SPY Options History — March 2026 In March 2026, SPY traded between $630.96 and $686.57. ATM implied volatility averaged 21.2%, placing in the 29.3% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded above realized volatility by 6.9% (HV 20d: 14.3%). Max pain ranged from $665.00 to $685.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 3 of 22 days. Put/call ratio averaged 1.26.
Notable Days 2026-03-31 : Highest Volume — 13,819,959 contracts2026-03-06 : Largest IV spike — 20.3% change2026-03-27 : Highest IV Rank — 45.3%2026-03-27 : Largest Expected Move — 7.7%Monthly Statistics Metric Avg Min Max Open Close Price $663.71 $630.96 $686.57 $686.34 $650.25 Max Pain $678.50 $665.00 $685.00 $684.00 $665.00 ATM IV 21.2% 16.6% 26.9% 17.0% 21.5% Expected Move 6.0% 5.0% 7.7% 5.2% 6.2% HV 20d 14.3% 11.9% 20.5% 14.2% 20.5% HV 60d 12.7% 11.3% 15.7% 11.3% 15.7% IV Rank 29.3% 16.2% 45.3% 17.2% 30.1% IV Percentile 88.6% 71.4% 96.8% 74.6% 88.9% Term Structure -0.2% -0.7% 0.2% 0.2% 0.1% VWIV 23.4% 20.9% 28.8% 21.9% 24.8% Skew 25d 9.1% 7.8% 11.7% 8.6% 7.8% Skew 10d 18.9% 16.1% 24.3% 16.7% 16.1% Call IV 25d 16.8% 12.9% 22.1% 13.0% 17.2% Put IV 25d 25.9% 21.6% 31.1% 21.6% 24.9% Bid-Ask Spread % 2.30 1.73 3.98 2.65 2.58 Gamma HHI 0.04 0.02 0.09 0.02 0.04 Net GEX -14.54B -28.79B -3.05B -6.70B -8.49B Net DEX 79.33B 952.1M 173.52B 14.44B 39.73B Net VEX -909.9M -989.4M -867.0M -878.2M -881.0M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.26 0.97 1.72 1.61 1.72 Total Volume 11,535,805.818 8,808,130 13,819,959 10,678,126 13,819,959 Total OI 16,259,252.727 14,745,197 17,582,498 14,745,197 16,294,651
Daily Data (22 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 2026-03-02 $686.34 $684.00 17.0% 5.2% 14.2% 17.2% 21.9% 8.6% 0.2% -6.70B 14.44B -878.2M 1.61 2.65 N/A N/A 4,088,383 6,589,743 4,781,029 9,964,168 2026-03-03 $680.57 $684.00 18.6% 5.7% 14.2% 21.8% 23.8% 9.4% -0.4% -15.06B 48.71B -903.7M 1.18 2.18 N/A N/A 5,667,511 6,692,523 4,942,115 10,223,309 2026-03-04 $686.57 $683.00 16.6% 5.0% 14.2% 16.2% 20.9% 8.7% -0.1% -3.05B 952.1M -905.4M 1.23 1.86 N/A N/A 4,286,611 5,260,942 5,178,446 10,364,839 2026-03-05 $679.79 $685.00 18.6% 5.2% 14.6% 21.9% 22.7% 9.8% -0.3% -14.38B 48.42B -917.1M 1.03 2.30 N/A N/A 6,286,132 6,453,527 5,204,107 10,577,486 2026-03-06 $672.68 $684.00 22.4% 6.2% 14.0% 32.6% 24.7% 11.7% -0.7% -16.06B 91.53B -989.4M 1.14 2.37 N/A N/A 5,151,837 5,892,617 5,419,861 11,060,088 2026-03-09 $677.93 $683.00 19.8% 5.6% 12.2% 25.3% 22.6% 10.0% -0.2% -7.95B 41.17B -939.4M 1.31 3.98 N/A N/A 5,442,654 7,112,116 5,335,994 10,866,611 2026-03-10 $677.51 $682.00 19.8% 5.6% 11.9% 25.4% 21.2% 9.8% -0.2% -7.84B 37.75B -949.3M 1.34 2.41 N/A N/A 5,097,716 6,851,870 5,450,970 11,215,977 2026-03-11 $675.95 $682.00 19.8% 5.6% 11.9% 25.2% 21.8% 9.2% -0.3% -12.54B 51.79B -942.5M 1.01 1.98 N/A N/A 5,088,456 5,121,286 5,485,073 11,308,470 2026-03-12 $666.95 $681.00 22.2% 5.0% 12.7% 32.0% 22.1% 9.4% -0.5% -19.88B 99.24B -949.7M 0.97 2.14 N/A N/A 5,752,988 5,592,873 5,531,819 11,395,548 2026-03-13 $661.52 $680.00 23.1% 5.4% 12.0% 34.8% 24.0% 9.1% -0.5% -21.77B 115.56B -936.0M 1.05 2.26 N/A N/A 5,805,464 6,095,511 5,714,459 11,383,311 2026-03-16 $668.61 $680.00 20.2% 5.8% 12.7% 26.3% 22.3% 8.6% -0.2% -12.33B 64.62B -891.6M 1.39 2.21 N/A N/A 4,639,679 6,427,049 5,668,599 11,200,343 2026-03-17 $671.05 $680.00 18.6% 5.3% 12.7% 21.9% 20.9% 8.2% -0.0% -11.90B 51.99B -884.2M 1.28 1.98 N/A N/A 4,239,130 5,417,563 5,687,478 11,431,290 2026-03-18 $661.80 $680.00 20.9% 6.0% 13.4% 28.4% 22.5% 8.6% -0.2% -22.85B 107.89B -898.5M 1.24 2.58 N/A N/A 3,927,388 4,880,742 5,752,365 11,464,129 2026-03-19 $660.02 $679.00 20.7% 6.0% 13.3% 27.8% 22.4% 8.4% -0.1% -22.17B 104.48B -890.7M 1.16 2.53 N/A N/A 5,494,004 6,362,345 5,993,704 11,519,477 2026-03-20 $646.35 $677.00 24.6% 7.0% 14.4% 38.9% 25.4% 8.9% -0.4% -28.79B 173.52B -898.7M 1.12 3.06 N/A N/A 6,175,023 6,943,040 6,105,962 11,476,536 2026-03-23 $658.04 $675.00 21.4% 6.1% 15.9% 29.7% 22.7% 9.0% -0.1% -6.07B 57.60B -906.9M 1.14 2.14 N/A N/A 5,369,140 6,143,688 5,306,057 9,773,269 2026-03-24 $653.60 $675.00 22.4% 6.4% 15.5% 32.6% 23.6% 9.3% -0.2% -12.54B 82.56B -901.2M 1.40 1.83 N/A N/A 4,743,108 6,662,082 5,258,402 9,908,052 2026-03-25 $656.21 $675.00 21.6% 6.2% 15.2% 30.4% 23.5% 9.0% -0.1% -10.08B 67.64B -900.0M 1.35 1.93 N/A N/A 4,480,028 6,061,112 5,373,070 10,117,938 2026-03-26 $645.35 $673.00 24.1% 6.9% 15.9% 37.6% 25.4% 9.0% -0.3% -19.10B 121.94B -899.2M 1.17 1.73 N/A N/A 5,411,215 6,357,248 5,444,835 10,235,320 2026-03-27 $633.67 $670.00 26.9% 7.7% 16.8% 45.3% 28.8% 9.0% -0.4% -20.89B 167.19B -887.5M 1.39 1.99 N/A N/A 5,703,283 7,948,661 5,702,568 10,365,650 2026-03-30 $630.96 $670.00 26.0% 7.5% 16.7% 42.8% 27.6% 8.3% 0.1% -19.39B 156.64B -867.0M 1.47 1.96 N/A N/A 4,951,653 7,299,828 5,767,838 10,452,347 2026-03-31 $650.25 $665.00 21.5% 6.2% 20.5% 30.1% 24.8% 7.8% 0.1% -8.49B 39.73B -881.0M 1.72 2.58 N/A N/A 5,077,553 8,742,406 5,803,626 10,491,025
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