SPY Options History — September 2025 In September 2025, SPY traded between $639.61 and $666.97. ATM implied volatility averaged 12.8%, 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 4.1% (HV 20d: 8.6%). Max pain ranged from $625.00 to $650.00. Net GEX was positive for 15 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 1.21.
Notable Days 2025-09-18 : Highest Volume — 10,439,598 contracts2025-09-26 : Largest IV drop — 8.4% change2025-09-25 : Highest IV Rank — 11.9%2025-09-02 : Largest Expected Move — 4.2%Monthly Statistics Metric Avg Min Max Open Close Price $656.47 $639.61 $666.97 $639.61 $665.25 Max Pain $643.05 $625.00 $650.00 $625.00 $650.00 ATM IV 12.8% 11.7% 14.0% 13.8% 13.2% Expected Move 3.7% 3.4% 4.2% 4.2% 3.6% HV 20d 8.6% 6.7% 9.7% 9.5% 6.7% HV 60d 9.4% 8.6% 10.1% 10.1% 8.6% IV Rank 8.4% 5.5% 11.9% 11.3% 9.7% IV Percentile 26.3% 9.1% 48.0% 40.5% 33.3% Term Structure 0.3% -0.0% 0.7% -0.0% 0.2% VWIV 15.1% 13.8% 17.6% 17.6% 14.2% Skew 25d 4.5% 3.8% 6.2% 6.2% 4.9% Skew 10d 9.8% 7.7% 12.0% 12.0% 9.8% Call IV 25d 11.0% 10.3% 11.9% 11.6% 11.2% Put IV 25d 15.5% 14.2% 17.7% 17.7% 16.0% Bid-Ask Spread % 2.20 1.64 2.76 2.06 2.42 Gamma HHI 0.04 0.02 0.08 0.03 0.03 Net GEX 1.68B -11.86B 10.86B -11.86B 4.66B Net DEX -75.46B -130.47B -17.31B -17.31B -77.86B Net VEX -800.7M -854.0M -763.0M -822.3M -805.3M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.21 0.73 1.69 1.02 1.28 Total Volume 7,734,769.143 6,330,424 10,439,598 7,550,879 8,072,318 Total OI 17,977,389.762 15,626,019 20,071,213 17,050,237 17,181,715
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 2025-09-02 $639.61 $625.00 13.8% 4.2% 9.5% 11.3% 17.6% 6.2% -0.0% -11.86B -17.31B -822.3M 1.02 2.06 N/A N/A 3,742,267 3,808,612 4,878,156 12,172,081 2025-09-03 $642.31 $625.00 13.2% 3.9% 9.5% 9.8% 16.0% 5.7% 0.1% -3.04B -40.36B -821.1M 1.00 2.19 N/A N/A 3,822,973 3,805,847 4,992,615 12,304,116 2025-09-04 $648.13 $635.00 12.3% 3.6% 9.7% 7.2% 15.2% 5.0% 0.2% 5.16B -73.91B -798.1M 1.30 1.69 N/A N/A 3,045,501 3,971,813 5,021,300 12,525,502 2025-09-05 $646.68 $638.00 12.0% 3.6% 9.7% 6.5% 14.5% 5.0% 0.2% -2.03B -60.32B -805.3M 1.00 1.66 N/A N/A 4,721,892 4,720,506 5,157,192 12,966,602 2025-09-08 $648.35 $640.00 12.1% 3.6% 9.4% 6.7% 15.1% 4.6% 0.3% 2.77B -65.19B -787.8M 1.06 1.64 N/A N/A 3,352,206 3,567,909 5,132,354 12,684,438 2025-09-09 $649.92 $640.00 12.0% 3.5% 