SPX Options History — March 2007

In March 2007, SPX traded between $1371.23 and $1435.63. ATM implied volatility averaged 13.0%. The 30-day expected move averaged 3.8%. IV traded below realized volatility by 4.3% (HV 20d: 17.4%). Max pain ranged from $1400.00 to $1450.00. Net GEX was positive for 5 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 2.08.

Notable Days

  • 2007-03-14: Highest Volume — 1,800,086 contracts
  • 2007-03-13: Largest IV spike — 28.0% change
  • 2007-03-05: Largest Expected Move — 5.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$1406.75$1371.23$1435.63$1403.17$1420.86
Max Pain$1411.82$1400.00$1450.00$1450.00$1405.00
ATM IV13.0%9.8%18.4%14.9%11.8%
Expected Move3.8%2.8%5.3%4.3%3.6%
HV 20d17.4%13.2%20.0%15.3%13.2%
HV 60d13.1%12.7%13.5%12.8%12.8%
Term Structure-0.2%-2.3%1.1%-2.0%0.4%
VWIV13.8%10.9%18.8%14.6%14.0%
Skew 25d5.0%3.8%6.9%5.5%4.3%
Skew 10d10.0%7.7%12.2%11.5%8.8%
Call IV 25d10.7%8.1%15.4%12.1%10.3%
Put IV 25d15.7%12.1%22.3%17.6%14.6%
Bid-Ask Spread %34.7720.9654.2344.6531.66
Gamma HHI0.050.040.060.040.04
Net GEX-8.52B-23.61B6.16B-18.45B-2.84B
Net DEX29.85B-95.47B187.27B82.69B-34.14B
Net VEX-1.43B-2.02B-1.30B-1.34B-1.54B
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.081.033.792.832.84
Total Volume738,400.182380,6311,800,0861,002,148486,646
Total OI8,755,960.2276,420,85510,988,3058,735,0918,693,220

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2007-03-01$1403.17$1450.0014.9%4.3%15.3%0.0%14.6%5.5%-2.0%-18.45B82.69B-1.34B2.8344.65261,688740,4603,087,9205,647,171
2007-03-02$1383.84$1450.0017.6%5.0%15.7%0.0%14.5%6.5%-2.1%-21.06B145.89B-1.41B2.6547.89215,704571,8693,118,2895,692,605
2007-03-05$1371.23$1450.0018.4%5.3%15.9%0.0%18.8%6.9%-2.3%-23.61B187.27B-1.36B3.3751.32268,543904,2703,178,3705,735,328
2007-03-06$1394.11$1450.0014.2%4.1%17.3%0.0%12.3%5.8%-0.6%-18.59B104.18B-1.33B1.6854.23353,528593,9753,270,5515,714,768
2007-03-07$1392.00$1450.0013.6%3.9%17.3%0.0%13.6%5.3%-0.2%-17.94B104.33B-1.30B1.9248.75282,938544,4163,435,0175,958,834
2007-03-08$1401.89$1400.0013.5%3.9%17.5%0.0%13.2%5.1%-1.1%-13.87B58.57B-1.32B1.1347.73305,413345,3273,525,5036,094,379
2007-03-09$1403.06$1400.0011.8%3.8%17.5%0.0%12.5%4.7%-1.3%-14.88B58.73B-1.33B2.0450.45181,262370,1943,632,8316,315,282
2007-03-12$1405.95$1400.0011.9%3.4%17.4%0.0%12.8%4.9%0.5%-9.92B38.91B-1.30B1.2029.04330,600398,3413,722,1896,374,696
2007-03-13$1379.00$1400.0015.2%4.3%18.6%0.0%15.2%5.9%-0.1%-23.07B172.06B-1.36B2.0029.01308,023616,9743,858,1026,497,093
2007-03-14$1389.13$1400.0012.9%4.0%18.5%0.0%16.9%5.7%-0.2%-16.86B123.63B-1.36B3.5731.62394,1471,405,9393,927,4356,620,706
2007-03-15$1392.37$1400.0013.4%3.8%18.3%0.0%13.7%5.6%-0.2%-11.26B105.90B-1.40B1.4526.72412,758598,9904,088,4726,899,833
2007-03-16$1386.99$1400.0014.3%4.1%18.3%0.0%16.4%5.7%-0.5%-5.88B36.24B-1.40B2.2124.90148,991329,8942,355,8174,065,038
2007-03-19$1404.05$1400.0012.4%3.6%19.0%0.0%13.1%5.2%0.7%-3.78B-17.64B-2.02B1.0620.96274,618291,5033,012,2525,086,569
2007-03-20$1411.95$1400.0011.2%3.2%19.1%0.0%13.5%4.5%1.1%-1.68B-26.28B-1.39B1.9622.95182,648358,2912,582,4824,367,887
2007-03-21$1433.70$1400.009.8%2.8%20.0%0.0%11.3%4.0%0.6%3.87B-85.18B-1.37B1.6934.92302,694510,4232,659,0484,549,953
2007-03-22$1434.54$1400.0010.5%3.0%20.0%0.0%11.9%4.3%0.4%4.58B-87.28B-1.42B1.4524.67342,261496,3692,785,9604,789,273
2007-03-23$1435.63$1400.0010.8%3.1%20.0%0.0%10.9%4.0%0.4%6.16B-95.47B-1.45B1.0329.28187,104193,5272,943,7355,012,738
2007-03-26$1434.44$1400.0010.8%3.1%20.0%0.0%12.0%3.8%0.6%3.80B-84.56B-1.45B1.6427.44147,898242,3482,973,0705,137,166
2007-03-27$1430.21$1400.0011.3%3.2%14.2%0.0%12.9%4.1%0.7%1.95B-67.63B-1.50B2.0128.72138,834279,0033,029,9865,247,330
2007-03-28$1419.25$1400.0012.6%3.6%14.3%0.0%15.1%4.3%0.4%-2.14B-29.10B-1.54B3.7928.69101,162383,5753,047,9325,346,642
2007-03-29$1421.18$1405.0013.0%3.7%14.3%0.0%14.5%4.6%-0.4%-1.99B-34.46B-1.52B2.2429.43136,177305,4793,078,6945,470,959
2007-03-30$1420.86$1405.0011.8%3.6%13.2%0.0%14.0%4.3%0.4%-2.84B-34.14B-1.54B2.8431.66126,681359,9653,113,2825,579,938