SPY Options History — April 2023

In April 2023, SPY traded between $404.07 and $415.05. ATM implied volatility averaged 15.9%, placing in the 6.1% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 2.3% (HV 20d: 13.6%). Max pain ranged from $398.00 to $405.00. Net GEX was positive for 9 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 1.24.

Notable Days

  • 2023-04-14: Highest Volume — 9,043,385 contracts
  • 2023-04-25: Largest IV spike — 16.8% change
  • 2023-04-26: Highest IV Rank — 17.9%
  • 2023-04-26: Largest Expected Move — 5.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$410.66$404.07$415.05$410.98$415.05
Max Pain$402.47$398.00$405.00$398.00$405.00
ATM IV15.9%13.8%17.5%16.7%13.8%
Expected Move4.5%3.9%5.0%4.5%3.9%
HV 20d13.6%10.4%18.6%18.6%12.6%
HV 60d15.5%15.1%16.4%16.4%15.1%
IV Rank6.1%0.0%17.9%9.9%0.0%
IV Percentile3.1%0.0%11.9%2.4%0.0%
Term Structure0.0%-0.2%0.2%0.2%0.1%
VWIV17.0%15.3%18.9%16.7%15.3%
Skew 25d5.3%4.3%6.9%4.7%5.0%
Skew 10d10.1%8.2%13.3%9.4%9.8%
Call IV 25d13.3%11.4%15.1%14.7%11.4%
Put IV 25d18.6%16.4%20.6%19.3%16.4%
Bid-Ask Spread %1.090.881.361.131.29
Gamma HHI0.030.020.050.040.05
Net GEX-1.05B-10.58B6.00B4.53B6.00B
Net DEX-27.15B-62.06B45.46B-55.36B-50.02B
Net VEX-735.9M-763.0M-707.3M-716.9M-739.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.241.061.561.361.28
Total Volume7,370,464.5265,600,6669,043,3857,558,7448,317,012
Total OI20,248,235.89518,198,68822,011,98819,675,74520,035,253

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-04-03$410.98$398.0016.7%4.5%18.6%9.9%16.7%4.7%0.2%4.53B-55.36B-716.9M1.361.13N/AN/A3,205,2794,353,4656,395,81913,279,926
2023-04-04$407.56$399.0017.5%4.6%18.0%15.1%17.5%5.1%0.1%-3.91B-19.24B-755.2M1.431.08N/AN/A3,440,4364,905,0456,655,35513,600,927
2023-04-05$407.58$400.0017.4%4.5%18.0%14.2%16.9%5.0%0.1%-4.23B-13.81B-755.5M1.561.36N/AN/A2,695,9314,205,8456,903,68813,960,084
2023-04-06$408.92$400.0016.8%4.9%16.4%5.6%18.2%4.8%0.2%-265.1M-28.66B-755.2M1.361.01N/AN/A2,810,0683,826,8046,941,82413,984,109
2023-04-10$408.93$400.0017.3%4.9%14.7%8.9%18.3%5.3%-0.1%-1.10B-23.06B-733.1M1.131.01N/AN/A3,022,3863,407,2696,510,62513,248,257
2023-04-11$410.02$400.0017.0%4.8%14.7%7.1%18.9%5.1%-0.2%508.1M-33.99B-731.4M1.161.15N/AN/A2,592,3343,008,3326,594,35113,288,507
2023-04-12$408.25$402.0017.2%4.9%14.8%8.0%18.1%5.4%-0.1%-3.70B-19.36B-737.1M1.081.12N/AN/A3,937,3814,234,0886,722,03713,569,705
2023-04-13$413.74$402.0015.8%4.5%15.0%0.0%18.3%4.6%-0.0%5.13B-62.06B-718.8M1.331.11N/AN/A3,243,8044,328,7236,836,83213,736,417
2023-04-14$412.56$402.0015.3%4.4%13.6%0.0%17.4%4.3%-0.1%724.9M-49.96B-727.4M1.191.11N/AN/A4,132,9784,910,4076,907,12214,254,022
2023-04-17$413.15$402.0014.9%4.3%12.0%0.0%16.0%4.6%0.1%246.0M-49.22B-707.3M1.171.07N/AN/A2,960,2183,469,1926,815,38213,637,426
2023-04-18$414.27$403.0014.6%4.2%11.8%0.0%16.6%4.8%0.1%3.24B-54.48B-710.2M1.131.14N/AN/A3,491,7253,944,7766,849,59213,859,815
2023-04-19$413.94$404.0014.4%4.1%10.9%0.0%15.9%4.9%0.0%822.5M-48.53B-722.3M1.300.98N/AN/A2,611,1313,399,0797,011,76114,311,838
2023-04-20$410.75$405.0015.4%4.4%10.8%6.0%16.2%5.7%0.0%-5.95B-16.24B-739.8M1.221.04N/AN/A3,574,4864,370,6577,044,64814,568,804
2023-04-21$411.56$405.0014.8%4.2%10.4%2.4%15.8%5.5%0.0%-3.59B-26.04B-738.5M1.240.88N/AN/A3,262,6244,042,5627,132,68314,879,305
2023-04-24$412.38$405.0014.7%4.2%10.4%2.0%15.9%5.8%0.1%-781.8M-15.34B-731.2M1.070.99N/AN/A3,156,2523,383,8136,275,29511,923,393
2023-04-25$406.51$405.0017.2%5.0%11.9%16.6%17.8%6.9%-0.1%-9.54B33.63B-763.0M1.060.97N/AN/A3,978,6404,227,7826,398,23412,212,494
2023-04-26$404.07$405.0017.4%5.0%11.9%17.9%17.4%6.8%-0.2%-10.58B45.46B-759.9M1.220.97N/AN/A3,429,3214,185,4696,735,81112,389,804
2023-04-27$412.28$405.0014.7%4.2%12.6%2.3%16.2%5.6%-0.0%2.44B-29.49B-739.2M1.331.21N/AN/A3,418,1154,555,3976,782,88412,462,453
2023-04-28$415.05$405.0013.8%3.9%12.6%0.0%15.3%5.0%0.1%6.00B-50.02B-739.6M1.281.29N/AN/A3,645,9444,671,0687,003,29313,031,960