SPY Options History — July 2025 In July 2025, SPY traded between $618.21 and $637.33. ATM implied volatility averaged 13.6%, placing in the 10.7% IV rank vs the trailing year. The 30-day expected move averaged 3.8%. IV traded above realized volatility by 4.3% (HV 20d: 9.3%). Max pain ranged from $595.00 to $620.00. Net GEX was positive for 17 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 1.17.
Notable Days 2025-07-16 : Highest Volume — 9,123,073 contracts2025-07-07 : Largest IV spike — 10.0% change2025-07-07 : Highest IV Rank — 15.0%2025-07-07 : Largest Expected Move — 4.4%Monthly Statistics Metric Avg Min Max Open Close Price $627.54 $618.21 $637.33 $618.21 $633.40 Max Pain $607.18 $595.00 $620.00 $595.00 $620.00 ATM IV 13.6% 12.3% 15.1% 13.9% 13.4% Expected Move 3.8% 3.4% 4.4% 3.8% 3.8% HV 20d 9.3% 6.7% 11.5% 10.7% 6.9% HV 60d 16.4% 11.1% 30.4% 30.4% 11.1% IV Rank 10.7% 7.3% 15.0% 11.5% 10.3% IV Percentile 32.7% 14.7% 54.4% 39.3% 30.2% Term Structure 0.2% -0.1% 0.5% 0.3% -0.1% VWIV 15.6% 13.1% 17.8% 14.4% 14.7% Skew 25d 4.3% 3.5% 5.1% 4.1% 5.1% Skew 10d 9.2% 7.4% 10.7% 8.0% 10.6% Call IV 25d 11.8% 10.6% 13.2% 12.1% 11.2% Put IV 25d 16.1% 14.5% 18.0% 16.2% 16.4% Bid-Ask Spread % 1.79 1.38 2.14 1.38 2.07 Gamma HHI 0.04 0.03 0.07 0.04 0.03 Net GEX 3.98B -3.19B 10.49B 6.70B -2.66B Net DEX -84.51B -115.74B -57.29B -89.64B -63.38B Net VEX -769.3M -810.1M -738.4M -743.8M -799.9M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.17 0.91 1.50 0.98 1.50 Total Volume 7,020,877.636 5,326,578 9,123,073 7,167,416 8,369,043 Total OI 17,399,352.818 16,033,382 18,905,986 16,182,619 17,858,229
Daily Data (22 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 2025-07-01 $618.21 $595.00 13.9% 3.8% 10.7% 11.5% 14.4% 4.1% 0.3% 6.70B -89.64B -743.8M 0.98 1.38 N/A N/A 3,626,779 3,540,637 5,004,073 11,178,546 2025-07-02 $619.85 $597.00 14.0% 3.7% 10.6% 11.9% 16.0% 4.2% 0.1% 8.44B -89.78B -766.6M 1.20 1.40 N/A N/A 2,896,301 3,470,310 5,089,352 11,436,962 2025-07-03 $626.01 $595.00 13.8% 4.1% 10.9% 11.2% 17.1% 3.7% 0.1% 10.49B -115.74B -747.6M 1.15 1.63 N/A N/A 2,482,110 2,844,468 5,098,377 11,696,303 2025-07-07 $619.76 $600.00 15.1% 4.4% 11.5% 15.0% 17.7% 4.8% 0.1% -1.77B -67.96B -777.9M 1.10 1.52 N/A N/A 3,884,924 4,261,068 5,011,614 11,600,429 2025-07-08 $620.32 $600.00 14.3% 4.2% 11.3% 12.6% 16.7% 4.4% 0.2% 1.98B -76.69B -760.2M 1.13 1.53 N/A N/A 3,285,448 3,697,105 5,206,658 11,741,821 2025-07-09 $623.69 $600.00 13.4% 3.9% 11.3% 10.1% 16.5% 3.7% 