SPY Options History — March 2023

In March 2023, SPY traded between $384.73 and $408.13. ATM implied volatility averaged 19.8%, placing in the 29.6% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 3.1% (HV 20d: 16.7%). Max pain ranged from $397.00 to $405.00. Net GEX was positive for 3 of 23 trading days. Term structure was in contango for 11 of 23 days. Put/call ratio averaged 1.39.

Notable Days

  • 2023-03-10: Highest Volume — 13,854,663 contracts
  • 2023-03-09: Largest IV spike — 17.4% change
  • 2023-03-13: Highest IV Rank — 52.6%
  • 2023-03-13: Largest Expected Move — 6.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$395.99$384.73$408.13$395.17$408.13
Max Pain$400.13$397.00$405.00$400.00$398.00
ATM IV19.8%16.8%23.5%19.6%16.8%
Expected Move5.6%4.7%6.5%5.9%4.7%
HV 20d16.7%13.4%18.8%15.0%18.5%
HV 60d16.6%16.0%17.2%16.6%16.4%
IV Rank29.6%10.9%52.6%28.3%10.9%
IV Percentile30.0%4.0%62.7%26.2%4.0%
Term Structure-0.0%-0.7%1.0%-0.5%1.0%
VWIV21.2%17.8%24.9%20.9%17.8%
Skew 25d5.5%3.6%7.6%4.5%4.7%
Skew 10d10.6%7.0%15.2%8.4%9.0%
Call IV 25d17.1%14.4%20.2%17.3%14.4%
Put IV 25d22.7%19.0%27.2%21.9%19.0%
Bid-Ask Spread %1.220.862.380.941.03
Gamma HHI0.030.020.080.040.04
Net GEX-6.78B-18.02B4.34B-11.35B4.34B
Net DEX45.08B-51.36B156.38B71.58B-51.36B
Net VEX-707.3M-748.3M-663.1M-677.5M-731.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.391.121.671.221.64
Total Volume8,870,600.8266,462,74013,854,6638,432,6978,962,785
Total OI20,014,310.30417,816,02421,583,08919,195,10020,851,334

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-03-01$395.17$400.0019.6%5.9%15.0%28.3%20.9%4.5%-0.5%-11.35B71.58B-677.5M1.220.94N/AN/A3,790,8824,641,8156,288,59512,906,505
2023-03-02$398.11$400.0018.8%5.7%13.4%23.7%20.4%4.4%-0.5%-5.01B41.48B-676.8M1.390.87N/AN/A3,542,1814,930,5806,573,92713,143,632
2023-03-03$403.85$400.0017.3%5.3%14.3%14.6%19.2%3.9%-0.4%-577.4M-7.26B-668.6M1.522.38N/AN/A3,477,3465,293,2836,616,99713,511,944
2023-03-06$404.69$405.0017.4%5.0%14.2%14.7%18.8%3.6%0.3%-2.96B2.09B-663.1M1.320.93N/AN/A3,405,5134,486,4846,258,51113,454,286
2023-03-07$398.58$405.0018.3%5.2%15.0%20.4%19.3%3.9%0.2%-10.31B53.60B-681.5M1.200.98N/AN/A4,171,1394,995,0136,424,86313,597,753
2023-03-08$399.01$405.0017.9%5.1%14.1%18.0%18.4%3.9%0.2%-8.29B45.38B-678.7M1.381.32N/AN/A3,058,5084,209,0876,655,95613,801,386
2023-03-09$391.63$405.0021.0%5.8%15.0%37.1%21.1%4.9%-0.1%-13.40B105.73B-699.7M1.441.41N/AN/A4,331,4826,248,4126,742,98813,901,282
2023-03-10$384.73$405.0023.2%6.5%15.9%50.4%23.7%6.4%-0.2%-15.61B156.38B-706.7M1.621.76N/AN/A5,278,1178,576,5466,938,10114,302,228
2023-03-13$386.78$402.0023.5%6.5%16.1%52.6%24.8%6.6%-0.7%-11.81B118.67B-710.1M1.441.41N/AN/A4,378,3856,322,7126,851,66713,822,106
2023-03-14$389.62$400.0021.8%6.1%15.7%41.7%23.4%6.3%-0.4%-11.25B94.97B-698.1M1.481.44N/AN/A3,920,1535,815,0746,964,24314,036,971
2023-03-15$387.81$400.0023.0%6.4%15.6%49.4%24.9%7.6%-0.6%-13.07B111.79B-715.5M1.411.73N/AN/A4,163,4475,857,3287,029,53714,327,330
2023-03-16$396.10$400.0020.1%5.7%17.8%31.7%22.7%6.4%-0.3%-5.19B34.11B-705.6M1.331.39N/AN/A4,240,9945,660,0637,132,18114,450,908
2023-03-17$390.08$400.0023.0%6.5%18.2%49.1%24.3%7.5%-0.4%-18.02B96.45B-734.3M1.141.21N/AN/A4,293,2284,909,5286,784,64714,755,164
2023-03-20$393.30$398.0021.6%6.2%18.6%40.9%23.1%7.4%-0.1%-4.28B41.75B-719.0M1.410.97N/AN/A3,048,1244,292,4065,746,01012,070,014
2023-03-21$399.22$397.0019.3%5.5%18.6%26.8%21.3%5.4%0.0%-1.41B3.74B-705.9M1.361.03N/AN/A3,046,5744,149,6965,881,97212,305,339
2023-03-22$395.69$398.0019.3%5.5%18.7%26.8%21.1%5.5%-0.0%-4.81B28.11B-711.1M1.331.26N/AN/A3,526,5044,695,6985,983,22312,656,450
2023-03-23$393.61$398.0020.5%5.9%18.4%33.9%22.1%6.7%0.1%-7.54B44.79B-739.7M1.671.66N/AN/A3,982,8436,659,3566,237,84712,871,422
2023-03-24$395.31$398.0020.1%5.8%17.9%31.7%22.0%6.5%0.0%-5.85B32.55B-748.3M1.480.88N/AN/A3,586,2255,292,2636,419,71613,238,789
2023-03-27$397.04$397.0018.9%5.4%17.9%24.1%20.3%5.9%0.6%-4.27B17.22B-725.3M1.120.87N/AN/A3,435,2333,855,6536,250,31012,909,316
2023-03-28$394.75$397.0018.9%5.4%18.0%23.8%20.5%5.4%0.5%-7.34B32.37B-723.0M1.240.90N/AN/A2,881,0933,581,6476,351,10013,086,067
2023-03-29$401.25$397.0017.7%5.0%18.8%16.9%18.7%5.1%0.6%1.10B-15.11B-719.1M1.480.86N/AN/A2,908,1124,316,4436,538,36813,284,063
2023-03-30$403.40$398.0017.2%4.8%18.7%13.9%18.5%5.0%0.8%1.04B-22.21B-728.3M1.330.90N/AN/A3,356,4544,449,4106,598,12013,775,969
2023-03-31$408.13$398.0016.8%4.7%18.5%10.9%17.8%4.7%1.0%4.34B-51.36B-731.1M1.641.03N/AN/A3,401,3775,561,4086,780,04914,071,285