SPY Options History — February 2025

In February 2025, SPY traded between $586.24 and $612.38. ATM implied volatility averaged 13.8%, placing in the 20.9% IV rank vs the trailing year. The 30-day expected move averaged 4.1%. IV traded above realized volatility by 2.1% (HV 20d: 11.7%). Max pain ranged from $590.00 to $598.00. Net GEX was positive for 7 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 1.16.

Notable Days

2025-02-21: Highest Volume — 10,876,963 contracts
2025-02-21: Largest IV spike — 19.9% change
2025-02-27: Highest IV Rank — 42.2%
2025-02-27: Largest Expected Move — 5.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$601.93	$586.24	$612.38	$598.29	$589.94
Max Pain	$593.00	$590.00	$598.00	$595.00	$595.00
ATM IV	13.8%	11.6%	18.0%	15.2%	16.6%
Expected Move	4.1%	3.4%	5.5%	4.5%	5.1%
HV 20d	11.7%	9.6%	14.7%	14.7%	11.1%
HV 60d	12.8%	12.4%	13.9%	13.9%	13.1%
IV Rank	20.9%	9.6%	42.2%	27.9%	35.2%
IV Percentile	61.4%	29.4%	96.4%	81.0%	91.7%
Term Structure	-0.0%	-0.6%	0.6%	-0.2%	0.2%
VWIV	16.1%	13.7%	20.4%	17.1%	19.0%
Skew 25d	4.8%	3.8%	6.3%	4.8%	5.8%
Skew 10d	10.3%	7.4%	13.5%	10.5%	11.9%
Call IV 25d	11.5%	9.7%	15.2%	12.6%	13.7%
Put IV 25d	16.3%	13.5%	21.4%	17.4%	19.5%
Bid-Ask Spread %	2.08	1.57	2.79	1.57	2.28
Gamma HHI	0.03	0.02	0.07	0.02	0.03
Net GEX	-3.38B	-19.19B	9.33B	-8.59B	-9.92B
Net DEX	-29.63B	-90.41B	67.25B	-6.73B	33.15B
Net VEX	-745.6M	-791.6M	-682.1M	-785.1M	-791.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.16	0.89	1.45	1.31	1.30
Total Volume	7,926,254.737	5,566,554	10,876,963	9,896,727	10,303,720
Total OI	17,115,739.263	16,173,116	18,246,394	16,173,116	17,806,916

Daily Data (19 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
2025-02-03	$598.29	$595.00	15.2%	4.5%	14.7%	27.9%	17.1%	4.8%	-0.2%	-8.59B	-6.73B	-785.1M	1.31	1.57	N/A	N/A	4,286,720	5,610,007	4,926,278	11,246,838
2025-02-04	$601.51	$595.00	13.7%	4.0%	14.2%	20.4%	14.5%	4.3%	-0.0%	-967.5M	-39.48B	-760.9M	1.10	2.79	N/A	N/A	3,092,093	3,410,036	5,113,896	11,437,799
2025-02-05	$603.14	$595.00	13.2%	3.7%	14.1%	17.9%	13.7%	4.0%	0.0%	439.5M	-46.27B	-764.1M	1.05	1.65	N/A	N/A	3,223,732	3,380,300	5,081,984	11,573,802
2025-02-06	$605.13	$590.00	12.6%	3.7%	13.4%	14.9%	15.3%	4.0%	0.1%	2.32B	-58.02B	-747.3M	1.05	1.99	N/A	N/A	2,920,848	3,052,629	5,138,889	11,659,807
2025-02-07	$600.73	$590.00	13.3%	3.9%	13.7%	18.2%	16.0%	4.4%	0.1%	-5.18B	-30.86B	-749.6M	1.00	2.04	N/A	N/A	4,398,121	4,396,258	5,201,002	11,774,794
2025-02-10	$604.78	$590.00	12.6%	3.7%	12.5%	14.8%	15.9%	4.4%	0.4%	2.66B	-52.61B	-733.6M	1.45	1.81	N/A	N/A	2,737,190	3,971,181	5,176,765	11,383,205
2025-02-11	$604.93	$590.00	12.6%	3.7%	12.5%	14.8%	14.4%	4.6%	0.3%	-420.3M	-53.12B	-725.2M	1.34	1.91	N/A	N/A	2,376,160	3,190,394	5,141,562	11,820,735
2025-02-12	$602.86	$590.00	13.0%	3.8%	12.6%	16.6%	16.0%	4.4%	0.3%	-3.94B	-35.44B	-747.8M	1.13	2.00	N/A	N/A	3,566,401	4,038,848	5,220,000	12,008,699
2025-02-13	$609.24	$590.00	12.1%	3.6%	10.5%	12.2%	14.9%	4.0%	0.5%	8.51B	-83.31B	-704.4M	1.24	1.98	N/A	N/A	3,436,409	4,266,517	5,298,370	12,066,850
2025-02-14	$609.74	$590.00	11.6%	3.4%	10.5%	9.6%	14.5%	3.8%	0.6%	7.63B	-80.05B	-717.6M	1.07	1.66	N/A	N/A	3,212,189	3,431,351	5,434,206	12,375,290
2025-02-18	$609.84	$590.00	12.4%	3.6%	10.1%	13.7%	14.6%	4.3%	-0.2%	1.80B	-72.28B	-699.8M	0.97	1.89	N/A	N/A	3,189,164	3,099,758	5,309,659	11,908,457
2025-02-19	$612.38	$592.00	12.0%	3.5%	9.9%	12.0%	14.4%	4.1%	-0.3%	9.33B	-90.41B	-682.1M	1.13	2.03	N/A	N/A	2,870,231	3,244,577	5,391,520	12,081,992
2025-02-20	$609.97	$595.00	12.1%	3.5%	9.7%	12.4%	14.3%	4.4%	-0.2%	-1.07B	-68.78B	-697.4M	0.89	2.07	N/A	N/A	4,079,520	3,647,802	5,438,571	12,406,017
2025-02-21	$599.91	$597.00	14.5%	4.2%	11.4%	24.6%	16.8%	6.2%	-0.5%	-19.19B	5.16B	-753.0M	1.16	2.57	N/A	N/A	5,033,045	5,843,918	5,556,991	12,689,403
2025-02-24	$598.72	$598.00	14.9%	4.4%	11.4%	26.5%	17.7%	6.1%	-0.3%	-9.86B	5.96B	-757.5M	1.33	2.51	N/A	N/A	3,837,632	5,123,014	5,276,531	10,900,203
2025-02-25	$594.10	$595.00	16.0%	4.8%	10.5%	32.0%	18.5%	6.3%	-0.4%	-12.92B	30.50B	-783.1M	1.15	2.25	N/A	N/A	4,459,140	5,143,664	5,352,329	11,394,762
2025-02-26	$595.17	$595.00	15.9%	4.8%	9.6%	31.5%	18.7%	6.0%	-0.4%	-8.61B	12.32B	-776.5M	1.09	2.16	N/A	N/A	4,064,860	4,427,456	5,483,338	11,604,839
2025-02-27	$586.24	$595.00	18.0%	5.5%	10.8%	42.2%	20.4%	6.2%	-0.6%	-16.17B	67.25B	-789.5M	1.34	2.38	N/A	N/A	4,380,192	5,853,763	5,594,405	11,922,342
2025-02-28	$589.94	$595.00	16.6%	5.1%	11.1%	35.2%	19.0%	5.8%	0.2%	-9.92B	33.15B	-791.6M	1.30	2.28	N/A	N/A	4,473,282	5,830,438	5,807,931	11,998,985