SPX Options History — January 2025

In January 2025, SPX traded between $5823.49 and $6100.69. ATM implied volatility averaged 13.5%, placing in the 22.2% IV rank vs the trailing year. The 30-day expected move averaged 3.9%. IV traded below realized volatility by 1.9% (HV 20d: 15.4%). Max pain ranged from $5625.00 to $5835.00. Net GEX was positive for 10 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 1.25.

Notable Days

2025-01-31: Highest Volume — 3,758,212 contracts
2025-01-27: Largest IV spike — 21.7% change
2025-01-14: Highest IV Rank — 35.1%
2025-01-10: Largest Expected Move — 4.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5974.66	$5823.49	$6100.69	$5865.45	$6034.95
Max Pain	$5760.00	$5625.00	$5835.00	$5625.00	$5835.00
ATM IV	13.5%	11.4%	16.0%	14.6%	13.5%
Expected Move	3.9%	3.3%	4.4%	4.3%	3.9%
HV 20d	15.4%	13.9%	17.9%	13.9%	14.5%
HV 60d	13.5%	12.6%	14.3%	12.6%	13.8%
IV Rank	22.2%	11.2%	35.1%	28.0%	22.4%
IV Percentile	65.6%	36.1%	87.7%	80.2%	67.9%
Term Structure	-0.2%	-0.6%	0.3%	-0.5%	-0.0%
VWIV	14.8%	12.5%	19.4%	15.1%	14.2%
Skew 25d	4.0%	2.8%	4.8%	4.5%	4.0%
Skew 10d	8.6%	6.2%	10.9%	9.8%	9.3%
Call IV 25d	11.6%	10.0%	13.8%	12.4%	11.5%
Put IV 25d	15.7%	13.1%	18.4%	17.0%	15.5%
Bid-Ask Spread %	6.66	4.22	14.11	11.56	9.10
Gamma HHI	0.03	0.01	0.21	0.01	0.01
Net GEX	-10.06B	-140.34B	76.54B	-53.67B	-3.36B
Net DEX	-1261.06B	-1762.93B	-645.37B	-783.00B	-1398.76B
Net VEX	-9.23B	-9.77B	-8.71B	-9.16B	-9.71B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.25	1.09	1.45	1.27	1.25
Total Volume	3,102,745.65	2,270,637	3,758,212	3,243,635	3,758,212
Total OI	18,267,362.7	16,882,878	19,745,681	17,787,655	18,609,746

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-01-02	$5865.45	$5625.00	14.6%	4.3%	13.9%	28.0%	15.1%	4.5%	-0.5%	-53.67B	-783.00B	-9.16B	1.27	11.56	1,425,972	1,817,663	6,127,884	11,659,771
2025-01-03	$5938.70	$5650.00	13.1%	3.7%	14.5%	19.9%	13.5%	4.1%	0.1%	-13.50B	-1134.94B	-8.87B	1.22	8.80	1,246,565	1,514,856	6,214,589	11,874,903
2025-01-06	$5967.17	$5725.00	13.1%	3.8%	14.6%	20.2%	15.4%	4.2%	0.1%	17.54B	-1279.21B	-8.71B	1.21	5.48	1,509,717	1,825,196	6,229,830	11,709,035
2025-01-07	$5898.60	$5765.00	14.8%	4.2%	15.1%	28.9%	19.4%	4.7%	0.3%	-53.28B	-916.56B	-9.09B	1.36	4.76	1,583,799	2,157,480	6,319,018	11,856,308
2025-01-08	$5912.05	$5775.00	14.5%	4.1%	15.1%	27.7%	15.3%	4.5%	-0.4%	-42.34B	-1027.37B	-9.25B	1.34	5.63	1,152,691	1,541,861	6,541,213	12,274,347
2025-01-10	$5824.45	$5750.00	15.7%	4.4%	15.8%	33.8%	17.3%	4.8%	0.1%	-73.70B	-645.37B	-9.55B	1.43	6.15	1,539,644	2,203,432	6,482,431	12,277,308
2025-01-13	$5823.49	$5750.00	15.9%	4.4%	15.4%	34.6%	16.3%	4.8%	-0.1%	-56.22B	-689.50B	-9.35B	1.35	5.62	1,238,896	1,677,915	6,578,976	12,293,961
2025-01-14	$5825.17	$5750.00	16.0%	4.4%	15.4%	35.1%	17.0%	4.7%	0.0%	-46.50B	-727.00B	-9.42B	1.14	5.50	1,408,838	1,602,077	6,708,712	12,430,070
2025-01-15	$5957.17	$5725.00	13.3%	3.7%	17.7%	21.0%	13.6%	3.8%	-0.6%	19.11B	-1419.33B	-9.00B	1.20	5.58	1,545,715	1,847,649	6,760,116	12,531,783
2025-01-16	$5949.49	$5750.00	13.0%	3.7%	17.6%	19.4%	13.9%	3.8%	-0.5%	3.53B	-1350.80B	-9.18B	1.20	6.11	1,285,567	1,541,097	6,921,409	12,824,272
2025-01-17	$6003.71	$5750.00	12.8%	3.6%	17.9%	18.3%	14.2%	3.7%	-0.6%	42.30B	-1357.97B	-9.08B	1.27	5.11	1,536,975	1,949,457	5,859,185	11,023,693
2025-01-21	$6045.71	$5750.00	11.8%	3.5%	14.8%	13.7%	14.1%	3.1%	0.2%	50.85B	-1544.96B	-8.71B	1.25	5.10	1,301,198	1,622,333	5,938,265	11,085,538
2025-01-22	$6091.50	$5760.00	11.8%	3.4%	15.0%	13.4%	12.5%	2.8%	-0.5%	76.54B	-1751.89B	-8.87B	1.45	4.26	1,277,320	1,850,823	6,072,731	11,254,626
2025-01-23	$6100.69	$5780.00	11.4%	3.3%	14.7%	11.5%	13.7%	3.0%	-0.3%	67.34B	-1762.93B	-9.02B	1.21	4.22	1,150,709	1,390,016	6,268,190	11,634,466
2025-01-24	$6092.15	$5800.00	11.4%	3.3%	14.6%	11.2%	13.2%	3.1%	0.1%	-140.34B	-1683.46B	-9.17B	1.20	5.29	1,373,068	1,647,287	6,381,962	11,831,050
2025-01-27	$6004.38	$5800.00	13.8%	4.1%	15.3%	24.0%	15.8%	4.7%	0.3%	-25.18B	-1215.84B	-9.77B	1.36	6.59	1,393,795	1,896,784	6,250,522	11,673,459
2025-01-28	$6071.56	$5810.00	12.9%	3.7%	15.8%	19.0%	13.9%	4.1%	0.1%	19.83B	-1603.01B	-9.48B	1.11	5.64	1,325,263	1,467,626	6,319,377	11,890,639
2025-01-29	$6040.50	$5825.00	13.4%	3.9%	14.9%	21.7%	13.6%	4.1%	-0.4%	1.16B	-1450.17B	-9.53B	1.09	8.55	1,088,056	1,182,581	6,365,736	11,934,151
2025-01-30	$6046.35	$5825.00	13.0%	3.8%	14.7%	19.7%	14.1%	3.8%	-0.5%	8.68B	-1479.11B	-9.62B	1.20	14.11	1,446,391	1,730,389	6,400,659	11,937,323
2025-01-31	$6034.95	$5835.00	13.5%	3.9%	14.5%	22.4%	14.2%	4.0%	-0.0%	-3.36B	-1398.76B	-9.71B	1.25	9.10	1,667,057	2,091,155	6,452,371	12,157,375