SPY Options History — October 2023

In October 2023, SPY traded between $409.57 and $436.26. ATM implied volatility averaged 16.8%, placing in the 33.4% IV rank vs the trailing year. The 30-day expected move averaged 4.9%. IV traded above realized volatility by 3.7% (HV 20d: 13.1%). Max pain ranged from $425.00 to $435.00. Net GEX was positive for 2 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 1.34.

Notable Days

  • 2023-10-26: Highest Volume — 10,305,924 contracts
  • 2023-10-13: Largest IV spike — 14.0% change
  • 2023-10-27: Highest IV Rank — 54.2%
  • 2023-10-27: Largest Expected Move — 5.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$425.54$409.57$436.26$426.25$417.86
Max Pain$432.23$425.00$435.00$435.00$425.00
ATM IV16.8%14.3%19.0%16.4%16.4%
Expected Move4.9%4.2%5.6%4.7%4.9%
HV 20d13.1%11.2%15.3%11.2%14.9%
HV 60d11.9%11.2%12.9%11.2%12.8%
IV Rank33.4%17.4%54.2%28.0%40.3%
IV Percentile51.5%30.6%71.0%44.8%47.6%
Term Structure-0.1%-0.5%0.2%-0.2%0.1%
VWIV17.7%15.1%20.0%16.4%17.7%
Skew 25d4.7%3.7%6.2%4.2%4.2%
Skew 10d10.0%6.9%13.2%8.9%8.4%
Call IV 25d14.3%12.4%16.5%14.0%14.2%
Put IV 25d19.0%16.3%21.5%18.2%18.4%
Bid-Ask Spread %1.280.862.770.861.17
Gamma HHI0.040.020.070.040.03
Net GEX-8.59B-18.45B2.08B-12.35B-6.66B
Net DEX42.47B-22.03B113.73B57.19B46.07B
Net VEX-732.6M-772.0M-692.4M-727.2M-692.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.341.101.701.101.42
Total Volume8,736,756.0456,665,36810,305,9247,606,5737,088,209
Total OI19,581,952.63618,227,09721,526,23218,227,09719,602,172

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-10-02$426.25$435.0016.4%4.7%11.2%28.0%16.4%4.2%-0.2%-12.35B57.19B-727.2M1.100.86N/AN/A3,620,2083,986,3656,604,89811,622,199
2023-10-03$421.08$435.0018.2%5.3%11.7%37.0%18.5%4.5%-0.2%-14.10B89.75B-738.9M1.220.87N/AN/A4,246,4465,176,5266,733,85211,697,588
2023-10-04$424.93$431.0016.7%4.8%12.3%29.5%15.4%4.0%-0.1%-8.27B46.61B-741.3M1.440.92N/AN/A3,640,5455,233,2827,100,27111,782,245
2023-10-05$424.92$435.0016.5%4.7%12.3%28.5%17.3%3.9%-0.1%-8.40B46.89B-738.7M1.281.11N/AN/A3,240,2734,158,6607,163,90311,983,137
2023-10-06$430.44$435.0015.6%4.5%13.4%24.0%17.3%3.7%-0.1%2.08B601.1M-727.5M1.341.13N/AN/A4,376,6915,846,3017,242,47212,024,776
2023-10-09$431.67$435.0015.8%4.6%13.1%25.2%17.7%4.1%0.1%-2.94B-250.7M-726.1M1.411.07N/AN/A2,770,4263,894,9426,963,90311,899,461
2023-10-10$434.88$435.0014.9%4.3%13.4%20.4%17.1%3.8%0.2%-594.4M-18.62B-724.0M1.391.12N/AN/A3,815,6795,305,4697,006,65412,122,334
2023-10-11$436.15$435.0014.3%4.2%13.5%17.4%15.5%3.9%0.2%-1.59B-20.93B-725.6M1.211.15N/AN/A3,100,6643,750,0917,076,43112,796,547
2023-10-12$433.76$435.0014.5%4.2%13.0%18.5%15.1%4.1%0.1%-6.85B625.2M-728.5M1.151.19N/AN/A4,301,6724,936,4287,142,05013,073,453
2023-10-13$430.69$435.0016.5%4.8%12.0%28.6%17.4%5.5%0.1%-10.68B27.85B-760.7M1.381.23N/AN/A4,009,7445,541,2177,330,81013,249,632
2023-10-16$436.26$435.0015.0%4.3%13.0%21.8%16.5%4.8%-0.2%452.0M-22.03B-720.2M1.701.18N/AN/A3,109,5205,301,4127,169,79812,873,279
2023-10-17$434.97$435.0015.6%4.5%13.0%25.6%16.9%5.1%-0.3%-6.44B-2.18B-744.0M1.400.98N/AN/A3,565,3874,974,5177,190,61613,619,332
2023-10-18$429.44$434.0017.5%5.0%13.4%36.9%18.6%5.7%-0.4%-12.33B42.33B-753.1M1.282.77N/AN/A3,990,9895,121,7347,345,61813,720,121
2023-10-19$425.87$433.0018.3%5.3%12.6%41.7%19.1%6.2%-0.5%-14.63B67.50B-772.0M1.411.20N/AN/A4,054,5345,731,8917,537,92913,868,860
2023-10-20$421.63$432.0018.4%5.3%13.0%42.3%19.1%6.0%-0.4%-18.45B91.53B-762.0M1.371.29N/AN/A4,251,6505,808,6117,724,42313,801,809
2023-10-23$421.19$430.0018.0%5.3%13.0%41.1%18.9%5.5%-0.0%-10.58B70.02B-738.2M1.391.48N/AN/A3,790,5955,256,3286,740,67911,801,008
2023-10-24$424.13$430.0016.8%5.0%12.5%34.6%17.6%5.1%0.0%-7.09B44.66B-733.7M1.121.28N/AN/A3,503,3513,936,7846,890,20611,939,808
2023-10-25$417.60$430.0018.2%5.4%13.6%42.3%18.5%5.2%-0.1%-13.07B87.49B-730.8M1.171.60N/AN/A4,107,3834,801,1256,948,81212,072,221
2023-10-26$412.44$428.0018.9%5.6%13.8%50.3%20.0%5.0%0.0%-14.57B108.38B-714.1M1.291.74N/AN/A4,497,4585,808,4667,153,66611,998,946
2023-10-27$409.57$426.0019.0%5.6%14.0%54.2%19.9%4.9%0.0%-15.29B113.73B-708.6M1.321.74N/AN/A4,153,5185,498,2687,442,70611,986,843
2023-10-30$416.06$425.0017.6%5.3%15.3%46.6%19.9%4.5%0.0%-6.74B57.11B-709.2M1.641.15N/AN/A3,374,8925,530,3827,260,47611,497,014
2023-10-31$417.86$425.0016.4%4.9%14.9%40.3%17.7%4.2%0.1%-6.66B46.07B-692.4M1.421.17N/AN/A2,929,1994,159,0107,262,17212,340,000