0.1% 7.55B -97.04B -738.4M 1.05 1.62 N/A N/A 3,794,931 4,000,300 5,231,292 11,884,648 2025-07-10 $626.35 $600.00 13.2% 3.9% 11.3% 9.7% 15.8% 3.5% 0.4% 9.79B -105.59B -754.1M 1.24 1.67 N/A N/A 2,976,163 3,698,912 5,309,493 12,437,960 2025-07-11 $624.26 $605.00 13.5% 3.9% 11.4% 10.5% 16.4% 4.0% 0.1% 914.2M -85.05B -776.9M 1.10 1.58 N/A N/A 3,101,994 3,398,960 5,352,099 12,712,088 2025-07-14 $624.38 $605.00 14.3% 4.1% 11.4% 12.6% 17.3% 4.6% 0.3% 2.54B -84.52B -759.3M 1.18 1.61 N/A N/A 2,800,794 3,292,722 5,264,475 12,398,958 2025-07-15 $623.50 $605.00 14.1% 4.1% 10.3% 12.3% 17.8% 4.4% 0.5% 791.5M -78.02B -778.6M 0.94 1.78 N/A N/A 4,315,543 4,037,847 5,316,949 12,641,717 2025-07-16 $624.43 $607.00 14.2% 4.1% 9.8% 12.4% 17.3% 4.4% 0.3% 5.91B -83.25B -782.1M 1.20 2.05 N/A N/A 4,153,697 4,969,376 5,461,148 12,778,574 2025-07-17 $627.86 $610.00 13.5% 3.8% 9.3% 10.4% 16.4% 4.3% 0.5% 9.36B -100.90B -771.3M 1.22 1.82 N/A N/A 3,103,454 3,787,078 5,465,704 12,957,425 2025-07-18 $627.04 $610.00 13.9% 4.0% 9.3% 11.6% 14.7% 4.3% -0.0% 429.0M -90.27B -780.5M 1.13 1.86 N/A N/A 3,151,654 3,571,053 5,441,856 13,464,130 2025-07-21 $628.61 $610.00 13.7% 3.9% 8.5% 11.1% 15.9% 4.6% 0.3% 3.21B -66.49B -763.8M 1.46 1.82 N/A N/A 2,850,359 4,162,287 4,697,325 11,336,057 2025-07-22 $629.38 $610.00 13.7% 3.9% 8.2% 10.9% 15.0% 4.5% 0.3% 2.18B -65.76B -775.7M 1.13 2.11 N/A N/A 3,203,571 3,632,899 4,831,428 11,996,570 2025-07-23 $633.08 $610.00 12.8% 3.6% 7.2% 8.6% 14.1% 4.0% 0.3% 8.32B -90.25B -754.5M 1.27 2.14 N/A N/A 3,010,288 3,831,788 4,903,846 12,113,935 2025-07-24 $634.76 $612.00 12.6% 3.5% 7.0% 8.0% 14.1% 4.0% 0.4% 7.17B -92.00B -768.8M 1.22 1.91 N/A N/A 3,224,296 3,923,076 4,942,604 12,533,285 2025-07-25 $637.33 $615.00 12.3% 3.4% 6.8% 7.3% 13.1% 3.8% 0.4% 10.26B -101.89B -769.4M 1.34 1.91 N/A N/A 2,607,088 3,497,080 5,081,449 12,903,780 2025-07-28 $636.18 $615.00 12.5% 3.4% 6.9% 7.7% 14.2% 4.0% -0.0% -3.6M -86.06B -756.8M 0.91 1.94 N/A N/A 3,432,807 3,108,399 5,006,188 12,181,695 2025-07-29 $634.87 $617.00 12.9% 3.6% 6.7% 8.8% 14.7% 4.8% -0.0% -880.5M -71.60B -789.2M 1.07 2.01 N/A N/A 3,328,025 3,574,277 5,165,408 12,347,239 2025-07-30 $632.51 $620.00 13.4% 3.7% 6.9% 10.2% 14.0% 4.9% -0.1% -3.19B -57.29B -810.1M 1.32 1.98 N/A N/A 2,828,384 3,732,013 5,207,591 12,496,482 2025-07-31 $633.40 $620.00 13.4% 3.8% 6.9% 10.3% 14.7% 5.1% -0.1% -2.66B -63.38B -799.9M 1.50 2.07 N/A N/A 3,351,759 5,017,284 5,215,607 12,642,622
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