SPYX Options History — March 2025

In March 2025, SPYX traded between $45.17 and $47.91. ATM implied volatility averaged 22.5%, placing in the 26.7% IV rank vs the trailing year. The 30-day expected move averaged 6.6%. IV traded above realized volatility by 4.9% (HV 20d: 17.5%). Max pain ranged from $41.00 to $48.00. Net GEX was positive for 8 of 21 trading days. Term structure was in contango for 3 of 21 days. Put/call ratio averaged 1.43.

Notable Days

2025-03-18: Highest Volume — 18 contracts
2025-03-28: Largest IV spike — 67.3% change
2025-03-10: Highest IV Rank — 51.7%
2025-03-11: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$46.51	$45.17	$47.91	$47.73	$45.84
Max Pain	$47.07	$41.00	$48.00	$48.00	$41.00
ATM IV	22.5%	12.7%	34.4%	21.3%	23.6%
Expected Move	6.6%	4.3%	10.0%	6.1%	5.5%
HV 20d	17.5%	12.0%	21.7%	12.0%	21.6%
HV 60d	15.3%	13.6%	16.6%	13.6%	16.6%
IV Rank	26.7%	6.3%	51.7%	24.3%	29.0%
IV Percentile	63.3%	5.6%	94.4%	59.9%	76.2%
Term Structure	-2.9%	-13.0%	2.6%	-5.9%	-3.5%
VWIV	26.3%	21.3%	40.1%	25.3%	28.8%
Skew 25d	5.1%	-0.9%	11.3%	5.0%	7.1%
Skew 10d	2.9%	-1.0%	8.6%	1.5%	5.8%
Call IV 25d	17.7%	15.3%	20.9%	17.7%	17.2%
Put IV 25d	22.8%	19.0%	29.9%	22.8%	24.4%
Bid-Ask Spread %	144.01	136.62	157.19	151.17	144.32
Gamma HHI	0.27	0.16	0.47	0.21	0.38
Net GEX	-486	-3.0K	1.6K	1.0K	-1.5K
Net DEX	11.4K	-24.2K	35.5K	-12.1K	9.5K
Net VEX	-197	-220	-159	-209	-210
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.43	0.00	5.00	3.00	5.00
Total Volume	3.381	0	18	0	5
Total OI	44.524	35	64	35	49

Daily Data (21 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
2025-03-03	$47.73	$48.00	21.3%	6.1%	12.0%	24.3%	0.0%	5.0%	-5.9%	1.0K	-12.1K	-209	0.00	151.17	N/A	N/A	0	0	24	11
2025-03-04	$47.62	$48.00	23.8%	6.8%	12.0%	29.6%	25.3%	10.7%	-4.7%	895	-2.8K	-205	0.00	137.98	N/A	N/A	0	1	24	11
2025-03-05	$47.91	$48.00	23.7%	6.8%	12.1%	29.4%	22.4%	7.9%	-2.5%	521	-1.7K	-202	0.00	138.06	N/A	N/A	0	1	24	12
2025-03-06	$46.97	$48.00	28.0%	8.0%	13.6%	38.2%	21.3%	-0.9%	-0.0%	30	6.4K	-197	3.00	140.29	N/A	N/A	1	3	24	13
2025-03-07	$47.18	$48.00	23.5%	6.7%	13.7%	28.9%	0.0%	4.9%	-1.1%	-757	11.6K	-213	0.00	139.03	N/A	N/A	0	0	25	16
2025-03-10	$45.91	$48.00	34.4%	9.9%	16.2%	51.7%	28.0%	10.2%	-3.9%	-376	28.3K	-180	0.00	138.09	N/A	N/A	0	3	25	16
2025-03-11	$45.84	$48.00	22.7%	10.0%	15.8%	27.3%	40.1%	7.0%	-0.8%	-550	28.5K	-180	0.00	140.24	N/A	N/A	0	4	25	16
2025-03-12	$45.89	$48.00	21.6%	9.5%	15.8%	25.0%	0.0%	4.9%	-2.9%	-1.1K	32.2K	-159	0.00	145.21	N/A	N/A	1	0	25	16
2025-03-13	$45.17	$48.00	22.8%	9.7%	16.4%	27.4%	0.0%	3.5%	-5.9%	-847	35.5K	-159	1.00	145.82	N/A	N/A	1	1	26	16
2025-03-14	$46.08	$48.00	21.7%	9.0%	17.8%	25.1%	22.1%	6.8%	-1.8%	-1.2K	26.0K	-182	0.00	144.75	N/A	N/A	1	0	27	16
2025-03-17	$46.64	$46.00	21.1%	4.7%	18.6%	24.0%	0.0%	6.0%	-4.4%	-1.4K	18.7K	-183	0.00	143.66	N/A	N/A	1	0	28	16
2025-03-18	$45.95	$46.00	26.9%	5.8%	19.0%	36.0%	22.4%	11.3%	-13.0%	-522	22.8K	-177	3.50	137.37	N/A	N/A	4	14	29	16
2025-03-19	$46.61	$46.00	19.9%	4.3%	19.9%	21.5%	0.0%	6.4%	-3.1%	-2.0K	21.0K	-220	0.00	137.96	N/A	N/A	0	0	33	26
2025-03-20	$46.37	$0.00	22.2%	5.2%	19.9%	26.2%	0.0%	-0.9%	-4.1%	-2.9K	30.0K	-205	0.00	146.28	N/A	N/A	5	0	33	26
2025-03-21	$46.22	$0.00	22.6%	5.2%	19.4%	27.0%	0.0%	1.0%	-5.0%	-3.0K	28.5K	-214	0.00	153.81	N/A	N/A	0	5	38	26
2025-03-24	$47.08	$0.00	20.3%	4.9%	20.8%	22.3%	0.0%	3.5%	-3.8%	1.6K	-24.2K	-211	0.40	152.14	N/A	N/A	10	4	26	17
2025-03-25	$47.13	$0.00	17.6%	4.9%	20.8%	16.6%	0.0%	2.3%	2.1%	1.2K	-15.3K	-206	0.00	157.19	N/A	N/A	0	0	25	21
2025-03-26	$46.56	$0.00	20.0%	4.8%	21.0%	21.5%	0.0%	3.4%	2.6%	605	-6.8K	-214	0.00	145.17	N/A	N/A	0	0	25	21
2025-03-27	$46.61	$0.00	12.7%	5.0%	20.4%	6.3%	0.0%	3.3%	1.6%	599	-9.4K	-206	0.00	148.96	N/A	N/A	0	0	25	19
2025-03-28	$45.48	$0.00	21.2%	6.0%	21.7%	24.0%	28.8%	3.5%	-0.2%	-348	12.8K	-201	5.00	136.62	N/A	N/A	1	5	25	19
2025-03-31	$45.84	$41.00	23.6%	5.5%	21.6%	29.0%	0.0%	7.1%	-3.5%	-1.5K	9.5K	-210	0.00	144.32	N/A	N/A	0	5	25	24