SPY Options History — March 2025 In March 2025, SPY traded between $550.75 and $583.23. ATM implied volatility averaged 19.1%, placing in the 47.8% IV rank vs the trailing year. The 30-day expected move averaged 5.9%. IV traded above realized volatility by 1.5% (HV 20d: 17.6%). Max pain ranged from $577.00 to $595.00. Net GEX was positive for 1 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 1.17.
Notable Days 2025-03-04 : Highest Volume — 13,228,681 contracts2025-03-10 : Largest IV spike — 19.5% change2025-03-10 : Highest IV Rank — 72.1%2025-03-10 : Largest Expected Move — 8.4%Monthly Statistics Metric Avg Min Max Open Close Price $567.17 $550.75 $583.23 $581.22 $559.64 Max Pain $585.90 $577.00 $595.00 $595.00 $577.00 ATM IV 19.1% 15.1% 23.9% 19.8% 18.6% Expected Move 5.9% 4.4% 8.4% 6.2% 5.3% HV 20d 17.6% 12.0% 22.1% 12.1% 21.9% HV 60d 15.3% 13.5% 16.6% 13.5% 16.6% IV Rank 47.8% 27.3% 72.1% 50.9% 45.3% IV Percentile 92.3% 71.0% 99.6% 98.4% 93.3% Term Structure -0.4% -0.8% 0.3% 0.1% 0.3% VWIV 22.0% 17.3% 29.6% 23.3% 20.3% Skew 25d 5.7% 4.3% 7.6% 6.7% 5.7% Skew 10d 11.9% 8.8% 17.0% 14.9% 11.5% Call IV 25d 16.3% 12.8% 20.1% 16.6% 15.6% Put IV 25d 22.0% 17.1% 27.7% 23.3% 21.2% Bid-Ask Spread % 1.90 1.30 2.60 2.44 1.30 Gamma HHI 0.03 0.02 0.05 0.03 0.04 Net GEX -12.27B -17.86B 2.21B -15.81B -9.41B Net DEX 91.04B -7.34B 185.20B 80.53B 64.54B Net VEX -798.9M -853.0M -750.3M -819.0M -770.2M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.17 0.93 1.60 1.30 1.34 Total Volume 10,232,761 7,651,090 13,228,681 11,181,477 10,828,551 Total OI 18,116,946.048 15,320,788 20,367,904 16,359,744 16,333,403
Daily Data (21 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 2025-03-03 $581.22 $595.00 19.8% 6.2% 12.1% 50.9% 23.3% 6.7% 0.1% -15.81B 80.53B -819.0M 1.30 2.44 N/A N/A 4,853,954 6,327,523 5,424,619 10,935,125 2025-03-04 $579.70 $595.00 19.4% 6.2% 12.0% 49.0% 24.1% 6.8% -0.4% -15.46B 85.99B -821.3M 1.28 2.11 N/A N/A 5,791,468 7,437,213 5,567,214 11,188,743 2025-03-05 $583.23 $593.00 18.8% 6.0% 12.1% 45.9% 22.9% 6.4% -0.5% -10.56B 53.01B -823.6M 1.11 1.92 N/A N/A 4,944,946 5,502,423 5,864,977 11,541,462 2025-03-06 $572.07 $591.00 21.7% 7.1% 13.5% 60.9% 26.0% 6.9% -0.7% -15.92B 111.98B -853.0M 1.04 2.56 N/A N/A 5,884,572 6,121,083 5,983,977 11,678,807 2025-03-07 $574.92 $590.00 20.0% 6.5% 13.6% 52.4% 24.6% 6.7% -0.5% -14.44B 90.32B -840.8M 1.15 2.00 N/A N/A 5,551,053 6,361,080 6,457,259 11,878,940 