SPY Options History — January 2023

In January 2023, SPY traded between $379.73 and $406.81. ATM implied volatility averaged 19.0%, placing in the 26.6% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 1.4% (HV 20d: 17.6%). Max pain ranged from $390.00 to $397.00. Net GEX was positive for 7 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 1.28.

Notable Days

  • 2023-01-23: Highest Volume — 10,159,469 contracts
  • 2023-01-12: Largest IV drop — 11.2% change
  • 2023-01-03: Highest IV Rank — 52.2%
  • 2023-01-03: Largest Expected Move — 6.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$394.38$379.73$406.81$380.47$404.84
Max Pain$393.35$390.00$397.00$390.00$397.00
ATM IV19.0%16.7%22.2%22.2%17.7%
Expected Move5.6%4.9%6.4%6.4%5.6%
HV 20d17.6%14.7%20.0%19.0%14.8%
HV 60d21.8%20.5%23.7%23.7%20.5%
IV Rank26.6%11.0%52.2%52.2%16.6%
IV Percentile17.6%3.2%44.0%44.0%8.7%
Term Structure-0.1%-0.6%0.6%-0.4%0.0%
VWIV20.3%18.1%22.6%22.1%20.9%
Skew 25d3.9%3.1%4.5%4.0%4.4%
Skew 10d7.3%5.7%9.2%7.1%9.2%
Call IV 25d17.0%15.0%19.9%19.9%15.5%
Put IV 25d20.8%18.2%23.9%23.9%19.9%
Bid-Ask Spread %1.180.981.461.241.07
Gamma HHI0.030.020.050.040.03
Net GEX-2.70B-10.34B3.96B-6.19B302.6M
Net DEX2.42B-47.27B58.39B51.64B-20.24B
Net VEX-588.0M-636.6M-558.4M-567.0M-626.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.281.061.601.121.30
Total Volume8,126,664.26,333,75110,159,4697,122,6556,777,777
Total OI18,352,178.2516,426,83220,675,41116,625,69818,356,839

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-01-03$380.47$390.0022.2%6.4%19.0%52.2%22.1%4.0%-0.4%-6.19B51.64B-567.0M1.121.24N/AN/A3,360,9863,761,6696,006,97010,618,728
2023-01-04$381.39$390.0021.9%6.2%18.2%50.2%21.4%3.8%-0.4%-4.68B45.35B-566.0M1.601.10N/AN/A3,115,9234,971,0246,212,94810,729,865
2023-01-05$379.73$392.0021.8%6.2%17.8%49.5%22.5%3.6%-0.6%-7.58B58.39B-568.1M1.220.98N/AN/A3,172,0623,859,3646,229,02811,276,381
2023-01-06$388.90$390.0020.2%5.9%20.0%34.3%21.7%3.5%-0.3%66.0M2.06B-566.2M1.261.12N/AN/A3,985,1885,036,7956,438,18811,329,738
2023-01-09$388.45$390.0020.9%6.1%19.8%38.7%22.6%3.7%0.5%-2.04B11.27B-573.4M1.321.12N/AN/A3,895,9135,143,7826,305,10611,350,521
2023-01-10$389.77$390.0019.9%5.8%19.9%32.6%21.4%3.6%0.5%-3.38B9.92B-574.1M1.201.46N/AN/A3,082,8923,690,1276,502,75211,796,835
2023-01-11$394.47$390.0020.3%5.9%20.0%35.1%21.8%3.6%0.4%798.3M-13.88B-579.2M1.561.15N/AN/A3,020,8524,727,7696,570,13511,891,494
2023-01-12$396.22$391.0018.0%5.3%19.6%21.6%19.6%3.1%0.6%-1.12B-17.39B-573.5M1.281.30N/AN/A4,060,5955,188,0786,728,91712,674,088
2023-01-13$398.55$394.0016.7%4.9%19.5%14.1%18.1%3.1%0.6%196.6M-28.59B-558.4M1.411.27N/AN/A2,827,3003,995,0456,700,04413,079,110
2023-01-17$397.63$395.0017.9%5.2%17.2%18.3%18.9%3.9%-0.3%-2.67B-14.89B-568.2M1.201.25N/AN/A2,880,5363,453,2156,563,97912,789,235
2023-01-18$391.95$395.0019.0%5.4%17.4%24.6%19.5%4.1%-0.5%-8.75B29.92B-584.2M1.251.20N/AN/A4,302,4565,367,6966,682,32513,039,481
2023-01-19$389.77$395.0018.9%5.4%16.9%24.3%19.7%4.3%-0.5%-10.34B42.60B-598.5M1.321.20N/AN/A3,674,3534,839,2437,068,48913,259,623
2023-01-20$394.93$395.0018.2%5.3%17.3%20.1%19.4%4.0%-0.6%-3.33B-5.20B-589.4M1.311.23N/AN/A3,546,1754,648,6917,176,61413,498,797
2023-01-23$399.97$395.0018.1%5.3%17.4%19.4%19.8%4.1%-0.1%689.4M-19.49B-585.9M1.331.19N/AN/A4,367,9895,791,4805,364,10511,062,727
2023-01-24$399.39$395.0017.9%5.3%15.9%18.2%19.4%4.0%-0.2%-3.25B-4.75B-610.1M1.281.19N/AN/A2,982,5953,805,2515,607,24611,755,775
2023-01-25$399.62$395.0017.5%5.3%15.7%15.8%19.7%4.0%-0.2%-3.69B-3.57B-618.1M1.291.16N/AN/A4,124,8515,310,9835,708,36811,964,717
2023-01-26$403.58$395.0017.2%5.2%15.9%13.8%19.0%3.9%-0.3%2.05B-31.97B-607.3M1.061.13N/AN/A4,311,1224,589,3095,868,96512,231,138
2023-01-27$406.81$396.0016.8%5.1%14.7%11.0%18.5%3.7%-0.3%3.96B-47.27B-610.1M1.121.14N/AN/A4,151,1094,650,4926,031,16012,467,183
2023-01-30$401.20$397.0018.5%5.8%14.9%21.8%20.8%4.5%0.0%-5.16B4.42B-636.6M1.181.07N/AN/A3,704,2144,358,3835,897,14812,208,803
2023-01-31$404.84$397.0017.7%5.6%14.8%16.6%20.9%4.4%0.0%302.6M-20.24B-626.4M1.301.07N/AN/A2,947,2493,830,5285,960,27212,396,567