SPY Options History — January 2026 In January 2026, SPY traded between $677.07 and $695.90. ATM implied volatility averaged 13.3%, placing in the 6.8% IV rank vs the trailing year. The 30-day expected move averaged 3.8%. IV traded above realized volatility by 3.5% (HV 20d: 9.8%). Max pain ranged from $670.00 to $686.00. Net GEX was positive for 6 of 20 trading days. Term structure was in contango for 16 of 20 days. Put/call ratio averaged 1.20.
Notable Days 2026-01-21 : Highest Volume — 11,688,548 contracts2026-01-20 : Largest IV spike — 32.6% change2026-01-20 : Highest IV Rank — 17.2%2026-01-20 : Largest Expected Move — 4.8%Monthly Statistics Metric Avg Min Max Open Close Price $690.26 $677.07 $695.90 $682.60 $691.45 Max Pain $683.80 $670.00 $686.00 $670.00 $686.00 ATM IV 13.3% 11.9% 17.0% 12.5% 14.6% Expected Move 3.8% 3.3% 4.8% 3.3% 4.0% HV 20d 9.8% 7.4% 11.4% 8.5% 11.2% HV 60d 11.6% 11.0% 12.4% 12.3% 11.7% IV Rank 6.8% 2.9% 17.2% 4.5% 10.4% IV Percentile 31.6% 8.3% 77.0% 15.1% 58.3% Term Structure 0.2% -0.1% 0.4% 0.3% 0.1% VWIV 15.2% 11.6% 19.1% 11.6% 17.2% Skew 25d 4.8% 3.8% 6.9% 3.8% 5.8% Skew 10d 10.5% 7.2% 15.0% 7.9% 12.1% Call IV 25d 11.1% 10.2% 13.5% 10.5% 11.7% Put IV 25d 15.9% 14.1% 20.3% 14.3% 17.5% Bid-Ask Spread % 1.73 1.56 2.50 2.50 1.88 Gamma HHI 0.03 0.02 0.09 0.03 0.02 Net GEX -1.15B -14.89B 13.69B -6.45B -6.04B Net DEX -29.26B -74.24B 59.51B -22.55B -8.47B Net VEX -804.9M -859.7M -748.0M -758.3M -859.7M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.20 0.93 1.55 0.93 1.23 Total Volume 8,971,732.15 6,752,269 11,688,548 8,784,455 9,161,881 Total OI 15,293,575.55 13,515,489 17,001,849 13,755,959 16,210,169
Daily Data (20 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 2026-01-02 $682.60 $670.00 12.5% 3.3% 8.5% 4.5% 11.6% 3.8% 0.3% -6.45B -22.55B -758.3M 0.93 2.50 N/A N/A 4,547,898 4,236,557 4,737,958 9,018,001 2026-01-05 $687.97 $680.00 12.7% 3.7% 8.9% 5.0% 14.7% 3.9% 0.2% 9.12B -51.98B -748.0M 1.28 1.58 N/A N/A 3,310,140 4,224,872 4,601,665 8,913,824 2026-01-06 $692.05 $680.00 12.3% 3.6% 9.0% 4.1% 14.1% 3.8% 0.3% 12.73B -67.22B -754.1M 1.53 1.69 N/A N/A 3,879,488 5,922,369 4,616,386 9,106,720 2026-01-07 $689.50 $684.00 12.9% 3.8% 8.9% 5.6% 14.9% 4.1% 0.3% -5.67B -40.01B -790.0M 1.12 1.59 N/A N/A 4,259,210 4,752,239 4,750,025 10,464,053 2026-01-08 $689.43 $685.00 12.9% 3.7% 8.9% 5.6% 