IV traded below realized volatility by 4.2% (HV 20d: 31.0%). Max pain ranged from $425.00 to $441.00. Net GEX was positive for 1 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.30.

Notable Days

  • 2022-05-20: Highest Volume — 9,656,527 contracts
  • 2022-05-05: Largest IV spike — 25.8% change
  • 2022-05-09: Highest IV Rank — 100.0%
  • 2022-05-09: Largest Expected Move — 8.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$402.87$387.72$428.43$412.50$414.08
Max Pain$431.90$425.00$441.00$441.00$425.00
ATM IV26.7%22.3%30.1%28.1%23.8%
Expected Move7.9%6.8%8.8%8.7%7.3%
HV 20d31.0%23.2%34.6%23.6%32.5%
HV 60d25.2%22.5%26.7%22.6%26.2%
IV Rank83.2%61.2%100.0%89.8%68.7%
IV Percentile92.6%80.2%100.0%98.4%82.1%
Term Structure-0.2%-1.3%0.8%0.1%0.0%
VWIV29.0%26.1%32.2%32.2%26.6%
Skew 25d7.0%5.3%9.5%9.5%6.1%
Skew 10d13.4%10.4%20.4%20.4%11.3%
Call IV 25d23.4%18.6%26.4%23.5%21.3%
Put IV 25d30.3%26.1%34.5%33.1%27.3%
Bid-Ask Spread %1.321.021.931.101.49
Gamma HHI0.040.020.070.030.02
Net GEX-5.84B-9.44B1.72B-8.46B-945.1M
Net DEX104.25B14.38B158.32B116.73B27.80B
Net VEX-594.9M-646.0M-538.5M-635.1M-610.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.301.081.511.351.18
Total Volume6,875,428.7624,712,4119,656,5278,240,0276,992,806
Total OI17,500,369.52416,150,76419,168,33416,150,76417,468,469

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2022-05-02$412.50$441.0028.1%8.7%23.6%89.8%32.2%9.5%0.1%-8.46B116.73B-635.1M1.351.10N/AN/A3,513,3794,726,6485,794,31210,356,452
2022-05-03$415.17$440.0026.3%8.1%23.2%81.2%29.2%8.5%0.1%-6.74B99.96B-636.7M1.201.05N/AN/A2,139,7912,572,6205,902,88910,412,161
2022-05-04$428.43$440.0022.3%6.8%26.3%61.2%26.4%7.7%-0.5%-2.85B43.53B-646.0M1.261.30N/AN/A3,012,8623,790,7306,108,64710,733,839
2022-05-05$412.09$440.0028.1%8.1%29.3%89.8%29.3%9.0%-0.7%-7.86B112.69B-637.2M1.321.63N/AN/A3,162,8384,165,7866,056,94710,743,960
2022-05-06$410.96$438.0026.6%7.8%29.0%82.3%28.9%7.6%0.2%-8.26B115.24B-632.0M1.291.93N/AN/A3,666,7754,739,0046,567,67911,015,467
2022-05-09$398.54$437.0030.1%8.8%30.4%100.0%31.6%8.4%0.6%-9.05B145.75B-589.2M1.271.22N/AN/A3,610,7034,579,7276,394,36710,547,728
2022-05-10$398.53$435.0029.9%8.6%30.1%99.0%30.9%7.6%0.2%-7.40B136.19B-596.5M1.091.27N/AN/A2,958,5363,213,9386,797,54710,545,255
2022-05-11$392.90$435.0029.7%8.6%30.2%97.8%30.3%6.9%-0.7%-9.20B155.43B-577.0M1.331.31N/AN/A3,119,6614,156,5427,151,79810,878,684
2022-05-12$389.74$434.0029.8%8.7%29.4%98.5%31.3%6.9%-0.8%-8.28B158.32B-566.6M1.281.47N/AN/A2,844,5583,648,6157,077,90210,732,340
2022-05-13$401.80$430.0026.3%7.8%32.1%81.0%29.4%6.5%0.4%-4.76B107.33B-600.3M1.431.12N/AN/A2,970,0314,236,0527,530,96911,061,500
2022-05-16$399.91$430.0026.0%7.7%32.1%79.4%27.8%6.3%0.8%-6.96B116.09B-569.1M1.241.02N/AN/A2,483,4693,072,2827,012,50810,823,499
2022-05-17$407.22$430.0024.6%7.1%32.0%72.4%26.4%6.0%0.7%-4.98B86.32B-582.5M1.341.19N/AN/A2,258,4873,029,0736,993,04610,740,003
2022-05-18$391.37$430.0028.8%8.3%34.2%93.7%30.0%7.4%-1.3%-9.10B154.11B-551.9M1.181.33N/AN/A3,691,7354,350,6797,191,88711,266,882
2022-05-19$391.00$430.0026.9%7.8%34.0%84.0%27.7%6.7%-1.1%-8.43B142.07B-550.6M1.331.49N/AN/A2,674,9853,559,5337,376,68611,062,443
2022-05-20$387.72$429.0026.9%7.9%33.5%84.1%29.1%7.1%-1.2%-9.44B151.99B-538.5M1.501.78N/AN/A3,869,7665,786,7617,822,75911,345,575
2022-05-23$395.44$426.0026.4%7.9%34.6%81.4%28.7%6.2%0.1%-3.09B87.58B-568.8M1.421.15N/AN/A2,927,6494,157,1146,692,7499,846,077
2022-05-24$394.84$425.0027.0%8.1%33.8%84.7%30.0%5.8%0.1%-4.75B92.99B-582.3M1.511.38N/AN/A2,351,2423,559,5206,566,05110,156,982
2022-05-25$397.58$425.0026.4%7.9%34.0%81.3%29.0%5.7%-0.6%-2.86B78.09B-588.1M1.081.09N/AN/A2,958,1013,183,1426,880,84510,527,891
2022-05-26$406.19$425.0024.7%7.4%33.8%73.3%27.9%5.3%-0.6%-898.0M46.72B-610.5M1.471.15N/AN/A2,279,9703,344,4636,786,52210,462,857
2022-05-27$414.21$425.0023.0%6.9%32.5%64.6%26.1%5.5%0.3%1.72B14.38B-624.5M1.261.19N/AN/A3,105,1333,919,2987,018,33611,055,250
2022-05-31$414.08$425.0023.8%7.3%32.5%68.7%26.6%6.1%0.0%-945.1M27.80B-610.2M1.181.49N/AN/A3,204,1653,788,6416,780,95310,687,516