SPX Options History — July 2008

In July 2008, SPX traded between $1210.71 and $1284.91. ATM implied volatility averaged 22.6%, placing in the 49.2% IV rank vs the trailing year. The 30-day expected move averaged 6.4%. IV traded above realized volatility by 2.8% (HV 20d: 19.8%). Max pain ranged from $1275.00 to $1360.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 1.68.

Notable Days

  • 2008-07-15: Highest Volume — 1,378,969 contracts
  • 2008-07-07: Largest IV spike — 21.0% change
  • 2008-07-07: Highest IV Rank — 67.4%
  • 2008-07-15: Largest Expected Move — 7.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$1256.27$1210.71$1284.91$1284.91$1267.38
Max Pain$1299.55$1275.00$1360.00$1360.00$1275.00
ATM IV22.6%18.3%26.5%23.5%18.3%
Expected Move6.4%5.3%7.6%6.0%6.0%
HV 20d19.8%15.7%23.1%19.7%22.6%
HV 60d17.7%16.7%19.3%16.7%19.3%
IV Rank49.2%28.1%67.4%59.1%28.1%
IV Percentile64.9%24.6%93.7%78.2%24.6%
Term Structure0.3%-0.9%1.5%1.3%0.3%
VWIV23.1%20.1%26.8%21.5%23.0%
Skew 25d5.3%3.7%7.1%4.4%3.9%
Skew 10d10.0%7.1%12.8%8.1%8.6%
Call IV 25d19.7%16.4%23.3%18.8%19.2%
Put IV 25d25.0%21.0%30.0%23.2%23.1%
Bid-Ask Spread %41.4232.7148.8432.7143.56
Gamma HHI0.060.050.070.060.06
Net GEX-10.56B-15.66B-5.48B-12.07B-7.44B
Net DEX272.81B146.73B419.32B259.45B200.02B
Net VEX-1.89B-2.02B-1.72B-1.89B-2.01B
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.680.972.431.682.43
Total Volume725,688.636359,4021,378,969740,290567,097
Total OI12,037,551.22710,822,69613,970,00110,822,69612,568,346

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2008-07-01$1284.91$1360.0023.5%6.0%19.7%59.1%21.5%4.4%1.3%-12.07B259.45B-1.89B1.6832.71276,154464,1363,951,2386,871,458
2008-07-02$1261.52$1350.0020.8%6.8%20.4%48.4%23.8%4.7%0.5%-13.10B304.94B-1.87B2.2136.55207,849459,8534,097,6587,015,931
2008-07-03$1263.82$1350.0021.6%6.2%18.6%51.6%22.2%4.1%1.4%-13.70B306.22B-1.87B2.1233.85174,209368,6844,181,5957,187,280
2008-07-07$1250.87$1325.0026.1%6.9%15.7%67.4%24.2%6.4%-0.3%-14.52B333.09B-1.80B1.6341.09270,306439,4794,253,0487,280,960
2008-07-08$1272.83$1325.0024.1%6.1%17.3%56.4%21.9%6.0%0.1%-13.39B289.27B-1.84B1.4742.56314,403463,1844,355,1097,404,098
2008-07-09$1247.29$1325.0022.7%6.8%18.3%47.9%23.2%6.0%-0.2%-14.59B342.03B-1.81B1.3640.74269,785365,9184,484,5967,558,996
2008-07-10$1253.39$1325.0024.0%6.9%18.2%54.0%25.1%6.1%-0.7%-13.77B325.68B-1.86B1.6941.94256,232432,3534,586,9597,638,752
2008-07-11$1239.12$1300.0025.6%7.3%18.3%61.4%25.6%6.6%-0.7%-14.17B352.02B-1.85B1.6648.81413,384685,7164,704,9927,757,989
2008-07-14$1228.09$1300.0026.2%7.5%17.3%64.3%26.8%7.1%-0.9%-14.52B380.29B-1.79B1.5142.99320,907483,0784,916,8227,978,084
2008-07-15$1210.71$1300.0026.5%7.6%17.5%65.6%26.5%6.7%-0.7%-15.66B419.32B-1.72B1.7743.25497,713881,2565,019,8518,013,918
2008-07-16$1240.12$1300.0023.2%6.7%20.4%50.6%24.3%6.1%0.0%-12.02B347.47B-1.85B1.3745.25492,997677,3425,242,8568,287,316
2008-07-17$1252.80$1280.0022.6%6.5%20.9%47.8%23.6%6.2%0.1%-8.73B306.94B-1.93B0.9743.50665,840647,7685,467,1698,502,832
2008-07-18$1259.80$1275.0021.9%6.3%21.0%44.7%24.2%5.9%0.2%-7.18B209.60B-1.95B1.5740.54293,026461,2734,163,6496,703,297
2008-07-21$1260.88$1275.0021.0%6.0%20.4%40.4%23.1%5.6%0.5%-7.10B207.09B-1.93B1.9541.09159,868311,0704,294,8296,890,045
2008-07-22$1273.82$1275.0018.6%5.3%20.8%29.4%21.0%5.3%1.5%-6.37B175.91B-1.94B1.8048.84173,489312,9924,348,1987,007,706
2008-07-23$1282.37$1275.0019.1%5.5%21.0%31.7%20.4%4.1%0.9%-5.65B151.48B-1.99B1.6148.56235,111378,7394,412,2077,104,392
2008-07-24$1252.54$1275.0021.2%6.1%22.3%41.5%23.1%5.2%0.4%-7.78B227.35B-1.96B1.8234.65218,792398,9604,535,4617,252,566
2008-07-25$1254.02$1275.0021.0%5.8%20.0%40.5%21.1%5.0%0.9%-8.00B229.56B-1.95B1.2442.28160,269199,1334,573,5797,407,534
2008-07-28$1235.24$1275.0024.4%6.4%20.6%55.7%23.0%4.5%0.5%-9.49B277.39B-1.87B1.7937.38188,359337,3784,616,8917,488,108
2008-07-29$1261.74$1275.0022.8%5.8%22.1%48.7%21.4%3.9%0.5%-7.52B210.07B-1.95B1.9536.95153,130298,3934,679,6277,611,859
2008-07-30$1284.72$1275.0022.4%5.5%23.1%46.7%20.1%3.7%0.5%-5.48B146.73B-2.02B1.4644.23239,450350,0754,710,2627,698,064
2008-07-31$1267.38$1275.0018.3%6.0%22.6%28.1%23.0%3.9%0.3%-7.44B200.02B-2.01B2.4343.56165,295401,8024,778,9677,789,379