SPY Options History — May 2023

In May 2023, SPY traded between $404.87 and $420.39. ATM implied volatility averaged 14.9%, placing in the 6.8% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 1.2% (HV 20d: 13.8%). Max pain ranged from $402.00 to $410.00. Net GEX was positive for 7 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 1.35.

Notable Days

  • 2023-05-02: Highest Volume — 9,954,819 contracts
  • 2023-05-05: Largest IV drop — 17.9% change
  • 2023-05-04: Highest IV Rank — 24.0%
  • 2023-05-04: Largest Expected Move — 5.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$414.11$404.87$420.39$415.94$419.01
Max Pain$405.91$402.00$410.00$405.00$410.00
ATM IV14.9%13.8%18.0%13.8%13.9%
Expected Move4.5%3.9%5.4%3.9%4.3%
HV 20d13.8%12.1%14.8%12.1%12.2%
HV 60d15.0%14.4%15.4%15.0%14.6%
IV Rank6.8%0.0%24.0%0.0%0.6%
IV Percentile4.3%0.0%19.4%0.0%0.8%
Term Structure0.2%-0.5%1.2%0.2%-0.1%
VWIV17.5%14.5%21.0%14.5%16.5%
Skew 25d6.2%5.3%7.6%5.3%5.4%
Skew 10d12.3%9.8%15.2%10.6%11.8%
Call IV 25d12.1%11.3%14.1%11.4%11.6%
Put IV 25d18.4%16.7%21.3%16.7%17.0%
Bid-Ask Spread %1.571.211.951.391.76
Gamma HHI0.030.020.050.030.03
Net GEX-2.69B-10.76B5.72B929.4M-2.86B
Net DEX-18.07B-71.28B44.71B-48.87B-29.84B
Net VEX-742.9M-789.5M-696.8M-729.2M-696.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.350.982.021.141.53
Total Volume6,686,164.4092,882,9639,954,8196,809,3625,557,361
Total OI20,555,430.04519,506,53322,331,21319,506,53320,511,830

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-05-01$415.94$405.0013.8%3.9%12.1%0.0%14.5%5.3%0.2%929.4M-48.87B-729.2M1.141.39N/AN/A3,174,8973,634,4656,747,19712,759,336
2023-05-02$410.61$405.0015.5%4.5%12.8%9.8%16.7%6.4%0.1%-6.09B3.09B-768.8M1.101.21N/AN/A4,736,6755,218,1446,870,76912,961,652
2023-05-03$408.58$405.0016.3%4.7%12.5%14.6%17.0%6.7%0.1%-6.56B16.77B-778.2M1.171.27N/AN/A3,312,1043,858,5916,977,96113,047,353
2023-05-04$404.87$402.0018.0%5.4%13.0%24.0%21.0%7.2%0.1%-9.85B44.71B-789.5M1.251.32N/AN/A3,785,0444,743,9057,048,81813,179,245
2023-05-05$412.75$403.0014.7%4.5%14.7%5.6%19.8%6.1%0.4%99.5M-27.28B-756.0M1.211.37N/AN/A3,595,0114,338,8057,104,16913,314,462
2023-05-08$412.97$403.0014.6%4.5%14.7%5.0%18.2%6.4%1.0%-1.02B-24.23B-746.8M1.261.34N/AN/A2,799,3643,540,8176,896,19213,116,344
2023-05-09$411.28$403.0015.4%4.7%14.8%9.5%17.9%6.5%1.0%-5.43B-7.89B-757.0M1.191.42N/AN/A2,384,6452,838,5936,994,95013,371,716
2023-05-10$413.31$403.0014.4%4.5%14.7%3.5%18.9%6.1%1.2%-351.0M-25.35B-745.0M0.981.50N/AN/A4,588,8434,493,9076,985,14413,466,363
2023-05-11$411.81$404.0014.5%4.4%14.0%4.0%17.9%6.1%1.1%-4.28B-11.80B-749.3M1.181.29N/AN/A3,265,6933,868,7987,110,57813,879,123
2023-05-12$411.11$405.0014.6%4.4%14.0%4.8%17.2%5.8%1.2%-6.61B-3.45B-752.2M1.091.62N/AN/A3,809,4484,151,4027,153,26014,055,382
2023-05-15$412.49$405.0014.8%4.3%14.0%6.0%16.4%6.7%-0.5%-1.48B-16.43B-721.9M1.241.74N/AN/A3,037,9853,778,0206,921,26013,765,954
2023-05-16$411.18$405.0015.4%4.5%14.0%9.5%17.5%6.8%-0.4%-7.51B-1.86B-739.3M1.241.75N/AN/A2,665,3193,309,9587,006,03914,046,084
2023-05-17$415.10$405.0014.5%4.2%14.5%4.3%17.0%5.9%-0.4%1.81B-41.12B-720.7M1.311.95N/AN/A3,738,8004,894,5387,135,90314,202,609
2023-05-18$419.06$405.0013.9%4.0%14.5%0.7%15.8%5.3%-0.5%5.72B-71.28B-705.7M1.141.60N/AN/A4,240,6424,814,1197,254,49914,628,189
2023-05-19$418.68$406.0014.0%4.1%14.5%1.4%15.9%5.3%-0.5%761.8M-59.30B-727.5M1.331.74N/AN/A3,777,6695,029,4387,322,01215,009,201
2023-05-22$418.92$408.0014.2%4.2%14.5%2.8%17.8%6.2%0.0%-1.22B-30.89B-732.7M1.951.75N/AN/A1,815,2983,535,4686,482,53713,129,471
2023-05-23$415.03$408.0015.3%4.6%13.9%8.6%17.3%6.8%-0.0%-8.43B6.07B-756.0M1.791.73N/AN/A1,570,7972,812,1736,532,68313,321,280
2023-05-24$411.37$410.0016.9%5.1%14.1%17.7%19.2%7.6%-0.2%-10.76B33.22B-771.8M1.471.72N/AN/A1,361,9222,003,8346,740,73413,548,699
2023-05-25$415.55$410.0015.3%4.7%12.7%8.9%18.5%6.9%-0.1%-825.8M-12.19B-759.6M1.371.81N/AN/A1,217,9641,664,9997,075,42113,607,048
2023-05-26$420.37$410.0014.6%4.4%13.1%5.0%17.2%6.2%-0.1%4.62B-48.42B-734.4M2.021.68N/AN/A1,623,1693,278,9066,886,76313,703,352
2023-05-30$420.39$410.0014.3%4.4%13.1%3.0%17.3%5.9%-0.1%103.5M-41.14B-704.3M1.671.53N/AN/A1,961,5643,266,5236,653,17013,694,709
2023-05-31$419.01$410.0013.9%4.3%12.2%0.6%16.5%5.4%-0.1%-2.86B-29.84B-696.8M1.531.76N/AN/A2,194,2583,363,1036,813,82113,698,009