9.3% 6.2% 15.1% 4.8% 0.3% 5.39B -75.83B -785.7M 1.34 2.27 N/A N/A 2,819,808 3,779,676 5,203,193 12,822,476 2025-09-10 $651.73 $640.00 12.0% 3.5% 8.8% 6.4% 14.9% 4.6% 0.3% 2.79B -81.31B -787.0M 1.18 2.23 N/A N/A 3,532,168 4,157,100 5,199,483 13,183,052 2025-09-11 $657.93 $640.00 11.7% 3.4% 9.3% 5.5% 14.6% 3.8% 0.3% 10.49B -117.82B -763.0M 1.69 2.56 N/A N/A 3,016,931 5,101,911 5,298,923 13,386,766 2025-09-12 $657.86 $644.00 11.7% 3.4% 9.3% 5.5% 14.2% 3.8% 0.4% 1.76B -105.03B -786.9M 1.39 2.21 N/A N/A 2,729,939 3,805,544 5,368,803 14,299,642 2025-09-15 $660.19 $645.00 12.4% 3.6% 9.3% 7.4% 15.5% 4.2% 0.1% 10.07B -110.74B -764.3M 1.22 2.20 N/A N/A 2,976,218 3,623,478 5,243,008 14,043,396 2025-09-16 $660.23 $645.00 12.9% 3.7% 9.3% 8.9% 14.8% 4.3% 0.1% 885.1M -106.08B -779.9M 1.01 2.16 N/A N/A 3,147,466 3,182,958 5,394,405 14,174,799 2025-09-17 $659.02 $645.00 12.6% 3.6% 8.9% 8.1% 14.9% 4.2% 0.1% 3.83B -106.94B -773.3M 1.20 2.76 N/A N/A 3,432,954 4,129,659 5,597,235 14,308,896 2025-09-18 $662.36 $645.00 12.5% 3.6% 8.9% 7.8% 15.1% 4.0% 0.2% 10.86B -130.47B -768.5M 0.73 2.13 N/A N/A 6,034,311 4,405,287 5,658,375 14,412,838 2025-09-19 $663.58 $647.00 12.6% 3.6% 8.5% 8.0% 14.8% 4.0% 0.2% 7.77B -76.40B -790.7M 1.29 2.14 N/A N/A 3,102,195 4,015,064 4,848,659 14,558,420 2025-09-22 $666.97 $650.00 13.0% 3.7% 7.1% 9.2% 15.9% 4.3% 0.5% 6.55B -84.80B -795.6M 1.54 2.07 N/A N/A 2,889,222 4,439,210 4,335,270 11,290,749 2025-09-23 $663.09 $650.00 13.9% 3.9% 7.4% 11.5% 16.3% 4.5% 0.5% -6.55B -54.24B -845.5M 1.23 2.20 N/A N/A 3,730,639 4,601,372 4,472,373 11,939,140 2025-09-24 $660.50 $650.00 13.7% 3.9% 7.7% 11.0% 15.3% 4.4% 0.5% -8.20B -41.62B -845.0M 1.29 2.29 N/A N/A 3,447,814 4,458,410 4,666,832 12,073,034 2025-09-25 $657.30 $650.00 14.0% 3.9% 7.9% 11.9% 15.8% 4.8% 0.5% -11.55B -25.98B -854.0M 1.36 2.48 N/A N/A 4,000,833 5,422,386 4,758,594 12,125,221 2025-09-26 $661.46 $650.00 12.8% 3.5% 8.1% 8.7% 14.3% 4.4% 0.7% 1.73B -62.38B -822.7M 1.15 2.39 N/A N/A 3,767,894 4,326,849 4,849,128 12,208,439 2025-09-29 $663.33 $650.00 13.2% 3.6% 7.5% 9.7% 13.8% 4.4% 0.2% 3.71B -70.03B -811.7M 1.18 2.44 N/A N/A 3,536,086 4,184,926 4,708,274 12,079,691 2025-09-30 $665.25 $650.00 13.2% 3.6% 6.7% 9.7% 14.2% 4.9% 0.2% 4.66B -77.86B -805.3M 1.28 2.42 N/A N/A 3,533,937 4,538,381 4,787,090 12,394,625
« Aug 2025 | All History | Oct 2025 » Home SPY History September 2025