SPX Options History — March 2021

In March 2021, SPX traded between $3766.25 and $3980.97. ATM implied volatility averaged 16.9%, placing in the 3.2% IV rank vs the trailing year. The 30-day expected move averaged 4.9%. IV traded above realized volatility by 1.1% (HV 20d: 15.8%). Max pain ranged from $3750.00 to $3860.00. Net GEX was positive for 19 of 23 trading days. Term structure was in contango for 20 of 23 days. Put/call ratio averaged 1.46.

Notable Days

  • 2021-03-05: Highest Volume — 1,203,587 contracts
  • 2021-03-05: Largest IV drop — 19.5% change
  • 2021-03-04: Highest IV Rank — 12.8%
  • 2021-03-04: Largest Expected Move — 6.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$3913.81$3766.25$3980.97$3903.11$3980.97
Max Pain$3792.83$3750.00$3860.00$3790.00$3860.00
ATM IV16.9%14.4%23.2%17.5%14.9%
Expected Move4.9%4.0%6.5%5.2%4.0%
HV 20d15.8%12.6%17.6%13.5%13.9%
HV 60d15.0%13.7%15.4%13.7%15.2%
IV Rank3.2%0.0%12.8%3.5%1.2%
IV Percentile13.3%0.0%58.7%18.3%0.8%
Term Structure0.3%-0.8%1.0%0.2%0.1%
VWIV19.4%15.1%24.5%21.7%15.1%
Skew 25d7.2%5.0%11.2%8.1%6.0%
Skew 10d14.7%11.0%21.5%16.8%12.7%
Call IV 25d14.3%12.5%18.6%14.8%12.9%
Put IV 25d21.5%18.3%29.8%22.8%18.9%
Bid-Ask Spread %5.353.518.827.217.09
Gamma HHI0.030.020.040.020.03
Net GEX6.83B-13.49B22.70B7.40B19.88B
Net DEX-193.99B-296.78B11.95B-176.63B-296.78B
Net VEX-3.01B-3.07B-2.92B-2.95B-3.03B
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.461.171.901.501.17
Total Volume781,141.13510,4071,203,587937,3481,025,086
Total OI6,168,8615,712,8956,739,7845,712,8956,739,784

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-03-01$3903.11$3790.0017.5%5.2%13.5%3.5%21.7%8.1%0.2%7.40B-176.63B-2.95B1.507.21375,617561,7311,857,0523,855,843
2021-03-02$3885.90$3800.0018.2%5.3%12.8%4.6%20.3%8.7%-0.0%460.7M-146.92B-2.98B1.907.16193,249367,5161,874,1033,921,081
2021-03-03$3839.10$3800.0020.1%6.0%12.6%7.7%21.1%9.4%-0.2%-10.09B-75.07B-3.01B1.338.82347,058463,1601,928,7594,055,161
2021-03-04$3766.25$3750.0023.2%6.5%14.3%12.8%24.5%11.2%-0.8%-13.49B11.95B-3.05B1.385.19349,821481,0901,913,8803,990,913
2021-03-05$3845.42$3750.0018.7%5.5%16.1%5.4%21.8%9.2%0.5%-5.16B-108.60B-3.01B1.374.28507,109696,4782,001,8744,136,515
2021-03-08$3841.48$3750.0019.8%5.8%16.0%7.3%19.9%9.4%0.4%1.64B-112.84B-3.01B1.553.66342,356529,8121,910,7233,896,127
2021-03-09$3883.35$3750.0018.6%5.4%16.3%5.3%19.5%8.3%0.1%5.37B-165.74B-3.01B1.683.70211,528356,1061,904,5933,938,794
2021-03-10$3903.75$3750.0017.6%5.2%16.4%3.7%20.2%7.5%0.4%12.18B-197.74B-3.00B1.533.59285,653437,8891,971,2834,100,885
2021-03-11$3942.20$3750.0017.0%5.0%16.7%2.7%21.0%6.9%0.5%17.32B-250.43B-3.00B1.333.51278,209370,4091,960,7534,077,342
2021-03-12$3942.18$3750.0016.1%4.8%16.7%1.2%22.4%6.0%0.8%17.31B-250.58B-3.03B1.463.85284,429415,1642,038,0694,245,616
2021-03-15$3956.57$3760.0015.3%4.5%16.7%0.0%17.8%5.4%1.0%15.39B-257.95B-2.96B1.423.82335,501475,9951,953,6163,998,447
2021-03-16$3966.47$3770.0015.4%4.5%16.7%0.2%19.5%6.0%0.6%15.79B-269.32B-2.98B1.573.92212,383334,4611,998,5764,052,448
2021-03-17$3970.54$3780.0015.1%4.3%16.7%0.0%18.4%5.0%0.4%17.82B-274.54B-3.00B1.294.58307,188396,8712,069,9894,224,102
2021-03-18$3915.10$3790.0017.4%5.0%17.5%3.7%21.9%7.1%0.2%1.37B-178.70B-3.02B1.434.53229,221328,7162,045,2804,087,474
2021-03-19$3926.17$3800.0015.5%4.5%17.5%0.8%18.5%6.3%0.6%7.9M-200.07B-2.99B1.404.62377,670528,9082,103,1404,239,944
2021-03-22$3941.10$3800.0014.7%4.2%17.3%0.0%16.5%5.6%0.5%5.39B-224.28B-2.92B1.285.77359,487461,8252,029,9784,094,970
2021-03-23$3906.45$3825.0016.3%4.7%17.6%3.7%19.2%7.0%0.2%784.8M-165.64B-3.01B1.815.94225,075406,4922,053,7894,104,948
2021-03-24$3903.67$3830.0016.1%4.6%17.4%3.3%19.2%6.9%0.4%-5.86B-153.49B-3.06B1.345.52361,743483,8582,112,6104,326,431
2021-03-25$3914.20$3840.0015.4%4.3%15.2%1.6%18.3%6.3%0.5%120.9M-178.89B-3.07B1.366.04292,723398,8142,088,7704,304,806
2021-03-26$3949.88$3840.0014.4%4.0%15.4%0.0%15.9%6.2%0.6%22.70B-257.78B-3.06B1.676.34421,322704,3552,173,9844,469,819
2021-03-29$3973.31$3850.0015.8%4.5%14.7%3.2%17.7%6.5%0.6%19.74B-275.40B-3.07B1.335.64400,736533,0252,105,9054,388,737
2021-03-30$3960.36$3850.0015.3%4.2%14.7%2.2%15.7%6.3%0.2%11.06B-256.36B-3.04B1.408.19212,991297,4162,113,3154,423,575
2021-03-31$3980.97$3860.0014.9%4.0%13.9%1.2%15.1%6.0%0.1%19.88B-296.78B-3.03B1.177.09471,348553,7382,177,0434,562,741