SPY Options History — January 2025

In January 2025, SPY traded between $580.13 and $607.94. ATM implied volatility averaged 13.8%, placing in the 20.8% IV rank vs the trailing year. The 30-day expected move averaged 3.9%. IV traded below realized volatility by 1.5% (HV 20d: 15.3%). Max pain ranged from $582.00 to $595.00. Net GEX was positive for 8 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 1.17.

Notable Days

2025-01-10: Highest Volume — 10,982,734 contracts
2025-01-27: Largest IV spike — 22.4% change
2025-01-14: Highest IV Rank — 33.2%
2025-01-10: Largest Expected Move — 4.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$595.31	$580.13	$607.94	$584.18	$601.50
Max Pain	$591.40	$582.00	$595.00	$583.00	$595.00
ATM IV	13.8%	11.7%	16.2%	15.0%	13.9%
Expected Move	3.9%	3.3%	4.5%	4.4%	4.0%
HV 20d	15.3%	13.7%	17.9%	13.7%	14.6%
HV 60d	13.4%	12.6%	14.3%	12.6%	13.8%
IV Rank	20.8%	9.9%	33.2%	26.8%	21.6%
IV Percentile	65.7%	36.1%	88.5%	80.2%	69.4%
Term Structure	-0.1%	-0.6%	0.3%	-0.1%	-0.0%
VWIV	15.2%	13.0%	18.3%	15.3%	14.9%
Skew 25d	4.0%	2.8%	5.0%	4.6%	4.1%
Skew 10d	8.7%	5.8%	11.5%	8.5%	7.7%
Call IV 25d	11.9%	10.3%	13.9%	12.6%	11.9%
Put IV 25d	15.9%	13.3%	18.7%	17.2%	16.0%
Bid-Ask Spread %	1.66	1.34	2.32	2.20	1.67
Gamma HHI	0.03	0.02	0.07	0.02	0.02
Net GEX	-2.33B	-15.71B	12.30B	-9.10B	-3.79B
Net DEX	-38.01B	-91.66B	38.47B	6.83B	-42.00B
Net VEX	-747.7M	-784.2M	-694.9M	-754.2M	-769.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.17	0.94	1.37	0.95	1.29
Total Volume	8,191,796.45	6,286,280	10,982,734	8,993,363	9,118,325
Total OI	17,569,352.75	15,962,151	19,570,774	16,064,831	17,867,029

