SPY Options History — November 2025 In November 2025, SPY traded between $653.49 and $683.57. ATM implied volatility averaged 16.5%, placing in the 18.8% IV rank vs the trailing year. The 30-day expected move averaged 4.8%. IV traded above realized volatility by 2.9% (HV 20d: 13.7%). Max pain ranged from $650.00 to $670.00. Net GEX was positive for 8 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 1.11.
Notable Days 2025-11-20 : Highest Volume — 15,388,931 contracts2025-11-13 : Largest IV spike — 18.5% change2025-11-20 : Highest IV Rank — 33.7%2025-11-20 : Largest Expected Move — 6.3%Monthly Statistics Metric Avg Min Max Open Close Price $672.80 $653.49 $683.57 $683.12 $682.02 Max Pain $653.95 $650.00 $670.00 $670.00 $655.00 ATM IV 16.5% 13.7% 21.9% 14.6% 13.7% Expected Move 4.8% 4.1% 6.3% 4.1% 4.2% HV 20d 13.7% 11.6% 15.3% 13.2% 15.1% HV 60d 11.1% 9.8% 12.0% 9.8% 11.9% IV Rank 18.8% 11.1% 33.7% 13.4% 11.1% IV Percentile 69.8% 40.9% 92.1% 58.7% 40.9% Term Structure -0.1% -1.2% 0.6% 0.6% -0.0% VWIV 19.4% 16.1% 24.4% 16.1% 16.8% Skew 25d 6.0% 4.3% 9.1% 4.7% 4.7% Skew 10d 13.0% 8.3% 19.3% 10.6% 10.6% Call IV 25d 13.9% 12.0% 17.6% 12.5% 12.0% Put IV 25d 19.9% 16.6% 26.7% 17.2% 16.6% Bid-Ask Spread % 1.79 1.41 2.39 1.41 2.17 Gamma HHI 0.03 0.02 0.05 0.02 0.03 Net GEX -2.71B -17.00B 13.18B -18.5M 6.63B Net DEX -36.02B -97.66B 63.31B -71.67B -86.52B Net VEX -891.7M -944.3M -839.5M -867.7M -839.5M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.11 0.91 1.43 1.24 0.98 Total Volume 9,817,426.474 4,324,010 15,388,931 8,422,865 4,324,010 Total OI 18,237,792.368 17,228,884 19,891,544 17,228,884 17,913,300
Daily Data (19 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 2025-11-03 $683.12 $670.00 14.6% 4.1% 13.2% 13.4% 16.1% 4.7% 0.6% -18.5M -71.67B -867.7M 1.24 1.41 N/A N/A 3,760,129 4,662,736 4,809,549 12,419,335 2025-11-04 $676.49 $670.00 15.5% 4.5% 13.6% 15.9% 17.4% 5.5% 0.4% -10.07B -32.71B -890.2M 1.16 1.46 N/A N/A 4,014,055 4,641,293 4,859,623 12,985,695 2025-11-05 $679.46 $670.00 14.6% 4.2% 13.6% 13.4% 16.6% 4.9% 0.5% 1.54B -62.74B -880.3M 1.10 1.63 N/A N/A 3,618,090 3,996,547 5,002,318 13,059,327 2025-11-06 $671.16 $650.00 16.3% 4.8% 14.3% 18.2% 18.9% 5.5% 0.3% -12.24B -12.30B -910.9M 0.97 1.67 N/A N/A 5,443,834 5,267,190 5,090,650 13,158,527 2025-11-07 $669.60 $650.00 16.4% 4.8% 11.6% 18.4% 19.9% 5.8% 0.4% -11.82B -13.22B -915.2M 1.08 1.91 N/A N/A 5,209,090 5,633,578 5,289,952 13,151,561 2025-11-10 $681.62 $650.00 14.6% 4.4% 12.6% 13.6% 17.5% 4.6% 0.4% 8.78B -97.66B -845.3M 1.04 1.74 N/A N/A 4,840,725 5,021,610 5,321,454 12,515,302 2025-11-11 $683.08 $650.00 14.3% 4.3% 12.5% 12.8% 17.0% 4.3% 0.5% 7.31B -95.92B -851.2M 1.10 1.75 N/A N/A 3,648,553 4,013,022 5,329,374 12,785,171 2025-11-12 $683.57 $650.00 14.6% 4.3% 12.4% 13.4% 17.6% 4.4% 0.4% 5.26B -89.56B -870.9M 0.91 1.69 N/A N/A 4,587,049 4,154,109 5,335,876 13,087,770 2025-11-13 $672.40 $650.00 17.3% 5.0% 13.6% 20.8% 20.0% 5.9% 0.2% -8.60B -18.13B -918.7M 0.96 1.63 N/A N/A 5,709,531 5,464,098 5,482,253 13,140,497 2025-11-14 $672.34 $650.00 16.7% 4.8% 13.4% 19.4% 20.2% 5.9% 0.2% -4.74B -25.91B -913.8M 1.11 1.62 N/A N/A 4,819,121 5,343,377 5,616,201 13,249,097 2025-11-17 $664.22 $650.00 19.1% 5.5% 13.5% 25.8% 21.3% 7.0% -0.9% -12.70B 14.75B -909.3M 1.04 1.49 N/A N/A 5,110,034 5,329,992 5,471,830 12,742,051 2025-11-18 $661.60 $650.00 19.8% 5.7% 13.6% 27.7% 22.3% 7.8% -0.9% -11.31B 24.78B -934.4M 1.09 1.67 N/A N/A 5,328,213 5,802,477 5,604,108 12,855,619 2025-11-19 $662.84 $650.00 19.5% 5.6% 13.4% 27.1% 21.7% 7.8% -1.0% -8.25B 10.21B -940.6M 1.05 1.80 N/A N/A 4,527,015 4,759,777 5,737,244 12,999,784 2025-11-20 $653.49 $650.00 21.9% 6.3% 14.0% 33.7% 24.4% 9.1% -1.2% -17.00B 63.31B -944.3M 1.28 2.39 N/A N/A 6,754,862 8,634,069 5,843,970 13,088,714 2025-11-21 $660.35 $651.00 19.6% 5.7% 14.2% 27.1% 22.1% 7.9% -1.0% -8.80B 8.55B -933.1M 1.43 2.19 N/A N/A 4,647,528 6,668,377 6,086,423 13,805,121 2025-11-24 $669.38 $652.00 16.8% 5.0% 14.6% 19.4% 21.4% 7.0% -0.2% 1.68B -39.30B -873.3M 1.32 1.88 N/A N/A 4,167,705 5,489,767 5,489,782 11,906,341 2025-11-25 $675.17 $652.00 14.9% 4.5% 14.9% 14.4% 19.0% 5.7% -0.1% 9.80B -66.01B -859.2M 1.13 1.92 N/A N/A 4,740,503 5,375,369 5,517,308 12,062,895 2025-11-26 $681.30 $655.00 13.9% 4.2% 15.3% 11.5% 17.8% 4.8% -0.0% 13.18B -94.38B -843.6M 1.10 1.99 N/A N/A 5,237,468 5,786,200 5,517,950 12,186,083 2025-11-28 $682.02 $655.00 13.7% 4.2% 15.1% 11.1% 16.8% 4.7% -0.0% 6.63B -86.52B -839.5M 0.98 2.17 N/A N/A 2,184,935 2,139,075 5,532,086 12,381,214
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