14.5% 4.5% 0.2% -1.62B -37.90B -792.8M 1.16 1.63 N/A N/A 3,674,799 4,262,373 4,853,158 10,759,074 2026-01-09 $694.83 $685.00 11.9% 3.5% 9.0% 2.9% 13.9% 3.9% 0.4% 13.69B -74.24B -767.0M 1.35 1.70 N/A N/A 3,963,843 5,366,351 4,913,866 10,794,202 2026-01-12 $695.33 $685.00 12.5% 3.6% 9.0% 4.5% 13.8% 4.2% -0.1% 6.07B -61.67B -773.4M 1.25 1.66 N/A N/A 3,317,485 4,133,094 4,741,181 11,053,465 2026-01-13 $692.06 $685.00 13.2% 3.8% 8.3% 6.6% 14.9% 5.1% -0.0% -7.62B -33.42B -802.9M 1.00 1.66 N/A N/A 4,597,869 4,585,396 4,863,732 11,250,056 2026-01-14 $688.86 $685.00 13.8% 3.9% 8.5% 8.1% 16.4% 5.2% -0.1% -12.22B -13.62B -818.8M 0.98 1.56 N/A N/A 5,080,065 4,981,021 4,916,609 11,454,664 2026-01-15 $691.75 $685.00 12.9% 3.7% 8.5% 5.7% 14.4% 5.0% -0.0% -283.7M -44.22B -802.3M 1.18 1.61 N/A N/A 3,995,226 4,726,566 5,050,376 11,746,358 2026-01-16 $691.91 $685.00 12.8% 3.7% 7.4% 5.4% 14.6% 5.1% 0.0% -3.22B -39.83B -815.9M 1.22 1.61 N/A N/A 3,749,232 4,573,319 5,054,619 11,947,230 2026-01-20 $677.07 $685.00 17.0% 4.8% 10.6% 17.2% 19.1% 6.9% 0.0% -14.89B 59.51B -843.5M 1.08 1.64 N/A N/A 5,100,307 5,512,948 4,096,130 9,913,621 2026-01-21 $685.38 $685.00 14.2% 4.1% 11.4% 9.4% 16.4% 5.1% 0.3% -3.26B -4.54B -823.8M 1.04 1.78 N/A N/A 5,731,203 5,957,345 4,409,930 10,216,401 2026-01-22 $688.47 $685.00 13.3% 3.8% 11.3% 6.9% 16.0% 4.6% 0.3% -476.3M -17.95B -817.3M 1.16 1.68 N/A N/A 4,347,767 5,044,386 4,440,246 10,380,284 2026-01-23 $689.22 $685.00 13.1% 3.7% 11.2% 6.3% 14.5% 4.9% 0.4% -3.72B -13.70B -818.7M 1.22 1.70 N/A N/A 3,975,918 4,835,991 4,434,319 10,647,688 2026-01-26 $693.70 $685.00 13.1% 3.6% 11.3% 6.2% 15.5% 4.8% 0.3% 4.00B -34.21B -810.8M 1.55 1.74 N/A N/A 3,235,039 5,007,994 4,329,256 10,314,513 2026-01-27 $695.90 $685.00 13.2% 3.7% 11.4% 6.5% 15.0% 4.9% 0.3% 3.97B -39.30B -822.3M 1.43 1.82 N/A N/A 3,368,255 4,802,196 4,357,497 10,861,787 2026-01-28 $695.22 $685.00 13.5% 3.7% 11.3% 7.4% 15.9% 5.0% 0.3% -1.52B -27.80B -835.7M 1.06 1.89 N/A N/A 3,277,487 3,474,782 4,400,426 11,339,942 2026-01-29 $692.55 $686.00 14.0% 3.9% 11.4% 8.8% 16.9% 5.6% 0.2% -5.50B -12.11B -843.3M 1.20 1.73 N/A N/A 4,764,491 5,697,241 4,515,091 11,396,989 2026-01-30 $691.45 $686.00 14.6% 4.0% 11.2% 10.4% 17.2% 5.8% 0.1% -6.04B -8.47B -859.7M 1.23 1.88 N/A N/A 4,102,259 5,059,622 4,607,630 11,602,539
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