SPY Options History — September 2023

In September 2023, SPY traded between $425.07 and $450.77. ATM implied volatility averaged 13.3%, placing in the 12.7% IV rank vs the trailing year. The 30-day expected move averaged 3.9%. IV traded above realized volatility by 1.3% (HV 20d: 12.0%). Max pain ranged from $435.00 to $445.00. Net GEX was positive for 3 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 1.31.

Notable Days

  • 2023-09-27: Highest Volume — 11,267,297 contracts
  • 2023-09-21: Largest IV spike — 14.2% change
  • 2023-09-26: Highest IV Rank — 31.0%
  • 2023-09-26: Largest Expected Move — 4.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$439.91$425.07$450.77$450.77$427.25
Max Pain$442.30$435.00$445.00$440.00$435.00
ATM IV13.3%10.9%17.0%11.1%15.9%
Expected Move3.9%3.1%4.9%3.1%4.6%
HV 20d12.0%10.9%13.0%11.8%11.2%
HV 60d11.0%10.4%11.3%10.8%11.2%
IV Rank12.7%0.4%31.0%1.5%25.4%
IV Percentile23.7%0.4%47.6%1.6%43.3%
Term Structure0.1%-0.1%0.4%0.4%0.2%
VWIV14.0%10.7%17.3%10.7%16.0%
Skew 25d3.7%2.7%4.7%2.9%4.1%
Skew 10d7.8%5.9%9.9%5.9%7.7%
Call IV 25d11.6%9.9%14.4%10.0%13.7%
Put IV 25d15.3%12.6%19.2%13.0%17.8%
Bid-Ask Spread %1.381.081.771.431.09
Gamma HHI0.040.020.080.020.04
Net GEX-8.97B-16.78B7.34B602.6M-11.77B
Net DEX14.67B-65.51B98.25B-64.63B59.79B
Net VEX-695.4M-741.6M-624.0M-642.0M-729.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.311.061.661.311.24
Total Volume7,549,633.255,547,34811,267,2977,090,8758,900,328
Total OI19,845,860.9517,592,68021,653,78521,653,78519,600,967

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-09-01$450.77$440.0011.1%3.1%11.8%1.5%10.7%2.9%0.4%602.6M-64.63B-642.0M1.311.43N/AN/A3,071,8084,019,0676,817,86214,835,923
2023-09-05$450.26$445.0011.8%3.5%11.5%4.9%13.3%3.3%0.2%-2.78B-43.89B-670.8M1.411.52N/AN/A2,303,2683,244,0806,684,12114,007,453
2023-09-06$446.13$445.0012.5%3.7%12.0%8.4%14.2%3.8%0.2%-10.82B-9.27B-691.8M1.271.50N/AN/A3,464,8574,393,5446,688,55514,198,304
2023-09-07$445.19$445.0012.6%3.7%11.9%9.1%14.6%3.6%0.2%-9.85B-5.95B-704.7M1.351.54N/AN/A2,785,6833,759,5426,854,95114,229,474
2023-09-08$445.05$444.0012.2%3.6%11.8%6.8%13.3%3.4%0.2%-8.34B-13.94B-681.1M1.111.52N/AN/A3,045,7043,376,1776,928,24014,299,799
2023-09-11$448.33$445.0011.9%3.5%12.1%5.6%13.2%3.3%0.1%1.33B-42.95B-655.4M1.211.53N/AN/A2,801,6393,380,6336,712,31613,702,435
2023-09-12$446.01$444.0012.3%3.5%12.1%7.5%13.4%3.4%0.1%-7.74B-19.05B-668.3M1.251.64N/AN/A2,914,0673,654,1166,772,97014,097,208
2023-09-13$446.24$445.0011.7%3.4%11.4%4.6%13.7%3.1%0.1%-4.36B-24.04B-663.5M1.421.77N/AN/A2,937,2774,172,2356,863,55114,395,486
2023-09-14$450.49$445.0010.9%3.2%11.7%0.4%12.0%2.7%0.1%7.34B-65.51B-624.0M1.451.61N/AN/A3,275,2344,763,3086,906,95214,666,220
2023-09-15$443.19$445.0011.9%3.4%12.7%5.4%12.2%3.4%0.1%-14.89B30.19B-688.2M1.061.18N/AN/A3,930,8544,154,7276,013,13515,102,965
2023-09-18$443.20$444.0012.3%3.5%12.6%7.6%13.4%3.5%0.1%-9.39B10.90B-696.2M1.371.17N/AN/A2,346,4053,204,1045,679,17711,913,503
2023-09-19$442.98$444.0012.4%3.5%12.5%7.8%12.8%3.5%0.1%-10.44B11.24B-696.8M1.071.21N/AN/A3,304,5213,546,4145,715,21612,149,700
2023-09-20$439.13$443.0013.1%3.7%12.8%11.2%12.6%3.6%0.1%-12.44B33.24B-711.8M1.161.51N/AN/A2,839,2993,289,3475,974,53612,269,497
2023-09-21$432.35$442.0014.9%4.3%13.0%20.5%15.2%4.3%-0.1%-15.67B76.61B-724.4M1.301.34N/AN/A4,021,2475,224,3136,231,80012,251,832
2023-09-22$431.19$440.0014.9%4.3%12.4%20.2%15.2%4.1%-0.0%-15.97B69.37B-728.3M1.351.38N/AN/A3,712,0185,005,5096,559,11012,367,846
2023-09-25$431.39$440.0015.3%4.4%12.0%22.6%15.9%4.4%0.1%-12.77B56.53B-718.4M1.661.08N/AN/A2,683,5814,441,2136,396,50711,918,362
2023-09-26$425.70$440.0017.0%4.9%12.6%31.0%17.3%4.7%0.1%-16.78B98.25B-741.6M1.461.15N/AN/A3,787,7505,534,2736,431,51912,242,801
2023-09-27$425.07$439.0016.6%4.8%10.9%29.0%15.8%4.5%0.1%-14.92B86.96B-737.6M1.561.32N/AN/A4,394,7806,872,5176,666,00112,323,826
2023-09-28$428.36$436.0015.6%4.5%11.3%23.9%15.8%4.1%0.1%-9.65B49.51B-733.6M1.281.18N/AN/A3,699,3894,737,8377,006,55512,440,544
2023-09-29$427.25$435.0015.9%4.6%11.2%25.4%16.0%4.1%0.2%-11.77B59.79B-729.6M1.241.09N/AN/A3,971,1604,929,1687,144,79712,456,170