SPY Options History — July 2023

In July 2023, SPY traded between $438.95 and $456.45. ATM implied volatility averaged 11.7%, placing in the 4.6% IV rank vs the trailing year. The 30-day expected move averaged 3.3%. IV traded above realized volatility by 1.3% (HV 20d: 10.4%). Max pain ranged from $425.00 to $440.00. Net GEX was positive for 14 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 1.13.

Notable Days

  • 2023-07-27: Highest Volume — 9,818,579 contracts
  • 2023-07-27: Largest IV spike — 10.2% change
  • 2023-07-10: Highest IV Rank — 9.6%
  • 2023-07-10: Largest Expected Move — 3.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$449.40$438.95$456.45$443.88$456.40
Max Pain$431.15$425.00$440.00$425.00$440.00
ATM IV11.7%11.1%12.7%11.2%11.7%
Expected Move3.3%3.0%3.7%3.0%3.2%
HV 20d10.4%8.9%11.6%10.6%8.9%
HV 60d11.8%10.8%12.2%12.0%10.8%
IV Rank4.6%1.7%9.6%2.1%4.3%
IV Percentile6.4%1.6%13.5%2.0%9.5%
Term Structure0.2%-0.1%0.4%0.2%-0.1%
VWIV12.6%11.4%14.6%11.9%11.6%
Skew 25d3.0%2.3%4.0%3.0%2.9%
Skew 10d7.0%4.9%8.7%6.7%6.8%
Call IV 25d10.4%9.9%10.9%10.1%10.3%
Put IV 25d13.4%12.5%15.0%13.1%13.3%
Bid-Ask Spread %1.691.252.091.762.09
Gamma HHI0.040.030.110.030.03
Net GEX2.71B-5.06B15.43B3.12B-2.08B
Net DEX-96.60B-147.78B-50.72B-89.90B-87.72B
Net VEX-669.2M-718.6M-570.4M-670.7M-698.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.130.801.470.891.25
Total Volume6,479,026.82,864,1199,818,5792,864,1195,956,251
Total OI20,428,951.4518,848,29122,904,83119,064,81219,914,957

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-07-03$443.88$425.0011.2%3.0%10.6%2.1%11.9%3.0%0.2%3.12B-89.90B-670.7M0.891.76N/AN/A1,512,7531,351,3666,047,37513,017,437
2023-07-05$443.44$425.0011.9%3.2%10.5%5.6%11.9%3.3%0.2%1.92B-86.42B-660.6M1.261.35N/AN/A2,356,6492,968,3496,091,12113,026,283
2023-07-06$439.53$425.0012.7%3.7%11.2%9.5%14.6%4.0%0.1%-4.21B-50.72B-714.1M1.051.41N/AN/A3,724,4233,892,7266,206,64213,328,976
2023-07-07$439.55$427.0012.1%3.6%11.1%6.3%13.7%3.5%0.2%416.5M-56.97B-716.2M1.061.53N/AN/A3,218,0453,424,2176,413,99013,546,125
2023-07-10$438.95$427.0012.7%3.7%10.9%9.6%13.8%4.0%0.3%-2.33B-60.81B-614.3M0.931.38N/AN/A3,163,5372,951,2246,218,40413,401,758
2023-07-11$442.00$427.0012.5%3.6%11.1%8.4%13.7%3.6%0.1%3.37B-73.86B-703.6M0.881.52N/AN/A3,250,8672,844,3716,386,29313,572,419
2023-07-12$446.10$427.0011.4%3.3%11.3%2.8%12.6%2.9%0.1%15.43B-105.64B-668.1M1.031.25N/AN/A3,808,9303,923,6416,544,05013,778,377
2023-07-13$450.31$428.0011.4%3.3%11.5%2.8%13.0%2.6%0.0%9.61B-125.31B-636.1M1.061.60N/AN/A3,107,2733,284,7496,506,84814,113,172
2023-07-14$449.06$430.0011.1%3.2%11.6%1.7%11.8%2.4%-0.1%2.84B-112.16B-659.3M0.971.80N/AN/A3,687,4773,567,9246,695,33414,522,125
2023-07-17$451.28$430.0011.3%3.2%10.5%2.7%12.3%2.5%0.4%6.63B-121.52B-647.2M1.151.68N/AN/A2,556,5142,949,2286,735,34714,341,484
2023-07-18$454.47$430.0011.5%3.3%10.3%3.3%12.9%2.4%0.2%10.67B-147.78B-570.4M1.181.82N/AN/A3,326,3893,921,6846,849,61714,529,851
2023-07-19$455.44$430.0011.6%3.3%9.9%3.8%12.5%2.3%0.2%6.07B-137.85B-687.5M0.801.84N/AN/A3,978,7693,188,7996,994,55815,173,048
2023-07-20$451.99$432.0011.8%3.4%10.2%5.2%12.4%2.8%0.2%-1.49B-104.83B-697.0M1.201.77N/AN/A3,445,9084,123,1017,322,62115,372,255
2023-07-21$452.44$434.0011.5%3.3%10.2%3.5%12.6%2.4%0.2%-162.0M-123.56B-598.6M1.321.72N/AN/A2,691,6123,550,5227,355,24915,549,582
2023-07-24$454.06$435.0011.6%3.3%9.8%4.2%12.5%3.0%0.2%2.37B-91.21B-675.3M1.471.76N/AN/A2,483,7033,650,5956,318,96812,529,323
2023-07-25$455.67$435.0011.7%3.3%9.6%4.4%13.0%3.1%0.2%3.27B-97.93B-679.7M1.291.78N/AN/A2,084,1092,689,8246,394,28613,018,534
2023-07-26$455.18$438.0011.2%3.1%9.2%1.8%11.6%2.8%0.2%449.7M-94.10B-677.1M1.162.07N/AN/A2,370,4132,754,6986,440,84813,355,841
2023-07-27$451.82$438.0012.3%3.5%9.6%7.5%12.7%3.8%0.2%-5.06B-60.95B-718.6M1.201.67N/AN/A4,459,3055,359,2746,568,26413,508,158
2023-07-28$456.45$440.0011.3%3.1%10.1%2.2%11.4%3.0%0.3%3.27B-102.80B-691.3M1.401.92N/AN/A3,338,2924,663,0256,866,25714,023,252
2023-07-31$456.40$440.0011.7%3.2%8.9%4.3%11.6%2.9%-0.1%-2.08B-87.72B-698.2M1.252.09N/AN/A2,649,3733,306,8786,479,61713,435,340