SPY Options History — April 2026

In April 2026, SPY traded between $654.25 and $656.02. ATM implied volatility averaged 20.9%, placing in the 28.5% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded above realized volatility by 0.5% (HV 20d: 20.4%). Max pain ranged from $665.00 to $665.00. Net GEX was positive for 0 of 2 trading days. Term structure was in contango for 0 of 2 days. Put/call ratio averaged 1.65.

Notable Days

2026-04-01: Highest Volume — 12,987,503 contracts
2026-04-02: Largest IV spike — 1.3% change
2026-04-02: Highest IV Rank — 28.9%
2026-04-02: Largest Expected Move — 6.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$655.13	$654.25	$656.02	$656.02	$654.25
Max Pain	$665.00	$665.00	$665.00	$665.00	$665.00
ATM IV	20.9%	20.8%	21.1%	20.8%	21.1%
Expected Move	6.0%	6.0%	6.0%	6.0%	6.0%
HV 20d	20.4%	20.3%	20.5%	20.5%	20.3%
HV 60d	15.7%	15.7%	15.7%	15.7%	15.7%
IV Rank	28.5%	28.1%	28.9%	28.1%	28.9%
IV Percentile	87.5%	87.3%	87.7%	87.3%	87.7%
Term Structure	-0.2%	-0.2%	-0.2%	-0.2%	-0.2%
VWIV	22.9%	22.5%	23.2%	23.2%	22.5%
Skew 25d	8.5%	8.4%	8.6%	8.4%	8.6%
Skew 10d	16.8%	16.4%	17.3%	16.4%	17.3%
Call IV 25d	16.2%	16.1%	16.4%	16.1%	16.4%
Put IV 25d	24.7%	24.5%	24.9%	24.5%	24.9%
Bid-Ask Spread %	1.86	1.59	2.12	2.12	1.59
Gamma HHI	0.03	0.03	0.03	0.03	0.03
Net GEX	-7.04B	-10.76B	-3.33B	-3.33B	-10.76B
Net DEX	35.67B	22.14B	49.20B	22.14B	49.20B
Net VEX	-928.3M	-938.6M	-918.0M	-918.0M	-938.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.65	1.59	1.72	1.59	1.72
Total Volume	12,597,436.5	12,207,370	12,987,503	12,987,503	12,207,370
Total OI	15,921,195.5	15,583,537	16,258,854	15,583,537	16,258,854

Daily Data (2 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
2026-04-01	$656.02	$665.00	20.8%	6.0%	20.5%	28.1%	23.2%	8.4%	-0.2%	-3.33B	22.14B	-918.0M	1.59	2.12	N/A	N/A	5,023,787	7,963,716	5,567,359	10,016,178
2026-04-02	$654.25	$665.00	21.1%	6.0%	20.3%	28.9%	22.5%	8.6%	-0.2%	-10.76B	49.20B	-938.6M	1.72	1.59	N/A	N/A	4,482,175	7,725,195	5,622,451	10,636,403