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-01-02	$584.18	$583.00	15.0%	4.4%	13.7%	26.8%	15.3%	4.6%	-0.1%	-9.10B	6.83B	-754.2M	0.95	2.20	N/A	N/A	4,617,105	4,376,258	5,278,412	10,786,419
2025-01-03	$591.55	$582.00	13.4%	3.7%	14.4%	19.0%	13.8%	4.1%	0.1%	1.52B	-40.79B	-745.0M	1.22	1.77	N/A	N/A	3,410,653	4,155,072	5,361,547	10,929,707
2025-01-06	$594.45	$595.00	13.6%	3.9%	14.5%	20.0%	18.3%	4.4%	0.1%	1.34B	-48.50B	-741.3M	1.29	1.50	N/A	N/A	4,151,238	5,374,829	5,138,691	11,377,295
2025-01-07	$587.61	$594.00	15.1%	4.2%	15.0%	27.5%	16.3%	4.7%	-0.0%	-10.65B	-1.29B	-770.8M	1.12	1.62	N/A	N/A	4,659,343	5,203,345	5,269,661	12,240,751
2025-01-08	$588.91	$593.00	14.6%	4.1%	15.0%	25.1%	16.1%	4.4%	-0.1%	-8.36B	-13.21B	-774.7M	1.24	1.66	N/A	N/A	3,863,267	4,800,562	5,457,504	12,440,537
2025-01-10	$580.13	$592.00	16.2%	4.5%	15.7%	33.1%	16.9%	4.8%	-0.1%	-15.71B	38.47B	-784.2M	1.20	1.82	N/A	N/A	4,996,811	5,985,923	5,447,538	12,506,223
2025-01-13	$580.30	$590.00	16.2%	4.5%	15.3%	33.0%	17.8%	5.0%	-0.5%	-12.83B	25.69B	-764.4M	1.23	1.66	N/A	N/A	4,116,957	5,061,709	5,613,631	12,578,948
2025-01-14	$580.32	$590.00	16.2%	4.5%	15.3%	33.2%	17.7%	4.4%	-0.6%	-10.83B	20.68B	-778.3M	0.94	1.76	N/A	N/A	4,483,583	4,223,938	5,700,835	12,715,217
2025-01-15	$593.61	$590.00	13.3%	3.7%	17.6%	18.3%	15.2%	3.9%	-0.3%	2.51B	-67.41B	-737.8M	1.18	1.64	N/A	N/A	4,140,244	4,896,869	5,851,168	12,882,124
2025-01-16	$592.89	$590.00	13.2%	3.7%	17.5%	17.6%	13.8%	3.9%	-0.4%	-1.53B	-55.63B	-721.3M	1.20	1.65	N/A	N/A	3,721,192	4,480,687	5,889,958	13,071,580
2025-01-17	$598.26	$590.00	13.1%	3.7%	17.9%	17.0%	14.6%	3.7%	-0.4%	10.48B	-85.37B	-736.6M	1.21	1.53	N/A	N/A	3,838,898	4,625,691	5,969,081	13,601,693
2025-01-21	$602.45	$590.00	12.3%	3.5%	14.7%	13.0%	13.0%	3.1%	0.2%	8.53B	-76.32B	-694.9M	1.37	1.45	N/A	N/A	3,162,643	4,323,513	4,787,786	11,174,365
2025-01-22	$606.98	$590.00	11.9%	3.4%	14.8%	11.0%	13.2%	2.8%	0.3%	12.30B	-91.66B	-696.2M	1.26	1.47	N/A	N/A	3,031,194	3,823,682	4,772,816	11,923,813
2025-01-23	$607.94	$591.00	11.7%	3.3%	14.7%	9.9%	13.0%	3.0%	0.2%	7.00B	-88.10B	-715.0M	1.33	1.45	N/A	N/A	2,694,236	3,592,044	4,839,315	12,365,698
2025-01-24	$607.13	$593.00	11.8%	3.4%	14.7%	10.6%	13.6%	2.9%	0.2%	-5.89B	-72.30B	-741.8M	1.10	1.34	N/A	N/A	3,358,823	3,689,592	4,898,625	12,946,454
2025-01-27	$598.30	$595.00	14.4%	4.1%	15.4%	24.0%	16.2%	4.7%	-0.1%	-10.18B	-7.55B	-777.8M	1.22	1.60	N/A	N/A	3,569,683	4,353,863	4,917,651	12,208,390
2025-01-28	$605.14	$595.00	13.1%	3.7%	15.9%	17.3%	14.5%	4.0%	-0.0%	3.27B	-64.77B	-734.2M	1.03	1.42	N/A	N/A	3,412,145	3,518,939	5,032,389	12,251,645
2025-01-29	$601.91	$595.00	13.6%	3.9%	15.0%	19.6%	14.8%	3.9%	-0.0%	-3.42B	-45.99B	-755.6M	0.98	1.59	N/A	N/A	3,175,480	3,127,029	5,092,263	12,461,774
2025-01-30	$602.56	$595.00	13.3%	3.8%	14.8%	18.1%	14.2%	3.6%	0.1%	-1.33B	-50.93B	-761.4M	1.02	2.32	N/A	N/A	3,322,532	3,378,032	5,207,239	12,531,283
2025-01-31	$601.50	$595.00	13.9%	4.0%	14.6%	21.6%	14.9%	4.1%	-0.0%	-3.79B	-42.00B	-769.0M	1.29	1.67	N/A	N/A	3,984,554	5,133,771	5,147,120	12,719,909