SPY Options History — February 2026 In February 2026, SPY traded between $677.05 and $695.57. ATM implied volatility averaged 16.0%, placing in the 14.4% IV rank vs the trailing year. The 30-day expected move averaged 4.6%. IV traded above realized volatility by 2.3% (HV 20d: 13.6%). Max pain ranged from $675.00 to $687.00. Net GEX was positive for 4 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 1.29.
Notable Days 2026-02-12 : Highest Volume — 11,576,148 contracts2026-02-06 : Largest IV drop — 20.9% change2026-02-05 : Highest IV Rank — 21.7%2026-02-23 : Largest Expected Move — 5.4%Monthly Statistics Metric Avg Min Max Open Close Price $687.37 $677.05 $695.57 $695.57 $685.25 Max Pain $681.21 $675.00 $687.00 $687.00 $684.00 ATM IV 16.0% 13.5% 18.5% 13.5% 16.3% Expected Move 4.6% 3.6% 5.4% 3.6% 4.9% HV 20d 13.6% 11.3% 15.3% 11.3% 14.1% HV 60d 11.6% 11.2% 12.1% 11.5% 11.3% IV Rank 14.4% 7.5% 21.7% 7.5% 15.3% IV Percentile 66.3% 38.9% 81.3% 38.9% 69.0% Term Structure -0.1% -0.4% 0.4% 0.2% -0.3% VWIV 19.0% 15.7% 20.8% 15.7% 20.3% Skew 25d 6.9% 5.5% 8.2% 5.5% 8.0% Skew 10d 14.0% 11.7% 16.4% 11.7% 16.4% Call IV 25d 12.7% 11.2% 14.8% 11.2% 12.9% Put IV 25d 19.6% 16.8% 22.4% 16.8% 20.8% Bid-Ask Spread % 1.68 1.41 2.00 1.90 1.92 Gamma HHI 0.03 0.02 0.04 0.02 0.04 Net GEX -6.46B -17.74B 7.19B 1.74B -11.97B Net DEX 8.01B -37.43B 68.73B -29.42B 25.32B Net VEX -862.4M -913.8M -830.6M -830.6M -886.4M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.29 1.03 1.58 1.58 1.22 Total Volume 9,482,630.421 7,377,378 11,576,148 8,162,331 9,093,196 Total OI 15,512,172.632 14,303,202 16,620,718 14,766,255 15,822,929
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 2026-02-02 $695.57 $687.00 13.5% 3.6% 11.3% 7.5% 15.7% 5.5% 0.2% 1.74B -29.42B -830.6M 1.58 1.90 N/A N/A 3,165,933 4,996,398 4,346,846 10,419,409 2026-02-03 $688.63 $687.00 15.2% 4.3% 11.6% 12.1% 17.6% 6.0% 0.0% -11.43B 15.02B -860.0M 1.10 2.00 N/A N/A 5,430,875 5,979,694 4,416,817 10,622,110 2026-02-04 $687.76 $687.00 15.8% 4.5% 11.4% 13.9% 18.2% 6.3% -0.0% -8.19B 11.16B -877.0M 1.33 2.00 N/A N/A 4,108,774 5,470,942 4,597,468 10,777,014 2026-02-05 $677.05 $678.00 18.5% 5.2% 12.6% 21.7% 20.5% 7.3% -0.3% -17.74B 68.73B -913.8M 1.26 1.97 N/A N/A 4,388,177 5,509,857 4,659,964 11,023,591 2026-02-06 $690.87 $675.00 14.7% 4.3% 14.7% 10.7% 18.6% 5.9% 0.1% 2.99B -23.79B -868.3M 1.30 1.51 N/A N/A 3,946,435 5,130,191 4,973,518 11,011,874 2026-02-09 $694.73 $678.00 14.2% 4.2% 14.5% 9.2% 16.9% 5.8% 0.4% 7.19B -37.43B -847.3M 1.12 1.59 N/A N/A 3,875,199 4,330,143 4,842,593 10,560,713 2026-02-10 $693.11 $680.00 14.5% 4.3% 14.6% 10.2% 17.0% 6.2% 0.4% -3.94B -17.60B -855.2M 1.03 1.53 N/A N/A 4,050,577 4,171,793 4,842,973 10,819,856 2026-02-11 $692.49 $680.00 14.6% 4.3% 14.5% 10.4% 18.1% 6.2% 0.4% -4.70B -12.09B -856.2M 1.26 1.48 N/A N/A 4,096,252 5,147,422 4,836,130 10,863,922 2026-02-12 $682.29 $680.00 17.1% 5.0% 15.3% 17.7% 19.6% 7.1% 0.2% -15.24B 48.67B -883.5M 1.26 1.51 N/A N/A 5,127,655 6,448,493 4,867,198 10,903,950 2026-02-13 $680.23 $680.00 17.6% 5.1% 15.3% 19.2% 20.1% 7.6% 0.1% -14.44B 49.46B -898.1M 1.30 1.69 N/A N/A 4,009,425 5,227,785 5,031,284 10,985,984 2026-02-17 $682.79 $680.00 17.2% 4.9% 15.3% 17.8% 19.6% 7.7% -0.4% -8.59B 24.23B -842.9M 1.38 1.56 N/A N/A 4,122,238 5,704,582 4,940,447 10,543,416 2026-02-18 $685.85 $680.00 16.6% 4.8% 13.3% 16.2% 20.0% 7.4% -0.3% -3.56B 3.43B -846.0M 1.39 1.41 N/A N/A 3,829,922 5,328,662 5,091,983 10,708,798 2026-02-19 $683.37 $680.00 17.6% 5.1% 12.6% 19.0% 20.1% 8.0% -0.4% -9.91B 22.79B -857.1M 1.35 1.54 N/A N/A 4,064,036 5,495,932 5,238,395 10,923,138 2026-02-20 $689.03 $680.00 16.0% 4.6% 12.9% 14.3% 19.6% 7.6% -0.2% -193.8M -11.34B -854.0M 1.44 1.80 N/A N/A 4,414,094 6,373,127 5,381,286 11,239,432 2026-02-23 $681.41 $680.00 18.3% 5.4% 13.4% 20.9% 20.8% 8.2% -0.4% -13.67B 38.15B -857.7M 1.07 1.52 N/A N/A 4,892,628 5,250,800 4,853,981 9,449,221 2026-02-24 $687.29 $682.00 16.3% 4.8% 13.6% 15.3% 20.4% 7.4% -0.3% -2.79B -1.37B -847.4M 1.39 1.56 N/A N/A 3,798,359 5,280,599 5,019,017 9,588,156 2026-02-25 $693.17 $682.00 14.6% 4.3% 13.9% 10.6% 18.0% 6.5% -0.2% 3.50B -28.36B -850.6M 1.41 1.68 N/A N/A 3,054,943 4,322,435 4,986,480 9,785,933 2026-02-26 $689.20 $683.00 15.0% 4.4% 14.1% 11.6% 19.5% 7.1% -0.2% -11.84B 6.59B -854.3M 1.28 1.78 N/A N/A 4,626,017 5,906,388 4,965,638 10,789,816 2026-02-27 $685.25 $684.00 16.3% 4.9% 14.1% 15.3% 20.3% 8.0% -0.3% -11.97B 25.32B -886.4M 1.22 1.92 N/A N/A 4,091,089 5,002,107 5,123,824 10,699,105
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