SPYX Options History — January 2025

In January 2025, SPYX traded between $47.63 and $49.93. ATM implied volatility averaged 21.8%, placing in the 25.4% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded above realized volatility by 6.3% (HV 20d: 15.6%). Max pain ranged from $46.00 to $47.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 2 of 20 days. Put/call ratio averaged 1.47.

Notable Days

2025-01-24: Highest Volume — 17 contracts
2025-01-15: Largest IV drop — 61.3% change
2025-01-14: Highest IV Rank — 69.9%
2025-01-02: Largest Expected Move — 6.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$48.89	$47.63	$49.93	$48.00	$49.44
Max Pain	$46.90	$46.00	$47.00	$46.00	$47.00
ATM IV	21.8%	16.4%	43.1%	21.6%	19.2%
Expected Move	5.1%	4.5%	6.2%	6.2%	5.5%
HV 20d	15.6%	14.1%	18.0%	14.1%	14.8%
HV 60d	13.6%	12.8%	14.5%	12.8%	14.0%
IV Rank	25.4%	14.2%	69.9%	24.9%	19.9%
IV Percentile	46.3%	16.7%	96.8%	64.7%	42.5%
Term Structure	-2.3%	-7.8%	13.4%	-6.7%	-6.2%
VWIV	14.4%	10.8%	16.8%	15.3%	14.9%
Skew 25d	2.8%	-1.7%	7.6%	-1.3%	-0.3%
Skew 10d	0.2%	-4.4%	4.1%	-2.1%	-0.4%
Call IV 25d	14.0%	12.3%	18.5%	18.5%	15.4%
Put IV 25d	16.9%	11.8%	22.0%	17.2%	15.1%
Bid-Ask Spread %	149.26	140.91	154.74	141.63	149.22
Gamma HHI	0.24	0.16	0.41	0.36	0.17
Net GEX	2.7K	163	4.9K	3.9K	799
Net DEX	-53.5K	-80.7K	-27.8K	-56.0K	-36.8K
Net VEX	-181	-255	-135	-159	-232
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.47	0.00	10.00	0.00	10.00
Total Volume	2.3	0	17	0	11
Total OI	30.4	21	40	26	40

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
2025-01-02	$48.00	$46.00	21.6%	6.2%	14.1%	24.9%	0.0%	-1.3%	-6.7%	3.9K	-56.0K	-159	0.00	141.63	N/A	N/A	0	0	21	5
2025-01-03	$48.61	$46.00	17.3%	4.9%	14.6%	15.9%	15.3%	7.6%	3.0%	3.0K	-65.0K	-147	0.00	140.91	N/A	N/A	3	0	21	5
2025-01-06	$48.85	$47.00	23.9%	4.5%	14.8%	29.8%	10.8%	0.4%	-2.3%	3.4K	-72.3K	-151	0.00	152.50	N/A	N/A	1	0	23	5
2025-01-07	$48.27	$47.00	27.0%	5.5%	15.2%	36.3%	0.0%	0.9%	-7.8%	4.2K	-63.7K	-160	0.00	148.06	N/A	N/A	0	0	23	5
2025-01-08	$48.38	$47.00	21.6%	4.9%	15.2%	25.0%	0.0%	4.0%	-2.2%	2.4K	-70.1K	-140	0.00	144.89	N/A	N/A	0	1	23	5
2025-01-10	$47.66	$47.00	30.6%	4.9%	16.0%	43.8%	0.0%	2.7%	-2.4%	4.5K	-52.7K	-158	0.00	147.04	N/A	N/A	0	0	23	6
2025-01-13	$47.63	$47.00	39.2%	5.0%	15.5%	61.7%	16.8%	4.8%	-2.5%	4.5K	-52.8K	-150	0.00	146.46	N/A	N/A	1	0	23	6
2025-01-14	$47.63	$47.00	43.1%	5.1%	15.5%	69.9%	0.0%	2.4%	-3.4%	4.9K	-56.5K	-151	0.00	145.36	N/A	N/A	2	0	24	6
2025-01-15	$48.72	$47.00	16.7%	4.8%	17.8%	14.7%	0.0%	-0.0%	-2.9%	3.5K	-74.9K	-152	0.00	150.66	N/A	N/A	0	0	26	6
2025-01-16	$48.66	$47.00	16.9%	4.8%	17.7%	15.2%	0.0%	-1.7%	13.4%	3.7K	-73.4K	-147	0.00	151.95	N/A	N/A	0	0	26	6
2025-01-17	$49.09	$47.00	16.9%	4.8%	18.0%	15.2%	0.0%	4.2%	-2.5%	2.9K	-80.7K	-135	0.00	149.63	N/A	N/A	4	0	26	6
2025-01-21	$49.46	$47.00	16.4%	4.7%	15.0%	14.2%	14.5%	4.8%	-0.7%	2.2K	-38.0K	-187	0.00	150.83	N/A	N/A	5	0	16	5
2025-01-22	$49.85	$47.00	17.0%	4.9%	15.2%	15.4%	0.0%	4.1%	-2.6%	2.5K	-44.0K	-190	0.00	154.74	N/A	N/A	0	0	17	5
2025-01-23	$49.93	$47.00	17.1%	4.9%	14.9%	15.6%	0.0%	4.3%	-2.2%	2.5K	-45.4K	-188	0.00	154.57	N/A	N/A	1	0	17	5
2025-01-24	$49.89	$47.00	17.4%	5.0%	14.9%	16.2%	13.8%	3.5%	-3.0%	2.8K	-48.9K	-196	3.25	154.36	N/A	N/A	4	13	18	5
2025-01-27	$49.13	$47.00	19.3%	5.5%	15.7%	20.1%	0.0%	4.7%	-3.7%	163	-27.8K	-255	0.00	150.56	N/A	N/A	0	0	22	18
2025-01-28	$49.72	$47.00	17.3%	5.0%	16.2%	16.1%	0.0%	6.0%	-1.9%	1.0K	-39.6K	-241	0.00	147.99	N/A	N/A	0	0	22	18
2025-01-29	$49.44	$47.00	19.6%	5.6%	15.3%	20.8%	0.0%	3.9%	-4.7%	681	-34.2K	-247	0.00	152.02	N/A	N/A	0	0	22	18
2025-01-30	$49.48	$47.00	18.5%	5.3%	15.1%	18.4%	0.0%	1.5%	-4.4%	870	-37.3K	-236	0.00	151.81	N/A	N/A	0	0	22	18
2025-01-31	$49.44	$47.00	19.2%	5.5%	14.8%	19.9%	14.9%	-0.3%	-6.2%	799	-36.8K	-232	10.00	149.22	N/A	N/A	1	10	22	18