SPY Options History — January 2024

In January 2024, SPY traded between $467.69 and $491.13. ATM implied volatility averaged 11.5%, placing in the 9.2% IV rank vs the trailing year. The 30-day expected move averaged 3.3%. IV traded above realized volatility by 2.0% (HV 20d: 9.4%). Max pain ranged from $455.00 to $472.00. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 1.13.

Notable Days

  • 2024-01-19: Highest Volume — 9,761,692 contracts
  • 2024-01-16: Largest IV spike — 11.0% change
  • 2024-01-17: Highest IV Rank — 18.3%
  • 2024-01-17: Largest Expected Move — 3.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$478.58$467.69$491.13$471.02$483.63
Max Pain$464.67$455.00$472.00$455.00$472.00
ATM IV11.5%10.6%12.7%11.7%12.0%
Expected Move3.3%3.1%3.6%3.2%3.5%
HV 20d9.4%8.9%10.3%9.3%10.3%
HV 60d11.5%9.9%12.5%12.5%10.1%
IV Rank9.2%2.7%18.3%10.9%13.0%
IV Percentile17.9%1.6%38.9%22.6%34.1%
Term Structure0.1%-0.2%0.4%0.4%0.1%
VWIV12.3%11.2%14.6%11.2%12.6%
Skew 25d2.4%1.6%3.5%2.6%2.5%
Skew 10d5.7%4.3%7.2%6.0%6.4%
Call IV 25d10.4%9.8%11.1%10.2%11.0%
Put IV 25d12.8%11.8%14.5%12.8%13.5%
Bid-Ask Spread %1.581.202.191.752.19
Gamma HHI0.040.030.070.040.03
Net GEX2.61B-8.88B13.31B-4.38B-7.54B
Net DEX-94.78B-150.98B-50.74B-59.55B-61.78B
Net VEX-677.7M-713.7M-622.7M-698.7M-713.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.130.921.511.041.00
Total Volume7,724,267.4295,804,7469,761,6926,659,3378,360,820
Total OI19,692,440.14317,606,32421,825,56317,682,19320,442,334

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2024-01-02$471.02$455.0011.7%3.2%9.3%10.9%11.2%2.6%0.4%-4.38B-59.55B-698.7M1.041.75N/AN/A3,265,4193,393,9186,467,48111,214,712
2024-01-03$469.05$455.0012.3%3.3%9.2%15.7%11.4%3.0%0.0%-6.36B-54.82B-706.7M1.191.78N/AN/A3,278,4763,893,8626,679,91011,365,747
2024-01-04$468.36$460.0012.3%3.6%9.2%15.6%13.1%2.9%0.0%-4.76B-53.60B-711.8M1.101.20N/AN/A3,030,6003,330,4546,915,78211,525,272
2024-01-05$467.69$461.0011.9%3.5%9.1%12.8%12.4%2.6%0.0%-4.38B-50.74B-713.7M1.381.51N/AN/A3,504,9194,840,6677,049,36411,702,925
2024-01-08$473.94$461.0011.6%3.4%9.9%9.8%14.6%2.6%0.2%5.96B-99.36B-677.3M1.511.20N/AN/A3,296,0384,970,9556,698,24812,035,702
2024-01-09$473.38$462.0011.2%3.3%9.8%7.4%12.6%2.5%0.2%1.18B-90.67B-674.2M0.921.29N/AN/A3,456,0203,194,0946,728,40913,269,217
2024-01-10$476.02$462.0011.0%3.2%9.9%5.8%11.9%2.4%0.2%6.66B-109.52B-664.1M0.941.35N/AN/A3,570,0123,365,4156,835,75513,285,883
2024-01-11$475.87$462.0010.7%3.1%9.9%3.7%11.5%2.1%0.2%2.66B-106.04B-653.8M1.061.42N/AN/A4,459,6814,734,6957,018,77113,608,476
2024-01-12$476.50$462.0010.8%3.1%8.9%4.4%11.4%2.2%0.2%6.41B-109.76B-661.1M1.211.43N/AN/A3,559,7174,321,1237,152,33913,886,078
2024-01-16$474.19$465.0012.0%3.4%9.1%13.4%13.1%3.0%-0.1%-4.13B-79.48B-688.9M1.101.30N/AN/A3,970,7964,348,5786,984,15013,769,256
2024-01-17$471.75$465.0012.7%3.6%9.1%18.3%13.5%3.5%-0.2%-8.88B-60.58B-696.1M1.141.29N/AN/A3,983,3404,538,8407,083,45213,891,258
2024-01-18$476.31$465.0012.1%3.5%9.4%14.2%13.2%2.9%-0.2%6.91B-104.41B-687.7M1.091.38N/AN/A4,250,1934,629,6977,293,54214,193,190
2024-01-19$482.10$465.0011.4%3.3%10.2%8.5%12.6%2.3%-0.1%13.31B-150.98B-660.2M1.111.53N/AN/A4,634,4355,127,2577,410,61914,414,944
2024-01-22$483.75$467.0011.1%3.2%9.4%6.7%12.2%2.3%0.0%6.15B-105.12B-653.8M1.061.64N/AN/A3,687,0333,896,7195,724,51511,881,809
2024-01-23$484.69$469.0010.6%3.1%9.3%2.7%11.3%2.0%0.1%8.58B-112.39B-622.7M1.091.77N/AN/A3,019,7933,302,2966,052,49612,109,771
2024-01-24$486.19$470.0010.8%3.1%9.3%4.1%11.6%1.8%0.0%7.85B-114.13B-668.0M1.141.78N/AN/A4,238,0284,825,5036,104,98812,622,673
2024-01-25$486.99$470.0011.1%3.2%9.2%6.3%12.4%1.9%-0.0%7.52B-109.62B-681.4M1.161.73N/AN/A3,471,2434,033,5336,349,82513,495,363
2024-01-26$487.19$470.0011.0%3.2%9.2%5.7%12.1%1.7%-0.0%5.28B-109.80B-680.3M1.201.80N/AN/A3,497,3884,207,0266,451,85013,799,925
2024-01-29$490.45$470.0011.3%3.4%9.3%8.0%12.7%1.9%0.1%9.60B-122.40B-672.7M1.232.00N/AN/A3,095,2393,821,0486,213,63613,633,175
2024-01-30$491.13$470.0011.2%3.4%9.1%6.9%12.0%1.6%0.1%7.15B-125.75B-646.2M1.121.93N/AN/A2,741,2333,063,5136,272,93613,905,465
2024-01-31$483.63$472.0012.0%3.5%10.3%13.0%12.6%2.5%0.1%-7.54B-61.78B-713.2M1.002.19N/AN/A4,175,1894,185,6316,379,29314,063,041