SPY Options History — August 2025 In August 2025, SPY traded between $621.89 and $649.16. ATM implied volatility averaged 12.7%, placing in the 8.4% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 2.2% (HV 20d: 10.5%). Max pain ranged from $610.00 to $625.00. Net GEX was positive for 11 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.17.
Notable Days 2025-08-01 : Highest Volume — 9,958,253 contracts2025-08-22 : Largest IV drop — 16.8% change2025-08-01 : Highest IV Rank — 19.0%2025-08-01 : Largest Expected Move — 4.9%Monthly Statistics Metric Avg Min Max Open Close Price $639.24 $621.89 $649.16 $621.89 $644.74 Max Pain $618.38 $610.00 $625.00 $620.00 $625.00 ATM IV 12.7% 11.3% 16.6% 16.6% 11.9% Expected Move 3.7% 3.3% 4.9% 4.9% 3.5% HV 20d 10.5% 9.1% 12.0% 9.1% 9.9% HV 60d 10.5% 9.5% 12.0% 11.8% 10.0% IV Rank 8.4% 4.3% 19.0% 19.0% 6.1% IV Percentile 22.7% 6.3% 71.8% 71.8% 13.1% Term Structure 0.0% -0.3% 0.7% -0.3% -0.2% VWIV 15.8% 13.8% 18.9% 18.9% 15.6% Skew 25d 4.7% 3.9% 7.0% 7.0% 4.9% Skew 10d 10.3% 8.3% 15.2% 15.2% 11.3% Call IV 25d 10.8% 9.9% 13.4% 13.4% 10.3% Put IV 25d 15.5% 13.9% 20.4% 20.4% 15.3% Bid-Ask Spread % 1.87 1.44 2.29 2.18 1.92 Gamma HHI 0.04 0.02 0.08 0.03 0.03 Net GEX -255.6M -13.15B 10.33B -13.15B -8.23B Net DEX -61.08B -103.09B 20.98B 20.98B -51.69B Net VEX -807.5M -885.5M -766.6M -885.5M -820.9M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.17 0.90 1.51 1.26 1.01 Total Volume 7,332,071.857 4,520,843 9,958,253 9,958,253 7,245,244 Total OI 17,823,052.905 16,236,164 19,565,508 17,590,042 18,313,625
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 2025-08-01 $621.89 $620.00 16.6% 4.9% 9.1% 19.0% 18.9% 7.0% -0.3% -13.15B 20.98B -885.5M 1.26 2.18 N/A N/A 4,411,669 5,546,584 5,099,363 12,490,679 2025-08-04 $630.37 $610.00 14.1% 4.1% 9.6% 12.1% 18.0% 5.6% 0.1% 193.9M -46.79B -830.8M 1.40 1.57 N/A N/A 2,916,528 4,095,245 5,093,570 12,010,275 2025-08-05 $628.49 $610.00 14.5% 4.1% 9.7% 13.3% 17.6% 5.7% 0.0% -7.08B -31.16B -839.3M 1.22 1.52 N/A N/A 3,827,918 4,675,725 5,086,210 12,316,307 2025-08-06 $632.88 $615.00 13.4% 3.9% 9.8% 10.2% 17.4% 5.1% 0.1% 3.58B -63.15B -813.4M 1.34 1.67 N/A N/A 3,035,550 4,057,706 5,171,776 12,878,686 2025-08-07 $631.48 $615.00 13.8% 4.1% 9.7% 11.3% 17.0% 5.0% 0.1% -2.93B -46.29B -831.4M 0.90 1.44 N/A N/A 4,482,404 4,025,121 5,189,774 13,111,171 2025-08-08 $636.39 $615.00 