SPY Options History — May 2025 In May 2025, SPY traded between $561.30 and $593.96. ATM implied volatility averaged 17.3%, placing in the 20.9% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded below realized volatility by 8.9% (HV 20d: 26.2%). Max pain ranged from $545.00 to $570.00. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.08.
Notable Days 2025-05-21 : Highest Volume — 10,710,626 contracts2025-05-12 : Largest IV drop — 19.1% change2025-05-06 : Highest IV Rank — 30.5%2025-05-01 : Largest Expected Move — 6.0%Monthly Statistics Metric Avg Min Max Open Close Price $579.97 $561.30 $593.96 $561.53 $589.64 Max Pain $560.52 $545.00 $570.00 $545.00 $570.00 ATM IV 17.3% 14.8% 20.8% 20.3% 15.6% Expected Move 5.0% 4.3% 6.0% 6.0% 4.6% HV 20d 26.2% 14.8% 53.4% 53.4% 15.1% HV 60d 33.9% 33.5% 34.2% 33.5% 34.0% IV Rank 20.9% 13.9% 30.5% 29.2% 16.3% IV Percentile 73.3% 57.1% 89.3% 89.3% 62.3% Term Structure -0.0% -0.4% 0.4% 0.1% 0.4% VWIV 20.2% 17.1% 24.2% 24.2% 19.2% Skew 25d 5.8% 4.1% 7.4% 7.2% 5.5% Skew 10d 11.9% 7.9% 14.6% 13.6% 11.5% Call IV 25d 14.8% 13.1% 17.0% 16.7% 13.5% Put IV 25d 20.6% 17.1% 24.5% 23.9% 19.0% Bid-Ask Spread % 1.70 1.36 2.38 2.12 2.07 Gamma HHI 0.03 0.02 0.10 0.02 0.04 Net GEX 2.19B -6.87B 13.03B 2.40B 4.57B Net DEX -52.00B -115.02B -2.75B -28.99B -53.25B Net VEX -836.0M -891.4M -757.4M -855.1M -833.8M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.08 0.90 1.30 1.09 1.13 Total Volume 8,413,560.905 6,284,866 10,710,626 8,568,580 8,204,839 Total OI 17,234,997.571 15,906,724 19,080,834 16,889,451 17,238,464
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 2025-05-01 $561.53 $545.00 20.3% 6.0% 53.4% 29.2% 24.2% 7.2% 0.1% 2.40B -28.99B -855.1M 1.09 2.12 N/A N/A 4,092,529 4,476,051 6,235,154 10,654,297 2025-05-02 $566.80 $545.00 19.2% 5.5% 50.3% 26.1% 22.5% 6.8% 0.2% 3.33B -40.73B -861.9M 1.30 2.38 N/A N/A 4,050,295 5,255,075 6,226,008 10,931,152 2025-05-05 $564.35 $550.00 20.0% 5.8% 46.6% 28.3% 23.2% 7.3% 0.1% -2.38B -18.05B -850.1M 1.14 1.49 N/A N/A 3,468,646 3,958,455 6,016,320 10,807,257 2025-05-06 $561.30 $555.00 20.8% 6.0% 45.7% 30.5% 23.8% 7.4% 0.1% -3.44B -2.75B -867.7M 1.14 1.36 N/A N/A 3,936,614 4,497,882 6,134,801 10,986,792 2025-05-07 $562.54 $555.00 20.2% 5.8% 44.6% 29.0% 23.0% 7.2% 0.2% -1.23B -11.79B -854.8M 1.12 2.20 N/A N/A 3,779,999 4,248,105 6,155,871 11,096,468 2025-05-08 $566.98 $555.00 19.4% 