SPY Options History — February 2023

In February 2023, SPY traded between $395.57 and $415.12. ATM implied volatility averaged 18.5%, placing in the 21.7% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded above realized volatility by 3.0% (HV 20d: 15.5%). Max pain ranged from $398.00 to $402.00. Net GEX was positive for 4 of 19 trading days. Term structure was in contango for 13 of 19 days. Put/call ratio averaged 1.22.

Notable Days

  • 2023-02-02: Highest Volume — 10,746,030 contracts
  • 2023-02-21: Largest IV spike — 13.9% change
  • 2023-02-22: Highest IV Rank — 38.1%
  • 2023-02-22: Largest Expected Move — 6.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$407.00$395.57$415.12$412.62$397.01
Max Pain$400.53$398.00$402.00$398.00$400.00
ATM IV18.5%16.0%21.2%16.0%19.2%
Expected Move5.4%4.9%6.1%5.0%5.7%
HV 20d15.5%14.5%16.3%15.7%15.4%
HV 60d18.3%16.6%20.7%20.7%16.6%
IV Rank21.7%6.0%38.1%6.0%26.2%
IV Percentile17.2%1.2%40.5%1.2%22.6%
Term Structure0.1%-0.7%0.8%0.3%-0.5%
VWIV20.5%19.0%22.4%19.5%20.3%
Skew 25d4.8%3.7%6.2%3.9%4.9%
Skew 10d9.3%7.3%11.8%8.1%8.8%
Call IV 25d16.2%14.3%18.1%14.3%16.7%
Put IV 25d21.0%18.2%24.2%18.2%21.6%
Bid-Ask Spread %1.130.981.331.160.98
Gamma HHI0.030.030.060.030.04
Net GEX-4.41B-12.90B3.22B2.61B-9.44B
Net DEX4.82B-66.61B81.90B-62.02B59.79B
Net VEX-669.0M-705.0M-605.3M-605.3M-669.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.221.021.491.211.24
Total Volume8,449,461.5266,977,32910,746,0309,098,8087,060,391
Total OI19,928,294.94717,688,39921,854,79518,692,66619,018,816

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-02-01$412.62$398.0016.0%5.0%15.7%6.0%19.5%3.9%0.3%2.61B-62.02B-605.3M1.211.16N/AN/A4,117,0584,981,7505,952,96312,739,703
2023-02-02$415.12$399.0016.5%5.0%15.7%9.5%19.8%3.7%0.2%3.22B-66.61B-624.2M1.251.06N/AN/A4,768,8175,977,2136,116,34913,424,685
2023-02-03$411.74$400.0016.7%5.0%16.0%10.4%19.9%3.7%0.2%-1.39B-35.76B-653.3M1.271.02N/AN/A4,149,2075,269,0466,268,73114,137,525
2023-02-06$409.73$400.0017.5%5.3%14.5%15.8%20.8%4.3%0.7%-4.46B-10.92B-670.1M1.231.01N/AN/A3,224,3383,981,1986,187,40213,748,386
2023-02-07$415.01$400.0016.8%5.1%14.8%11.0%20.6%3.9%0.8%1.44B-49.88B-640.2M1.191.16N/AN/A4,309,5925,144,2346,211,39413,852,293
2023-02-08$410.68$400.0017.8%5.3%15.6%17.3%20.3%4.5%0.8%-3.68B-16.21B-673.7M1.021.14N/AN/A4,114,2324,214,7286,363,00414,237,319
2023-02-09$407.48$400.0019.2%5.7%15.6%25.8%21.1%4.7%0.8%-5.57B11.21B-701.2M1.151.09N/AN/A4,101,9304,714,0496,518,91914,361,436
2023-02-10$407.97$400.0019.2%5.7%15.6%25.8%21.6%4.5%0.8%-4.76B6.63B-705.0M1.331.10N/AN/A3,456,0584,603,7646,656,97814,611,878
2023-02-13$412.53$401.0019.0%5.5%15.9%25.0%21.3%5.1%0.1%-188.9M-26.99B-677.4M1.491.33N/AN/A2,810,8824,184,7416,419,80014,313,216
2023-02-14$413.44$401.0017.5%5.1%15.8%15.6%19.8%4.7%0.3%29.2M-33.78B-654.9M1.251.29N/AN/A4,169,0415,205,1406,476,24014,669,978
2023-02-15$413.05$402.0017.2%4.9%14.7%13.9%19.0%4.6%0.3%-663.5M-30.45B-660.2M1.161.16N/AN/A3,230,6123,746,7176,564,93014,804,193
2023-02-16$408.82$402.0018.4%5.3%15.1%21.1%19.7%5.2%0.2%-5.43B9.28B-690.0M1.291.23N/AN/A3,805,3774,896,6936,683,56714,928,431
2023-02-17$406.61$402.0018.5%5.3%14.8%21.9%20.0%5.2%0.2%-7.25B22.63B-685.7M1.211.23N/AN/A3,928,4704,769,4266,769,13915,085,656
2023-02-21$399.91$402.0021.1%6.1%15.5%37.7%22.4%6.0%-0.7%-10.88B67.52B-678.0M1.201.20N/AN/A3,867,3514,656,3905,695,86811,992,531
2023-02-22$397.25$401.0021.2%6.1%15.6%38.1%21.8%6.2%-0.7%-11.09B71.47B-679.9M1.171.15N/AN/A3,589,5774,214,0705,949,57812,066,692
2023-02-23$400.95$401.0019.6%5.6%16.0%28.2%20.4%5.7%-0.6%-6.79B40.28B-678.3M1.081.05N/AN/A4,047,4274,359,3776,123,91412,299,935
2023-02-24$395.57$401.0020.5%5.9%16.3%33.7%20.9%5.4%-0.5%-12.90B81.90B-691.7M1.181.11N/AN/A3,978,4574,704,6656,249,53212,714,744
2023-02-27$397.56$400.0019.7%5.8%16.1%29.0%21.2%5.2%-0.3%-6.64B53.56B-672.9M1.331.05N/AN/A3,509,1344,678,6176,098,77512,323,104
2023-02-28$397.01$400.0019.2%5.7%15.4%26.2%20.3%4.9%-0.5%-9.44B59.79B-669.5M1.240.98N/AN/A3,155,9123,904,4796,179,44712,839,369