12.7% 3.8% 10.0% 8.1% 16.1% 4.4% 0.2% 6.79B -78.64B -803.1M 1.35 1.67 N/A N/A 3,052,251 4,121,494 5,287,785 13,254,544 2025-08-11 $635.88 $615.00 13.1% 3.9% 10.0% 9.2% 15.5% 4.7% 0.4% -5.81B -60.50B -795.5M 1.06 1.77 N/A N/A 3,234,818 3,414,738 4,972,395 13,328,878 2025-08-12 $642.18 $615.00 12.0% 3.6% 10.4% 6.3% 15.1% 4.0% 0.7% 10.33B -100.83B -766.6M 1.31 2.01 N/A N/A 3,414,147 4,462,930 5,105,428 13,389,935 2025-08-13 $644.20 $618.00 11.6% 3.4% 10.4% 5.1% 14.9% 3.9% 0.3% 9.54B -103.09B -784.0M 0.99 2.10 N/A N/A 3,746,492 3,710,546 5,122,266 13,973,142 2025-08-14 $645.28 $620.00 11.7% 3.5% 10.3% 5.5% 14.7% 4.0% 0.5% 7.49B -101.88B -800.8M 1.31 1.96 N/A N/A 3,074,844 4,023,073 5,220,028 14,214,520 2025-08-15 $644.00 $620.00 11.9% 3.5% 10.4% 6.0% 14.7% 4.1% 0.3% 2.18B -92.89B -790.7M 1.04 2.08 N/A N/A 3,253,423 3,395,559 5,207,747 14,357,761 2025-08-18 $643.64 $620.00 12.0% 3.5% 10.4% 6.4% 15.1% 4.3% -0.0% -1.83B -61.01B -789.5M 0.97 1.83 N/A N/A 2,799,128 2,724,869 4,645,347 11,590,817 2025-08-19 $639.34 $620.00 12.8% 3.7% 10.7% 8.7% 16.0% 5.1% -0.1% -8.54B -36.45B -813.9M 1.04 1.73 N/A N/A 3,786,371 3,921,201 4,682,907 11,743,761 2025-08-20 $638.90 $620.00 13.0% 3.7% 10.6% 9.0% 16.2% 5.1% -0.1% -5.93B -37.61B -814.3M 1.26 1.81 N/A N/A 4,166,410 5,253,341 4,797,422 11,890,878 2025-08-21 $635.34 $620.00 14.1% 4.1% 10.8% 12.2% 16.3% 5.4% -0.3% -9.13B -18.96B -843.2M 1.13 1.63 N/A N/A 3,578,138 4,053,925 4,869,913 12,122,542 2025-08-22 $644.99 $620.00 11.8% 3.4% 12.0% 5.7% 15.4% 3.9% -0.1% 8.81B -82.47B -786.1M 1.51 2.05 N/A N/A 3,745,719 5,657,825 4,980,148 12,293,822 2025-08-25 $643.56 $620.00 11.7% 3.4% 12.0% 5.5% 13.8% 4.5% -0.2% -4.20B -58.82B -795.0M 1.10 1.93 N/A N/A 2,895,075 3,171,716 4,963,576 12,370,163 2025-08-26 $644.12 $622.00 11.9% 3.5% 11.9% 6.1% 13.9% 4.6% -0.2% 1.86B -63.26B -793.5M 1.05 2.14 N/A N/A 2,860,757 3,004,868 4,975,047 12,557,251 2025-08-27 $647.17 $623.00 11.8% 3.5% 11.9% 5.9% 15.1% 4.4% -0.2% 2.30B -78.65B -782.6M 1.13 2.03 N/A N/A 2,126,775 2,394,068 4,956,835 12,695,522 2025-08-28 $649.16 $623.00 11.3% 3.3% 11.9% 4.3% 13.9% 4.0% -0.1% 8.40B -89.56B -776.6M 1.18 2.29 N/A N/A 3,029,708 3,579,606 5,068,638 12,883,657 2025-08-29 $644.74 $625.00 11.9% 3.5% 9.9% 6.1% 15.6% 4.9% -0.2% -8.23B -51.69B -820.9M 1.01 1.92 N/A N/A 3,596,884 3,648,360 5,148,453 13,165,172
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