SPYX Options History — September 2025

In September 2025, SPYX traded between $52.58 and $54.95. ATM implied volatility averaged 18.4%, placing in the 10.7% IV rank vs the trailing year. The 30-day expected move averaged 4.9%. IV traded above realized volatility by 9.5% (HV 20d: 8.9%). Max pain ranged from $41.00 to $53.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 0 of 21 days. Put/call ratio averaged 0.60.

Notable Days

  • 2025-09-30: Highest Volume — 6 contracts
  • 2025-09-10: Largest IV drop — 38.3% change
  • 2025-09-08: Highest IV Rank — 20.1%
  • 2025-09-03: Largest Expected Move — 5.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$54.05$52.58$54.95$52.58$54.78
Max Pain$42.95$41.00$53.00$53.00$46.00
ATM IV18.4%15.0%24.6%20.0%18.7%
Expected Move4.9%4.3%5.7%5.7%5.4%
HV 20d8.9%7.1%9.8%9.5%7.1%
HV 60d9.5%8.7%10.1%10.1%8.7%
IV Rank10.7%5.4%20.1%14.2%11.1%
IV Percentile32.0%5.6%76.6%50.8%39.7%
Term Structure-3.2%-6.5%-1.4%-2.7%-3.9%
VWIV11.5%7.8%17.1%11.1%12.5%
Skew 25d5.8%-2.4%10.2%1.0%7.3%
Skew 10d4.7%1.5%7.5%6.4%2.2%
Call IV 25d12.0%9.5%15.7%15.7%12.5%
Put IV 25d17.8%13.0%21.6%16.7%19.8%
Bid-Ask Spread %133.33124.77160.99156.63128.94
Gamma HHI0.310.250.360.360.25
Net GEX-33.5K-45.5K-26.3K-45.5K-27.0K
Net DEX162.9K90.6K302.9K302.9K119.6K
Net VEX-2.1K-2.7K-1.7K-2.7K-1.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.600.005.000.005.00
Total Volume1.7620606
Total OI304.143298309305304

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$52.58$53.0020.0%5.7%9.5%14.2%0.0%1.0%-2.7%-45.5K302.9K-2.7K0.00156.63N/AN/A0019286
2025-09-03$52.85$53.0020.0%5.7%9.6%14.2%0.0%-2.4%-2.9%-42.4K259.7K-2.6K0.00160.99N/AN/A4019286
2025-09-04$53.34$41.0020.5%4.5%9.8%15.0%0.0%10.2%-2.2%-40.2K231.2K-2.4K0.00131.09N/AN/A0019286
2025-09-05$53.24$41.0019.5%4.3%9.8%12.2%0.0%7.9%-1.9%-38.1K216.5K-2.4K0.00128.62N/AN/A1019284
2025-09-08$53.39$41.0024.6%4.6%9.5%20.1%0.0%9.6%-2.8%-37.9K198.4K-2.3K0.00132.32N/AN/A0020284
2025-09-09$53.48$41.0024.3%4.6%9.5%19.7%0.0%8.1%-4.2%-32.0K203.1K-2.4K0.00131.73N/AN/A0020284
2025-09-10$53.61$41.0015.0%4.3%8.9%5.4%0.0%9.8%-3.9%-34.9K225.0K-2.5K0.00130.85N/AN/A2020284
2025-09-11$54.17$41.0015.5%4.4%9.5%6.1%0.0%6.2%-3.0%-36.5K144.4K-2.1K0.00132.13N/AN/A1021284
2025-09-12$54.16$41.0015.8%4.5%9.5%6.6%0.0%5.4%-4.1%-34.1K151.3K-2.1K0.00132.63N/AN/A2021284
2025-09-15$54.37$41.0017.0%4.9%9.5%8.4%0.0%4.5%-2.8%-32.7K139.5K-2.1K0.00132.79N/AN/A0021284
2025-09-16$54.35$41.0016.8%4.8%9.5%8.2%0.0%4.0%-3.4%-32.2K126.4K-1.9K0.00131.79N/AN/A4021284
2025-09-17$54.24$41.0016.5%4.7%9.1%7.7%0.0%4.7%-2.5%-35.4K123.7K-2.0K0.00130.44N/AN/A1025284
2025-09-18$54.53$41.0015.8%4.5%9.1%6.6%0.0%4.3%-1.4%-33.1K90.6K-1.8K2.00130.88N/AN/A1225284
2025-09-19$54.80$41.0016.7%4.8%8.7%8.0%11.1%6.3%-2.8%-31.1K124.8K-2.1K0.33132.55N/AN/A3124285
2025-09-22$54.95$43.0017.0%4.9%7.5%8.4%17.1%6.3%-2.6%-28.3K104.4K-1.7K0.00132.94N/AN/A2019279
2025-09-23$54.61$43.0018.7%5.4%7.9%11.1%7.8%4.2%-6.5%-26.9K97.6K-1.7K0.00124.77N/AN/A2021279
2025-09-24$54.39$43.0018.1%5.2%8.1%10.1%8.7%7.0%-3.3%-28.0K119.1K-1.8K0.00126.29N/AN/A1023279
2025-09-25$54.09$43.0018.4%5.3%8.3%10.6%0.0%3.1%-3.3%-29.8K158.7K-2.0K0.00128.84N/AN/A0023279
2025-09-26$54.44$43.0018.2%5.2%8.5%10.2%0.0%7.2%-3.0%-30.6K154.1K-2.0K0.00134.08N/AN/A0023279
2025-09-29$54.59$43.0018.5%5.3%8.0%10.7%12.5%7.2%-4.5%-26.3K129.9K-1.9K1.00128.56N/AN/A2223279
2025-09-30$54.78$46.0018.7%5.4%7.1%11.1%0.0%7.3%-3.9%-27.0K119.6K-1.7K5.00128.94N/AN/A1523281