SPY Options History — October 2025

In October 2025, SPY traded between $656.00 and $687.68. ATM implied volatility averaged 14.7%, placing in the 13.8% IV rank vs the trailing year. The 30-day expected move averaged 4.2%. IV traded above realized volatility by 4.5% (HV 20d: 10.2%). Max pain ranged from $651.00 to $670.00. Net GEX was positive for 15 of 23 trading days. Term structure was in contango for 15 of 23 days. Put/call ratio averaged 1.31.

Notable Days

  • 2025-10-10: Highest Volume — 13,069,905 contracts
  • 2025-10-10: Largest IV spike — 32.7% change
  • 2025-10-16: Highest IV Rank — 27.5%
  • 2025-10-16: Largest Expected Move — 5.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$671.57$656.00$687.68$668.76$684.02
Max Pain$660.65$651.00$670.00$651.00$670.00
ATM IV14.7%13.0%19.7%13.1%14.6%
Expected Move4.2%3.3%5.6%3.4%4.2%
HV 20d10.2%6.0%13.2%6.7%13.2%
HV 60d9.7%8.5%10.7%8.6%9.9%
IV Rank13.8%9.2%27.5%9.2%13.5%
IV Percentile53.0%28.6%88.1%29.8%59.5%
Term Structure0.1%-0.3%0.4%0.3%0.4%
VWIV17.2%13.7%22.4%13.9%16.4%
Skew 25d5.5%3.8%9.3%4.7%4.5%
Skew 10d12.2%9.0%19.8%10.9%10.3%
Call IV 25d12.3%11.0%15.8%11.2%12.5%
Put IV 25d17.8%15.3%25.1%15.9%17.0%
Bid-Ask Spread %1.611.182.512.261.32
Gamma HHI0.040.020.200.040.02
Net GEX2.08B-16.69B15.17B8.32B2.06B
Net DEX-64.83B-123.80B25.80B-84.46B-92.18B
Net VEX-861.3M-952.4M-809.3M-825.7M-870.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.311.061.781.351.19
Total Volume8,860,028.3916,740,75613,069,9057,995,8348,542,511
Total OI17,842,725.78316,188,86719,393,60416,270,21019,393,604

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-10-01$668.76$651.0013.1%3.4%6.7%9.2%13.9%4.7%0.3%8.32B-84.46B-825.7M1.352.26N/AN/A3,403,4284,592,4064,625,95711,644,253
2025-10-02$669.25$652.0013.5%3.5%6.2%10.5%15.2%4.9%0.2%9.14B-80.50B-837.2M1.382.26N/AN/A3,515,6634,857,1514,670,62411,821,252
2025-10-03$669.98$655.0013.2%3.3%6.1%9.7%13.7%4.6%0.3%15.17B-80.88B-840.0M1.422.51N/AN/A3,689,2185,233,3414,704,64712,666,621
2025-10-06$671.87$660.0013.4%4.0%6.1%10.1%16.2%4.7%0.2%5.66B-79.56B-818.5M1.261.37N/AN/A2,983,8163,756,9404,488,64312,297,708
2025-10-07$669.26$660.0014.1%4.1%6.4%12.0%17.5%5.0%0.1%-5.57B-57.79B-846.6M1.341.43N/AN/A4,049,1565,444,4614,590,37812,408,407
2025-10-08$672.75$660.0013.3%4.0%6.5%10.0%16.3%4.9%0.2%9.49B-86.18B-825.8M1.481.38N/AN/A2,801,3534,134,5264,682,30712,897,306
2025-10-09$670.89$660.0013.4%4.0%6.0%10.3%15.3%4.8%0.2%-4.24B-66.79B-833.8M1.341.42N/AN/A3,711,8024,980,7694,685,51713,278,900
2025-10-10$656.00$660.0017.8%5.1%10.2%22.3%19.4%7.6%-0.2%-16.69B25.80B-937.3M1.182.32N/AN/A6,000,9677,068,9384,844,12313,621,888
2025-10-13$663.16$660.0015.4%4.5%10.9%15.7%18.7%6.3%0.2%-1.02B-36.09B-887.2M1.261.38N/AN/A3,405,0454,277,3805,070,30113,557,714
2025-10-14$660.70$660.0016.7%4.8%11.0%19.1%20.0%7.1%0.0%-7.78B-16.65B-907.9M1.222.14N/AN/A4,465,9055,437,8765,057,91913,553,597
2025-10-15$664.72$660.0016.6%4.8%11.2%18.9%19.4%7.0%0.0%411.7M-41.67B-911.9M1.131.45N/AN/A5,345,9336,016,3265,162,55713,731,572
2025-10-16$659.72$660.0019.7%5.6%11.4%27.5%22.4%9.3%-0.3%-8.92B-3.74B-952.4M1.191.47N/AN/A5,609,2656,661,3235,189,98913,855,492
2025-10-17$664.50$660.0017.1%4.9%11.7%20.4%20.1%7.5%-0.0%1.21B-41.09B-908.6M1.241.48N/AN/A4,209,1635,218,1835,331,75914,005,009
2025-10-20$671.72$660.0014.6%4.2%12.1%13.5%17.8%5.7%-0.2%6.84B-68.26B-845.9M1.781.24N/AN/A2,649,7754,723,8454,636,16511,552,702
2025-10-21$672.02$660.0014.1%4.1%11.9%12.2%18.1%5.4%-0.1%2.50B-62.55B-850.4M1.371.95N/AN/A3,575,8504,898,6804,653,73612,196,653
2025-10-22$667.46$661.0015.2%4.4%12.1%15.2%18.0%6.2%-0.3%-8.04B-31.82B-863.1M1.231.50N/AN/A4,402,0335,434,9134,719,15512,331,058
2025-10-23$672.21$661.0013.9%4.0%12.2%11.6%17.1%5.1%-0.2%6.15B-66.88B-845.6M1.181.39N/AN/A3,864,6714,572,4104,854,53212,425,230
2025-10-24$677.95$662.0013.2%3.8%12.3%9.6%15.8%4.6%-0.1%9.96B-97.40B-824.7M1.261.39N/AN/A3,889,2554,908,4674,888,63312,621,873
2025-10-27$684.63$664.0013.0%3.8%12.7%9.2%16.5%3.9%0.4%13.47B-119.56B-809.3M1.511.18N/AN/A3,103,1784,698,3014,904,14512,521,204
2025-10-28$687.68$665.0013.6%3.9%12.7%10.8%15.4%3.8%0.3%11.30B-123.80B-838.2M1.061.20N/AN/A4,157,5964,424,6485,065,17413,309,936
2025-10-29$686.15$666.0014.4%4.2%12.7%13.0%16.7%4.1%0.3%3.83B-110.00B-840.5M1.431.65N/AN/A3,014,4964,316,6545,193,14113,416,447
2025-10-30$680.72$668.0014.6%4.2%13.1%13.5%16.5%4.8%0.3%-5.32B-69.02B-888.9M1.261.39N/AN/A3,417,5364,315,5005,222,33914,032,526
2025-10-31$684.02$670.0014.6%4.2%13.2%13.5%16.4%4.5%0.4%2.06B-92.18B-870.7M1.191.32N/AN/A3,899,0764,643,4355,344,87614,048,728