SPY Options History — November 2023

In November 2023, SPY traded between $423.06 and $455.28. ATM implied volatility averaged 12.2%, placing in the 10.8% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded below realized volatility by 3.1% (HV 20d: 15.3%). Max pain ranged from $425.00 to $438.00. Net GEX was positive for 18 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.27.

Notable Days

  • 2023-11-14: Highest Volume — 9,321,765 contracts
  • 2023-11-02: Largest IV drop — 8.8% change
  • 2023-11-01: Highest IV Rank — 31.1%
  • 2023-11-01: Largest Expected Move — 4.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$445.27$423.06$455.28$423.06$455.28
Max Pain$430.43$425.00$438.00$425.00$438.00
ATM IV12.2%10.7%15.1%15.1%11.1%
Expected Move3.7%3.2%4.5%4.5%3.6%
HV 20d15.3%11.9%17.8%15.2%11.9%
HV 60d13.8%13.1%14.5%13.1%13.6%
IV Rank10.8%0.0%31.1%31.1%3.2%
IV Percentile15.8%0.0%40.1%40.1%4.4%
Term Structure0.2%-0.3%1.0%0.1%0.1%
VWIV14.2%12.2%17.2%16.2%12.8%
Skew 25d2.8%2.3%3.9%3.9%2.4%
Skew 10d6.7%5.0%8.6%8.6%5.4%
Call IV 25d11.1%10.0%13.2%13.2%10.3%
Put IV 25d13.9%12.4%17.1%17.1%12.7%
Bid-Ask Spread %2.271.113.341.113.02
Gamma HHI0.040.020.080.030.03
Net GEX3.62B-7.96B10.51B-2.06B1.57B
Net DEX-76.96B-124.87B10.21B10.21B-88.59B
Net VEX-644.6M-688.6M-612.1M-685.3M-632.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.271.061.501.461.25
Total Volume6,809,0872,540,6969,321,7657,916,5826,850,139
Total OI20,784,286.90519,301,62722,936,07019,587,07420,598,577

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-11-01$423.06$425.0015.1%4.5%15.2%31.1%16.2%3.9%0.1%-2.06B10.21B-685.3M1.461.11N/AN/A3,215,0074,701,5757,224,33512,362,739
2023-11-02$430.57$426.0013.8%4.2%16.4%21.4%17.0%3.5%0.2%3.18B-39.16B-665.8M1.311.80N/AN/A3,439,8584,523,3497,269,71812,725,313
2023-11-03$435.23$427.0013.1%4.0%16.3%16.4%17.2%3.4%0.3%5.46B-57.39B-674.5M1.371.82N/AN/A3,705,1055,080,3647,286,71013,212,785
2023-11-06$434.86$426.0013.1%4.0%16.2%16.9%16.2%3.4%0.8%-1.13B-43.12B-662.6M1.401.88N/AN/A2,856,9573,986,6997,150,67113,170,014
2023-11-07$437.55$425.0012.8%3.9%16.2%14.1%15.3%3.4%0.8%4.36B-60.45B-663.1M1.322.00N/AN/A3,009,3413,980,8877,330,83813,408,138
2023-11-08$437.60$425.0012.4%3.8%16.1%11.6%14.8%3.0%0.9%1.77B-59.54B-645.9M1.312.03N/AN/A2,966,6323,879,8277,469,67913,844,381
2023-11-09$433.61$426.0013.4%4.1%16.4%19.1%14.8%3.4%0.8%-7.96B-19.25B-688.6M1.361.95N/AN/A3,244,6444,416,8747,570,88113,943,714
2023-11-10$440.49$427.0012.5%3.8%17.0%12.1%13.9%2.8%1.0%8.50B-79.84B-654.8M1.502.13N/AN/A3,372,8115,059,1177,732,70614,065,202
2023-11-13$440.65$428.0013.2%3.9%16.5%19.0%14.3%3.3%-0.3%6.01B-70.36B-646.6M1.101.95N/AN/A3,119,5243,424,2377,542,01713,762,309
2023-11-14$449.48$428.0012.6%3.6%17.8%13.8%15.1%2.5%-0.3%10.51B-124.87B-621.4M1.232.13N/AN/A4,178,5495,143,2167,578,04213,754,760
2023-11-15$449.86$430.0012.4%3.6%16.9%12.5%15.1%2.4%-0.3%9.33B-114.41B-635.5M1.242.30N/AN/A3,395,4644,217,4937,736,25214,546,754
2023-11-16$449.93$430.0012.0%3.5%16.5%9.8%12.9%2.5%-0.3%4.35B-108.56B-638.9M1.392.25N/AN/A2,684,8363,725,3477,859,06615,015,817
2023-11-17$450.40$432.0012.0%3.5%15.8%9.5%12.5%2.3%-0.3%6.38B-111.14B-638.9M1.082.34N/AN/A2,842,1473,064,3367,823,34415,112,726
2023-11-20$454.81$433.0011.6%3.4%15.9%5.9%13.9%2.3%-0.2%8.41B-105.50B-618.6M1.322.31N/AN/A2,798,0233,692,4506,877,41412,424,213
2023-11-21$452.98$435.0011.5%3.4%16.1%5.7%13.1%2.4%-0.2%1.59B-84.54B-643.4M1.132.45N/AN/A2,281,7492,575,0676,940,34713,107,997
2023-11-22$455.19$435.0011.1%3.3%14.5%2.1%12.2%2.4%-0.1%8.82B-104.95B-612.1M1.063.34N/AN/A3,141,0783,326,3797,028,51713,242,676
2023-11-24$454.97$435.0010.8%3.2%13.2%0.1%12.3%2.4%-0.2%4.47B-97.58B-627.4M1.263.12N/AN/A1,124,7481,415,9487,084,46613,313,415
2023-11-27$455.05$435.0010.8%3.3%12.6%0.0%12.6%2.4%0.1%1.47B-88.53B-620.5M1.322.83N/AN/A2,249,0172,964,3086,748,84912,587,988
2023-11-28$454.64$436.0010.7%3.3%12.1%0.0%12.6%2.3%0.1%735.0M-86.93B-616.9M1.232.52N/AN/A2,806,6833,456,7596,842,76512,959,896
2023-11-29$454.49$437.0011.1%3.5%12.2%3.1%13.1%2.3%0.1%276.8M-81.61B-644.3M1.062.42N/AN/A3,430,3163,643,9676,987,53513,226,459
2023-11-30$455.28$438.0011.1%3.6%11.9%3.2%12.8%2.4%0.1%1.57B-88.59B-632.1M1.253.02N/AN/A3,039,8743,810,2657,193,98013,404,597