5.6% 28.9% 26.8% 21.7% 6.6% 0.1% 2.47B -32.06B -851.9M 1.01 1.39 N/A N/A 4,847,736 4,881,581 6,251,696 11,176,972 2025-05-09 $564.28 $555.00 19.5% 5.6% 24.3% 27.0% 22.8% 6.1% 0.1% -2.23B -16.55B -842.3M 0.93 1.54 N/A N/A 4,100,137 3,821,763 6,359,379 11,501,452 2025-05-12 $580.97 $555.00 15.8% 4.6% 24.6% 16.7% 18.4% 5.0% 0.1% 12.99B -98.59B -782.5M 1.12 1.66 N/A N/A 4,652,229 5,202,047 6,488,446 11,106,646 2025-05-13 $588.43 $555.00 15.1% 4.3% 24.5% 14.8% 17.5% 4.2% 0.0% 13.03B -114.57B -757.4M 1.09 1.69 N/A N/A 4,569,805 4,981,948 6,502,345 11,472,919 2025-05-14 $586.68 $560.00 15.5% 4.4% 24.3% 16.0% 17.2% 4.4% -0.0% 5.00B -94.14B -799.3M 1.03 1.58 N/A N/A 3,955,977 4,060,456 6,584,235 11,857,421 2025-05-15 $589.15 $560.00 15.2% 4.4% 21.1% 15.2% 17.1% 4.4% 0.0% 6.81B -99.41B -812.7M 1.20 1.51 N/A N/A 4,278,519 5,120,293 6,624,549 12,058,911 2025-05-16 $593.37 $560.00 14.8% 4.3% 21.1% 13.9% 17.6% 4.1% 0.1% 8.17B -115.02B -817.6M 1.02 1.62 N/A N/A 3,932,913 4,004,066 6,660,954 12,419,880 2025-05-19 $593.96 $563.00 15.6% 4.5% 16.6% 16.3% 17.9% 4.8% -0.2% 1.50B -77.57B -823.6M 1.04 1.55 N/A N/A 4,121,011 4,273,098 5,878,654 10,028,070 2025-05-20 $591.79 $568.00 15.7% 4.5% 15.1% 16.5% 18.2% 5.1% -0.2% 918.8M -65.13B -839.1M 0.90 1.49 N/A N/A 4,173,629 3,745,904 6,020,446 10,240,866 2025-05-21 $584.17 $570.00 17.5% 5.0% 16.1% 21.5% 20.6% 6.3% -0.3% -4.53B -22.47B -870.3M 1.08 1.72 N/A N/A 5,154,339 5,556,287 6,114,959 10,333,672 2025-05-22 $584.64 $570.00 17.2% 4.9% 14.8% 20.6% 20.0% 5.9% -0.2% -2.07B -28.45B -871.2M 1.07 1.51 N/A N/A 3,990,540 4,276,013 6,200,014 10,641,873 2025-05-23 $580.39 $570.00 18.7% 5.4% 15.3% 24.7% 21.9% 7.0% -0.3% -6.87B -4.16B -891.4M 1.26 1.53 N/A N/A 3,547,203 4,463,287 6,169,420 10,662,156 2025-05-27 $590.25 $570.00 15.9% 4.6% 16.1% 17.0% 19.8% 5.6% -0.4% 4.49B -63.94B -819.5M 1.19 1.64 N/A N/A 3,274,044 3,893,481 6,070,025 10,293,962 2025-05-28 $588.53 $570.00 16.0% 4.7% 16.2% 17.3% 19.3% 5.4% -0.4% 179.1M -49.33B -825.0M 0.92 1.90 N/A N/A 3,265,349 3,019,517 6,102,147 10,589,609 2025-05-29 $589.60 $570.00 15.5% 4.6% 16.0% 16.1% 18.7% 5.3% -0.3% 2.86B -54.98B -827.8M 0.91 1.77 N/A N/A 3,958,421 3,594,696 6,230,077 10,810,610 2025-05-30 $589.64 $570.00 15.6% 4.6% 15.1% 16.3% 19.2% 5.5% 0.4% 4.57B -53.25B -833.8M 1.13 2.07 N/A N/A 3,859,537 4,345,302 6,293,733 10,944,731
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