SPX Options History — March 2023

In March 2023, SPX traded between $3863.00 and $4105.54. ATM implied volatility averaged 19.4%, placing in the 27.9% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 3.6% (HV 20d: 15.8%). Max pain ranged from $4000.00 to $4045.00. Net GEX was positive for 7 of 23 trading days. Term structure was in contango for 11 of 23 days. Put/call ratio averaged 1.38.

Notable Days

  • 2023-03-10: Highest Volume — 3,829,619 contracts
  • 2023-03-09: Largest IV spike — 14.4% change
  • 2023-03-13: Highest IV Rank — 53.2%
  • 2023-03-13: Largest Expected Move — 6.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$3968.02$3863.00$4105.54$3946.82$4105.54
Max Pain$4010.43$4000.00$4045.00$4000.00$4000.00
ATM IV19.4%15.7%23.6%19.4%15.7%
Expected Move5.6%4.6%6.5%5.8%4.6%
HV 20d15.8%14.0%17.9%15.3%17.6%
HV 60d16.3%15.9%16.7%16.5%16.5%
IV Rank27.9%5.5%53.2%28.1%5.5%
IV Percentile29.6%0.4%63.1%27.4%0.4%
Term Structure-0.1%-0.7%0.7%-0.6%0.1%
VWIV20.6%17.5%24.1%19.8%17.5%
Skew 25d5.7%3.8%8.0%4.7%4.7%
Skew 10d10.6%6.9%15.6%8.1%9.1%
Call IV 25d16.6%13.7%19.9%16.8%13.7%
Put IV 25d22.3%18.4%27.1%21.5%18.4%
Bid-Ask Spread %5.333.6712.407.805.16
Gamma HHI0.020.010.030.020.02
Net GEX-9.03B-46.92B40.25B-27.21B40.25B
Net DEX154.49B-386.69B754.85B212.53B-386.69B
Net VEX-6.90B-7.21B-6.34B-6.68B-7.02B
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.381.191.851.331.26
Total Volume2,597,093.5222,032,2743,829,6192,468,6192,709,462
Total OI17,181,210.30415,371,78519,230,05417,179,63716,925,535

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-03-01$3946.82$4000.0019.4%5.8%15.3%28.1%19.8%4.7%-0.6%-27.21B212.53B-6.68B1.337.801,057,8571,410,7626,118,95611,060,681
2023-03-02$3980.06$4000.0018.6%5.5%14.0%22.7%19.7%4.6%-0.5%-10.76B74.94B-6.68B1.248.821,122,8591,391,6666,202,15211,210,303
2023-03-03$4042.96$4000.0016.8%5.0%14.8%12.1%18.6%4.0%0.2%18.15B-194.26B-6.74B1.2812.401,126,9781,439,8166,260,44411,371,602
2023-03-06$4050.61$4045.0017.2%5.0%14.7%14.5%18.7%3.8%-0.0%10.35B-214.46B-6.34B1.363.821,153,8861,564,0026,282,26511,362,642
2023-03-07$3986.78$4045.0018.1%5.2%15.4%19.6%18.8%4.2%0.2%-19.63B81.89B-6.59B1.273.871,122,2671,429,3376,343,29411,519,268
2023-03-08$3976.33$4045.0017.9%5.1%14.3%18.9%18.7%4.1%0.1%-16.23B65.47B-6.60B1.273.86916,5291,162,5386,396,38211,683,090
2023-03-09$3917.44$4045.0020.5%5.8%14.8%34.5%20.7%5.2%-0.7%-46.92B423.58B-7.08B1.454.401,292,8331,875,6626,466,61511,779,870
2023-03-10$3867.72$4035.0022.1%6.3%15.1%44.3%23.5%6.3%-0.1%-42.13B754.85B-6.80B1.855.011,341,6112,488,0086,525,01811,966,210
2023-03-13$3863.00$4025.0023.6%6.5%15.0%53.2%24.1%6.6%-0.1%-40.10B659.52B-6.82B1.475.791,186,1401,745,8396,486,13312,012,220
2023-03-14$3884.25$4000.0022.2%6.2%14.4%44.5%22.0%6.5%-0.1%-33.16B545.68B-6.81B1.424.411,235,3941,748,2726,540,58012,109,670
2023-03-15$3891.08$4000.0022.8%6.4%14.4%48.1%23.9%8.0%-0.6%-37.18B651.61B-6.96B1.365.021,208,3831,645,3356,657,83012,330,160
2023-03-16$3959.57$4000.0020.0%5.7%16.1%31.2%21.5%6.7%-0.6%-6.13B214.78B-6.99B1.194.281,406,5281,669,1046,752,76412,477,290
2023-03-17$3919.56$4000.0022.3%6.4%16.2%45.2%23.5%7.6%0.1%-18.95B274.94B-7.21B1.424.281,117,2661,584,0265,235,53910,242,276
2023-03-20$3945.35$4000.0021.0%6.2%16.4%37.5%22.4%7.3%0.4%-9.83B168.99B-7.09B1.443.67954,5771,377,5435,227,16610,144,619
2023-03-21$3998.45$4000.0019.1%5.5%16.2%26.0%20.3%5.5%0.1%9.83B-49.97B-7.02B1.373.761,010,4031,383,4755,301,21210,279,704
2023-03-22$4002.83$4000.0018.6%5.3%16.0%22.6%21.2%5.6%-0.1%-4.39B87.89B-7.06B1.485.73874,9711,297,8475,379,01110,451,408
2023-03-23$3930.60$4000.0020.8%6.0%16.9%36.1%21.6%6.9%-0.6%-18.68B195.75B-7.21B1.476.001,142,1091,673,5765,399,97810,620,376
2023-03-24$3970.50$4000.0019.4%5.7%16.8%27.9%20.6%6.6%0.1%-8.91B120.30B-7.16B1.474.69998,0131,468,8135,471,67610,831,703
2023-03-27$3990.90$4000.0018.1%5.3%16.9%20.0%19.5%5.8%0.3%295.2M49.04B-6.98B1.334.70878,9341,169,9085,444,66710,701,884
2023-03-28$3959.24$4000.0018.4%5.4%17.1%21.9%19.2%5.4%0.3%-12.66B121.84B-6.95B1.384.99854,2091,178,0655,518,96210,800,920
2023-03-29$4025.35$4000.0017.5%5.0%17.9%16.0%18.7%5.2%0.7%29.36B-117.64B-6.99B1.205.01976,2211,169,7475,596,23910,958,214
2023-03-30$4049.41$4000.0016.6%4.8%17.8%10.6%18.7%5.1%-0.3%36.84B-187.27B-7.03B1.345.22928,9621,243,4185,682,71811,038,591
2023-03-31$4105.54$4000.0015.7%4.6%17.6%5.5%17.5%4.7%0.1%40.25B-386.69B-7.02B1.265.161,197,8291,511,6335,748,22411,177,311