SPYX Options History — May 2025

In May 2025, SPYX traded between $46.14 and $48.85. ATM implied volatility averaged 23.2%, placing in the 19.2% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded below realized volatility by 3.0% (HV 20d: 26.3%). Max pain ranged from $42.00 to $47.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 1.21.

Notable Days

  • 2025-05-13: Highest Volume — 95 contracts
  • 2025-05-28: Largest IV spike — 58.9% change
  • 2025-05-13: Highest IV Rank — 47.5%
  • 2025-05-01: Largest Expected Move — 8.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$47.69$46.14$48.85$46.14$48.52
Max Pain$45.14$42.00$47.00$45.00$47.00
ATM IV23.2%12.0%42.0%28.1%12.2%
Expected Move5.4%3.4%8.1%8.1%3.5%
HV 20d26.3%14.9%53.2%53.2%15.3%
HV 60d33.8%33.4%34.1%33.4%33.9%
IV Rank19.2%2.2%47.5%26.6%2.5%
IV Percentile53.3%3.2%95.2%84.9%4.0%
Term Structure-1.4%-6.4%4.8%-6.0%1.4%
VWIV19.1%11.6%38.0%21.2%14.6%
Skew 25d1.9%-3.5%7.0%-3.5%1.5%
Skew 10d6.1%1.1%11.4%5.5%1.1%
Call IV 25d15.9%12.8%21.9%21.9%15.1%
Put IV 25d17.8%11.7%22.5%18.5%16.6%
Bid-Ask Spread %140.38129.34148.71144.37136.44
Gamma HHI0.670.280.870.280.83
Net GEX26.2K5.9K38.4K5.9K36.7K
Net DEX-202.9K-339.7K-82.8K-82.8K-197.7K
Net VEX-584-811-293-293-782
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.210.0010.000.381.00
Total Volume10.857095112
Total OI165.476103229145134

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$46.14$45.0028.1%8.1%53.2%26.6%21.2%-3.5%-6.0%5.9K-82.8K-2930.38144.37N/AN/A8340105
2025-05-02$46.59$45.0025.6%7.3%50.3%22.7%0.0%-1.9%-6.4%5.9K-99.1K-3080.00144.31N/AN/A51043108
2025-05-05$46.41$42.0030.0%5.8%46.6%29.3%0.0%5.8%-1.2%17.8K-155.6K-5431.50147.69N/AN/A2392108
2025-05-06$46.15$42.0030.4%6.0%45.8%30.0%0.0%5.1%-1.1%15.6K-137.3K-5020.00147.97N/AN/A0093110
2025-05-07$46.23$42.0031.9%6.0%44.7%32.3%0.0%4.7%-0.7%16.1K-144.0K-5010.00144.93N/AN/A0093110
2025-05-08$46.59$42.0030.2%5.5%28.8%29.6%0.0%5.5%-4.8%18.0K-160.7K-5260.00144.58N/AN/A6093110
2025-05-09$46.37$42.0034.1%5.8%24.3%35.6%0.0%5.5%-3.2%16.8K-150.6K-5180.00148.71N/AN/A0094110
2025-05-12$47.75$42.0031.1%5.2%24.6%31.0%23.4%5.1%-1.7%24.3K-216.9K-5310.67148.18N/AN/A3294110
2025-05-13$48.37$42.0042.0%4.9%24.6%47.5%14.1%5.2%4.8%29.2K-262.0K-5580.04129.34N/AN/A91497111
2025-05-14$48.23$47.0018.7%5.4%24.4%12.4%14.6%4.0%-2.4%34.5K-282.2K-6540.00143.69N/AN/A20114115
2025-05-15$48.44$47.0018.3%5.2%20.9%11.7%18.5%-2.6%-2.0%34.4K-299.5K-6400.00137.29N/AN/A20113115
2025-05-16$48.78$47.0012.0%3.4%20.9%2.2%0.0%1.3%-1.8%38.4K-339.7K-6050.00136.97N/AN/A40113115
2025-05-19$48.85$47.0012.8%3.7%16.5%3.5%0.0%2.3%-1.7%35.9K-266.0K-5870.00135.97N/AN/A00967
2025-05-20$48.70$47.0013.2%3.8%15.2%4.0%0.0%-0.5%-3.2%35.0K-255.1K-5800.00139.40N/AN/A20967
2025-05-21$48.05$47.0018.6%5.3%16.1%12.2%0.0%-0.7%-2.9%30.0K-201.8K-5850.50131.66N/AN/A21987
2025-05-22$48.08$47.0020.1%5.8%14.9%14.4%16.5%-0.5%2.7%29.8K-210.7K-60710.00138.44N/AN/A1101008
2025-05-23$47.72$47.0022.5%6.4%15.4%18.0%38.0%7.0%2.4%22.9K-174.0K-6711.50131.62N/AN/A2310118
2025-05-27$48.55$47.0013.6%3.9%16.2%4.6%11.6%0.7%-2.9%33.6K-227.7K-6702.00138.06N/AN/A51010321
2025-05-28$48.41$47.0021.6%6.2%16.4%16.7%18.9%-3.5%0.3%32.3K-197.8K-8110.00140.16N/AN/A5010831
2025-05-29$48.49$47.0021.3%6.1%16.2%16.2%14.6%-1.4%1.1%36.2K-200.1K-7933.00138.28N/AN/A1310331
2025-05-30$48.52$47.0012.2%3.5%15.3%2.5%0.0%1.5%1.4%36.7K-197.7K-7821.00136.44N/AN/A1110331