SPX Options History — May 2007

In May 2007, SPX traded between $1486.42 and $1531.33. ATM implied volatility averaged 11.1%. The 30-day expected move averaged 3.2%. IV traded above realized volatility by 3.1% (HV 20d: 8.0%). Max pain ranged from $1425.00 to $1475.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 18 of 22 days. Put/call ratio averaged 1.90.

Notable Days

  • 2007-05-17: Highest Volume — 979,052 contracts
  • 2007-05-02: Largest IV drop — 19.7% change
  • 2007-05-24: Largest Expected Move — 3.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$1511.13$1486.42$1531.33$1486.42$1530.62
Max Pain$1453.64$1425.00$1475.00$1460.00$1475.00
ATM IV11.1%9.0%12.4%11.2%11.6%
Expected Move3.2%2.9%3.7%3.2%3.3%
HV 20d8.0%6.9%8.8%7.4%8.5%
HV 60d12.1%9.2%13.1%12.8%9.2%
Term Structure0.4%-0.8%1.1%0.2%-0.1%
VWIV12.5%10.2%16.0%14.3%14.4%
Skew 25d3.8%2.9%4.3%3.8%4.2%
Skew 10d8.1%5.5%9.0%8.1%8.8%
Call IV 25d9.5%8.7%10.7%9.3%9.6%
Put IV 25d13.3%12.1%15.0%13.1%13.7%
Bid-Ask Spread %23.3714.1336.0931.4219.51
Gamma HHI0.050.040.090.040.06
Net GEX9.40B-429.1M17.52B4.04B9.71B
Net DEX-206.36B-257.09B-146.28B-147.82B-237.93B
Net VEX-1.51B-1.62B-1.45B-1.53B-1.49B
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.900.794.652.641.94
Total Volume604,201346,446979,052478,984563,568
Total OI10,149,245.1828,465,45311,578,2849,463,62310,437,991

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2007-05-01$1486.42$1460.0011.2%3.2%7.4%0.0%14.3%3.8%0.2%4.04B-147.82B-1.53B2.6431.42131,720347,2643,452,4806,011,143
2007-05-02$1494.85$1460.009.0%2.9%7.1%0.0%11.4%2.9%1.1%8.11B-177.60B-1.50B1.0431.95296,074307,9213,501,7146,106,544
2007-05-03$1502.39$1465.0010.5%3.0%7.2%0.0%11.3%2.9%0.9%12.62B-211.14B-1.46B0.9936.09305,013300,9313,594,5356,278,568
2007-05-04$1507.85$1425.009.2%3.2%7.2%0.0%12.0%3.9%0.7%13.47B-226.92B-1.50B1.7819.75223,706398,8903,682,1026,357,761
2007-05-07$1508.61$1430.0010.3%3.2%7.2%0.0%12.3%4.0%0.5%15.02B-230.50B-1.45B1.2322.19163,648200,6363,694,3006,510,104
2007-05-08$1506.46$1430.0012.2%3.3%7.3%0.0%12.4%3.8%0.4%12.63B-215.52B-1.49B1.6622.68179,161297,4113,707,7546,566,527
2007-05-09$1510.44$1435.0010.3%3.1%6.9%0.0%11.0%3.8%0.7%15.79B-235.07B-1.50B0.7922.69484,346380,7783,755,7976,673,429
2007-05-10$1493.60$1440.0011.8%3.4%8.3%0.0%12.0%3.9%0.1%5.36B-165.29B-1.57B1.9925.56174,906347,2513,914,8256,806,798
2007-05-11$1506.84$1445.0011.3%3.2%8.7%0.0%12.3%3.6%0.6%14.35B-220.41B-1.51B2.1426.56188,286403,7933,890,8176,910,091
2007-05-14$1503.63$1445.0012.0%3.4%8.2%0.0%13.2%4.0%0.5%11.54B-205.72B-1.53B1.3924.57237,334329,5763,976,4237,084,703
2007-05-15$1503.55$1450.0011.9%3.4%8.2%0.0%12.4%3.8%0.6%10.90B-206.79B-1.52B0.9223.52315,103291,2264,007,6327,190,220
2007-05-16$1513.56$1450.0011.5%3.3%8.4%0.0%12.4%3.8%0.0%17.52B-257.09B-1.48B1.4120.55358,368504,7054,069,3397,255,541
2007-05-17$1510.71$1450.0011.4%3.3%8.5%0.0%12.4%4.1%1.1%13.92B-237.97B-1.52B1.3124.61424,606554,4464,107,4367,470,848
2007-05-18$1523.98$1450.0010.4%3.0%8.4%0.0%13.2%3.5%0.9%6.81B-207.20B-1.48B2.7722.61213,021589,8083,222,9365,242,517
2007-05-21$1524.48$1455.0010.6%3.1%8.3%0.0%13.7%3.7%0.8%6.19B-206.03B-1.46B2.2621.93238,984539,7753,333,0345,584,509
2007-05-22$1521.94$1455.0010.6%3.0%8.3%0.0%11.6%3.9%0.7%7.67B-209.42B-1.46B4.6524.85111,169516,6793,459,6225,774,005
2007-05-23$1522.28$1460.0011.2%3.1%7.8%0.0%12.6%3.4%0.9%5.21B-194.46B-1.55B2.1225.60216,514459,8873,488,1446,040,532
2007-05-24$1507.51$1475.0012.4%3.7%8.7%0.0%16.0%4.3%-0.8%-429.1M-146.28B-1.62B3.1314.13119,735375,0653,567,4906,241,386
2007-05-25$1513.62$1475.0011.2%3.2%8.8%0.0%10.2%4.2%0.2%3.39B-174.05B-1.57B2.3115.00104,697241,7493,598,6816,343,866
2007-05-29$1520.14$1475.0011.6%3.3%8.3%0.0%12.1%4.2%-0.1%2.87B-187.85B-1.53B2.1417.63132,901284,7063,651,4946,467,904
2007-05-30$1531.33$1475.0011.6%3.3%8.6%0.0%11.2%4.0%-0.2%10.09B-238.94B-1.47B1.2420.82194,785242,2803,686,7596,565,093
2007-05-31$1530.62$1475.0011.6%3.3%8.5%0.0%14.4%4.2%-0.1%9.71B-237.93B-1.49B1.9419.51191,639371,9293,762,3276,675,664