SPY Options History — March 2024

In March 2024, SPY traded between $505.75 and $523.92. ATM implied volatility averaged 11.7%, placing in the 11.9% IV rank vs the trailing year. The 30-day expected move averaged 3.4%. IV traded below realized volatility by 1.1% (HV 20d: 12.8%). Max pain ranged from $482.00 to $506.00. Net GEX was positive for 12 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 1.24.

Notable Days

  • 2024-03-08: Highest Volume — 12,224,059 contracts
  • 2024-03-05: Largest IV spike — 9.2% change
  • 2024-03-11: Highest IV Rank — 20.5%
  • 2024-03-11: Largest Expected Move — 3.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$515.76$505.75$523.92$512.89$523.92
Max Pain$499.60$482.00$506.00$482.00$506.00
ATM IV11.7%10.6%13.0%11.1%10.7%
Expected Move3.4%3.0%3.7%3.3%3.0%
HV 20d12.8%10.7%14.8%13.5%10.7%
HV 60d11.6%11.1%11.8%11.1%11.5%
IV Rank11.9%4.3%20.5%6.7%4.8%
IV Percentile30.5%2.0%54.8%14.3%2.8%
Term Structure0.1%-0.2%0.3%0.0%-0.1%
VWIV12.7%10.4%14.5%12.6%11.2%
Skew 25d2.0%1.5%2.6%1.5%2.0%
Skew 10d5.7%4.1%7.3%4.3%5.5%
Call IV 25d11.0%9.9%12.0%10.7%9.9%
Put IV 25d13.0%11.7%14.4%12.2%11.9%
Bid-Ask Spread %1.361.061.901.901.62
Gamma HHI0.040.020.090.090.05
Net GEX3.17B-10.30B15.07B15.07B10.83B
Net DEX-113.28B-157.12B-38.61B-157.12B-123.87B
Net VEX-695.9M-747.0M-648.5M-648.5M-691.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.240.861.691.351.64
Total Volume7,488,401.654,467,91012,224,0599,172,3496,483,864
Total OI21,698,258.0518,915,57124,038,47821,893,23021,080,911

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2024-03-01$512.89$482.0011.1%3.3%13.5%6.7%12.6%1.5%0.0%15.07B-157.12B-648.5M1.351.90N/AN/A3,895,1825,277,1676,349,80815,543,422
2024-03-04$512.65$495.0011.4%3.3%13.0%9.0%12.6%1.6%0.2%3.93B-134.41B-655.1M1.141.19N/AN/A2,870,6463,261,2656,163,06615,840,120
2024-03-05$505.75$495.0012.5%3.6%14.0%16.9%14.4%2.5%0.1%-8.43B-79.00B-699.0M1.181.27N/AN/A4,310,1255,093,0506,253,89615,913,467
2024-03-06$509.88$495.0012.3%3.6%14.2%15.2%13.3%2.2%0.1%4.23B-124.07B-680.8M1.191.18N/AN/A4,142,0434,911,0316,506,24116,015,589
2024-03-07$515.34$496.0012.4%3.6%14.2%16.2%13.5%1.8%0.1%8.88B-156.40B-663.3M1.181.18N/AN/A3,492,7344,119,1526,551,77716,316,870
2024-03-08$512.26$498.0012.5%3.6%14.4%17.3%13.9%2.2%0.1%-1.42B-125.62B-708.3M1.051.25N/AN/A5,956,9186,267,1416,655,79816,553,466
2024-03-11$511.47$500.0013.0%3.7%14.4%20.5%14.5%2.5%-0.1%-49.4M-109.84B-714.9M1.221.11N/AN/A3,300,6414,019,7116,761,97116,450,885
2024-03-12$516.78$500.0011.9%3.4%14.8%12.3%12.8%1.7%0.0%11.64B-155.81B-666.8M1.271.24N/AN/A3,993,6105,071,7556,900,36416,646,061
2024-03-13$515.86$500.0011.7%3.4%13.2%10.6%12.4%1.9%0.0%-834.0M-139.53B-686.7M1.071.52N/AN/A3,133,6493,348,7666,913,84717,041,783
2024-03-14$513.33$500.0012.3%3.5%13.0%16.2%13.0%2.6%0.1%-3.06B-115.99B-718.2M0.861.35N/AN/A5,710,7634,919,1347,026,97717,011,501
2024-03-15$509.56$500.0012.6%3.6%13.2%18.2%13.3%2.5%-0.0%-10.30B-38.61B-747.0M1.111.19N/AN/A3,724,9384,142,3555,988,26317,293,511
2024-03-18$513.85$500.0012.4%3.6%13.4%17.1%13.0%2.4%0.0%4.12B-82.32B-710.6M1.501.06N/AN/A2,434,7393,640,3295,564,66613,350,905
2024-03-19$515.14$500.0012.1%3.5%13.0%14.5%13.1%2.1%0.1%3.01B-84.56B-706.5M1.471.16N/AN/A2,715,7303,978,5645,556,85513,796,689
2024-03-20$519.75$502.0011.3%3.2%13.2%9.0%12.5%1.8%0.2%9.22B-111.10B-693.8M1.401.57N/AN/A2,684,8053,755,5465,607,27414,078,545
2024-03-21$522.72$503.0010.9%3.1%10.7%6.5%11.6%1.6%0.3%9.15B-121.84B-692.0M1.191.45N/AN/A3,246,7153,874,3135,625,88414,358,434
2024-03-22$521.87$505.0010.8%3.1%10.7%5.9%11.9%1.7%0.2%878.0M-111.18B-698.7M1.691.39N/AN/A2,631,1154,437,9805,783,19414,622,793
2024-03-25$520.55$505.0011.1%3.1%10.7%7.9%12.0%2.0%-0.1%-2.43B-92.58B-723.4M1.171.39N/AN/A2,181,4782,551,0885,728,63814,786,400
2024-03-26$519.38$505.0011.0%3.1%10.8%8.1%10.4%1.9%-0.2%-861.7M-90.01B-705.5M1.051.56N/AN/A2,174,9962,292,9145,829,60814,691,056
2024-03-27$522.33$505.0010.6%3.0%10.8%4.3%11.2%1.8%-0.1%9.91B-111.75B-707.0M1.121.70N/AN/A2,692,8113,029,2705,938,63614,865,990
2024-03-28$523.92$506.0010.7%3.0%10.7%4.8%11.2%2.0%-0.1%10.83B-123.87B-691.9M1.641.62N/AN/A2,457,5194,026,3455,990,33915,090,572