SPY Options History — December 2023

In December 2023, SPY traded between $454.86 and $477.17. ATM implied volatility averaged 11.0%, placing in the 4.2% IV rank vs the trailing year. The 30-day expected move averaged 3.2%. IV traded above realized volatility by 2.0% (HV 20d: 8.9%). Max pain ranged from $438.00 to $455.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 20 of 20 days. Put/call ratio averaged 1.13.

Notable Days

  • 2023-12-14: Highest Volume — 9,577,792 contracts
  • 2023-12-12: Largest IV drop — 6.6% change
  • 2023-12-21: Highest IV Rank — 10.5%
  • 2023-12-01: Largest Expected Move — 3.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$467.31$454.86$477.17$458.78$475.39
Max Pain$445.00$438.00$455.00$438.00$455.00
ATM IV11.0%10.2%11.6%11.1%10.8%
Expected Move3.2%3.0%3.6%3.6%3.0%
HV 20d8.9%7.3%11.0%10.8%8.6%
HV 60d13.0%12.3%13.7%13.6%12.3%
IV Rank4.2%0.0%10.5%2.7%4.1%
IV Percentile6.2%0.0%19.0%3.2%3.6%
Term Structure0.2%0.0%0.4%0.1%0.2%
VWIV12.0%10.9%14.0%13.5%11.0%
Skew 25d1.9%1.4%2.4%1.8%2.0%
Skew 10d4.8%3.6%6.1%4.1%4.1%
Call IV 25d10.3%9.4%10.9%10.5%9.7%
Put IV 25d12.2%11.2%12.9%12.4%11.7%
Bid-Ask Spread %2.581.753.812.961.98
Gamma HHI0.060.030.090.050.06
Net GEX8.31B-2.91B19.78B7.78B6.12B
Net DEX-109.02B-179.61B-68.47B-115.94B-98.94B
Net VEX-659.5M-718.0M-602.4M-635.8M-694.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.130.791.421.221.12
Total Volume6,863,863.554,924,6759,577,7927,672,4246,992,185
Total OI20,431,532.817,324,26123,345,37520,935,75319,312,439

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-12-01$458.78$438.0011.1%3.6%10.8%2.7%13.5%1.8%0.1%7.78B-115.94B-635.8M1.222.96N/AN/A3,450,2334,222,1917,254,34513,681,408
2023-12-04$456.38$440.0011.5%3.4%10.8%5.7%13.5%2.1%0.4%-596.3M-84.15B-654.2M1.092.51N/AN/A3,297,3543,607,9067,256,07313,474,927
2023-12-05$456.20$440.0011.5%3.4%10.8%5.7%12.7%2.0%0.4%1.42B-84.69B-668.4M1.112.62N/AN/A3,126,3753,480,7917,460,03413,617,187
2023-12-06$454.86$440.0011.5%3.4%10.8%5.8%12.8%2.0%0.4%-2.91B-73.29B-668.9M0.952.61N/AN/A3,565,3153,395,6207,546,84614,111,955
2023-12-07$458.17$440.0011.6%3.4%11.0%6.8%12.8%1.9%0.4%8.32B-104.10B-666.5M1.422.38N/AN/A2,726,2643,866,5047,835,62714,310,831
2023-12-08$460.52$440.0011.0%3.3%10.1%2.0%12.7%1.5%0.4%12.09B-121.48B-653.7M1.143.27N/AN/A3,331,3173,793,3607,839,30414,584,069
2023-12-11$461.69$440.0011.1%3.2%9.0%3.0%12.1%1.9%0.0%7.80B-118.86B-623.6M1.283.22N/AN/A2,476,2883,163,3357,651,39313,946,864
2023-12-12$463.82$440.0010.4%3.0%9.0%0.0%11.5%1.7%0.1%11.41B-134.85B-602.4M1.112.63N/AN/A2,740,3823,039,7857,861,33014,347,748
2023-12-13$469.75$440.0010.4%3.0%7.3%0.1%11.2%1.4%0.0%16.06B-172.97B-609.4M1.003.81N/AN/A3,925,5123,921,5407,970,94014,601,296
2023-12-14$471.39$441.0010.3%3.0%7.3%0.0%11.3%1.6%0.1%19.78B-179.61B-606.9M0.793.31N/AN/A5,360,6734,217,1198,228,69815,116,677
2023-12-15$469.11$445.0010.2%3.0%7.7%0.0%11.0%1.8%0.2%1.59B-78.70B-637.8M1.182.60N/AN/A2,976,5693,525,7626,701,05715,336,410
2023-12-18$472.35$445.0010.7%3.1%7.9%3.1%14.0%1.9%0.3%14.21B-102.52B-661.3M1.162.73N/AN/A2,786,5123,225,0746,348,05710,976,204
2023-12-19$474.24$446.0010.7%3.1%7.4%3.3%11.3%1.7%0.3%14.24B-110.88B-663.2M0.952.27N/AN/A3,004,0252,839,9726,442,75311,612,267
2023-12-20$469.57$450.0011.3%3.2%8.3%8.1%11.9%2.4%0.4%137.7K-68.47B-712.5M1.203.16N/AN/A4,087,1644,886,3486,646,65111,912,405
2023-12-21$472.20$450.0011.6%3.3%8.4%10.5%11.8%2.2%0.2%8.51B-94.32B-699.3M1.091.75N/AN/A3,857,9834,220,2036,930,19512,406,602
2023-12-22$473.44$450.0011.5%3.3%8.3%9.5%11.9%2.0%0.2%8.65B-99.02B-718.0M1.191.98N/AN/A3,497,1474,147,8566,945,09412,597,782
2023-12-26$475.90$451.0011.2%3.1%8.4%7.1%11.6%2.3%0.2%13.39B-115.46B-671.4M1.331.91N/AN/A2,114,3442,810,3316,618,51711,740,642
2023-12-27$475.32$454.0010.7%3.0%8.4%3.7%10.9%2.0%0.2%7.05B-105.45B-672.7M1.192.04N/AN/A2,789,8293,319,9416,611,00911,910,528
2023-12-28$477.17$455.0010.7%3.0%8.3%3.7%11.0%1.9%0.2%11.20B-116.73B-668.7M1.151.81N/AN/A2,557,2202,930,9426,684,28312,200,209
2023-12-29$475.39$455.0010.8%3.0%8.6%4.1%11.0%2.0%0.2%6.12B-98.94B-694.5M1.121.98N/AN/A3,299,8303,692,3556,920,91812,391,521