2025-03-10 $559.57 $590.00 23.9% 8.4% 16.1% 72.1% 29.6% 7.6% -0.8% -17.68B 163.64B -837.5M 0.93 2.32 N/A N/A 6,455,424 5,975,632 6,399,878 11,918,255 2025-03-11 $559.16 $588.00 23.4% 8.0% 15.7% 69.2% 29.2% 7.2% -0.8% -15.46B 150.64B -838.3M 1.20 2.04 N/A N/A 5,429,405 6,517,585 6,908,559 12,001,993 2025-03-12 $559.49 $585.00 21.8% 7.3% 15.7% 61.2% 26.1% 6.3% -0.7% -14.66B 140.35B -832.5M 1.15 2.02 N/A N/A 5,110,725 5,884,450 7,154,393 12,293,604 2025-03-13 $550.75 $585.00 22.7% 7.6% 16.3% 65.9% 26.3% 6.2% -0.8% -17.62B 185.20B -803.1M 1.15 1.92 N/A N/A 5,014,906 5,781,241 7,289,692 12,022,519 2025-03-14 $561.82 $584.00 19.4% 6.1% 17.7% 49.4% 22.0% 5.5% -0.4% -12.26B 115.48B -824.0M 1.60 2.60 N/A N/A 3,903,036 6,264,395 7,485,890 12,144,251 2025-03-17 $568.94 $589.00 18.1% 5.0% 18.6% 42.7% 19.5% 5.3% -0.5% -9.29B 73.18B -789.4M 1.28 1.49 N/A N/A 4,315,326 5,539,901 7,137,075 12,435,634 2025-03-18 $560.69 $587.00 19.4% 5.3% 18.9% 49.2% 19.5% 5.2% -0.7% -17.86B 133.74B -785.8M 0.97 1.59 N/A N/A 4,213,856 4,089,388 7,147,811 12,915,591 2025-03-19 $569.22 $585.00 17.3% 4.8% 20.0% 38.6% 18.5% 4.8% -0.4% -11.47B 75.02B -780.8M 1.13 1.93 N/A N/A 4,111,974 4,659,498 7,233,086 13,055,354 2025-03-20 $566.07 $585.00 17.4% 4.9% 20.0% 39.2% 19.5% 4.9% -0.5% -15.65B 98.30B -761.5M 1.13 1.64 N/A N/A 4,418,895 5,009,497 7,289,275 13,078,629 2025-03-21 $562.46 $585.00 17.4% 4.9% 19.4% 39.2% 18.4% 4.8% -0.6% -14.37B 125.17B -752.8M 1.03 2.37 N/A N/A 4,283,510 4,412,440 7,216,733 13,089,367 2025-03-24 $574.26 $580.00 15.6% 4.4% 21.2% 29.7% 20.5% 4.3% -0.3% 2.21B -7.34B -750.3M 1.25 1.52 N/A N/A 3,858,104 4,819,536 5,734,465 9,586,323 2025-03-25 $574.79 $580.00 15.1% 4.4% 21.1% 27.3% 17.3% 4.3% -0.1% -166.0M 570.8M -757.4M 1.14 1.42 N/A N/A 3,578,792 4,072,298 5,862,654 10,264,535 2025-03-26 $568.25 $580.00 16.5% 4.7% 21.3% 34.5% 17.6% 4.7% -0.3% -9.38B 40.10B -775.6M 1.05 1.61 N/A N/A 4,441,253 4,641,639 6,003,477 10,432,864 2025-03-27 $568.86 $580.00 16.2% 4.7% 20.8% 33.0% 17.3% 4.7% -0.2% -5.69B 30.64B -767.9M 1.21 1.64 N/A N/A 3,953,134 4,784,826 6,151,806 10,516,388 2025-03-28 $555.41 $580.00 19.2% 5.4% 22.1% 48.0% 19.9% 5.3% -0.3% -16.83B 100.86B -791.2M 1.10 1.40 N/A N/A 4,641,363 5,102,086 6,209,173 10,622,067 2025-03-31 $559.64 $577.00 18.6% 5.3% 21.9% 45.3% 20.3% 5.7% 0.3% -9.41B 64.54B -770.2M 1.34 1.30 N/A N/A 4,624,620 6,203,931 6,137,240 10,196,163
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