SPX Options History — February 2025

In February 2025, SPX traded between $5874.27 and $6139.12. ATM implied volatility averaged 13.5%, placing in the 22.5% IV rank vs the trailing year. The 30-day expected move averaged 4.0%. IV traded above realized volatility by 1.9% (HV 20d: 11.7%). Max pain ranged from $5850.00 to $5930.00. Net GEX was positive for 10 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 1.29.

Notable Days

2025-02-21: Highest Volume — 4,352,441 contracts
2025-02-21: Largest IV spike — 19.6% change
2025-02-27: Highest IV Rank — 44.9%
2025-02-27: Largest Expected Move — 5.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6035.93	$5874.27	$6139.12	$6002.05	$5912.08
Max Pain	$5896.05	$5850.00	$5930.00	$5850.00	$5930.00
ATM IV	13.5%	11.2%	17.9%	14.8%	16.5%
Expected Move	4.0%	3.4%	5.4%	4.5%	5.1%
HV 20d	11.7%	9.6%	14.6%	14.6%	11.1%
HV 60d	12.8%	12.3%	13.9%	13.9%	13.1%
IV Rank	22.5%	10.1%	44.9%	28.7%	38.0%
IV Percentile	61.4%	27.8%	97.2%	79.4%	92.9%
Term Structure	-0.1%	-0.5%	0.3%	-0.0%	0.1%
VWIV	15.0%	12.8%	19.0%	16.7%	18.6%
Skew 25d	4.8%	3.8%	6.3%	5.0%	5.8%
Skew 10d	10.4%	8.3%	13.8%	10.6%	12.1%
Call IV 25d	11.3%	9.5%	15.0%	12.5%	13.4%
Put IV 25d	16.1%	13.4%	20.9%	17.4%	19.1%
Bid-Ask Spread %	6.24	4.21	9.48	9.48	8.25
Gamma HHI	0.02	0.01	0.02	0.01	0.02
Net GEX	-3.69B	-76.81B	73.12B	-30.90B	-60.11B
Net DEX	-1363.75B	-2007.32B	-418.38B	-1197.26B	-594.48B
Net VEX	-9.63B	-10.51B	-8.84B	-9.90B	-10.48B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.29	1.17	1.48	1.22	1.37
Total Volume	3,160,904.474	2,257,329	4,352,441	3,363,063	3,700,121
Total OI	19,130,981.474	18,221,830	20,260,379	18,221,830	19,373,125

Daily Data (19 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
2025-02-03	$6002.05	$5850.00	14.8%	4.5%	14.6%	28.7%	16.7%	5.0%	-0.0%	-30.90B	-1197.26B	-9.90B	1.22	9.48	1,512,643	1,850,420	6,378,625	11,843,205
2025-02-04	$6035.16	$5850.00	13.4%	4.0%	14.1%	21.5%	15.2%	4.4%	0.3%	12.35B	-1393.26B	-9.66B	1.28	8.52	1,223,469	1,568,123	6,453,150	11,983,742
2025-02-05	$6051.31	$5850.00	13.1%	3.7%	14.0%	20.0%	13.4%	4.2%	-0.3%	19.95B	-1493.08B	-9.54B	1.17	8.32	1,277,617	1,499,469	6,513,555	12,163,925
2025-02-06	$6070.79	$5880.00	12.3%	3.7%	13.3%	16.3%	14.0%	4.0%	-0.3%	29.82B	-1637.44B	-9.51B	1.17	4.21	1,215,211	1,416,405	6,646,981	12,336,199
2025-02-07	$6026.61	$5895.00	12.9%	3.9%	13.6%	19.3%	14.7%	4.4%	0.1%	-18.70B	-1379.37B	-9.71B	1.22	5.05	1,628,093	1,981,016	6,701,761	12,413,041
2025-02-10	$6066.84	$5900.00	12.3%	3.7%	12.4%	16.1%	13.4%	4.3%	0.1%	15.92B	-1603.64B	-9.41B	1.34	4.30	966,334	1,290,995	6,671,910	12,351,832
2025-02-11	$6068.33	$5900.00	12.3%	3.7%	12.4%	16.3%	13.7%	4.4%	0.1%	11.64B	-1588.38B	-9.63B	1.35	4.46	1,032,224	1,391,848	6,722,493	12,416,045
2025-02-12	$6046.79	$5900.00	12.9%	3.8%	12.5%	18.9%	14.1%	4.4%	-0.4%	-9.26B	-1478.39B	-9.49B	1.26	5.07	1,392,590	1,761,513	6,743,145	12,527,927
2025-02-13	$6110.77	$5900.00	11.7%	3.5%	10.5%	13.1%	13.9%	4.1%	-0.3%	64.18B	-1839.58B	-9.18B	1.23	4.85	1,464,997	1,803,888	6,776,873	12,687,018
2025-02-14	$6114.34	$5900.00	11.2%	3.4%	10.4%	10.1%	12.8%	3.9%	0.1%	62.24B	-1861.30B	-9.16B	1.48	4.85	1,176,934	1,738,521	6,877,182	12,922,797
2025-02-18	$6114.79	$5900.00	12.1%	3.5%	10.0%	15.2%	12.9%	4.2%	0.1%	49.98B	-1885.36B	-8.85B	1.36	4.68	1,113,936	1,510,298	6,843,102	12,867,198
2025-02-19	$6139.12	$5900.00	11.8%	3.4%	9.8%	13.2%	13.1%	3.8%	-0.3%	73.12B	-2007.32B	-8.84B	1.46	5.18	1,260,775	1,845,574	6,866,221	12,968,946
2025-02-20	$6114.85	$5900.00	11.8%	3.4%	9.6%	13.6%	12.8%	4.2%	-0.3%	25.70B	-1836.22B	-9.08B	1.18	5.09	1,514,180	1,784,126	6,952,581	13,307,798
2025-02-21	$6013.88	$5905.00	14.2%	4.1%	11.3%	25.7%	16.2%	6.0%	0.0%	-60.74B	-1047.48B	-9.85B	1.39	8.07	1,824,450	2,527,991	6,363,159	12,145,172
2025-02-24	$6001.45	$5900.00	14.6%	4.4%	11.3%	28.2%	16.6%	6.0%	0.0%	-62.83B	-1010.34B	-9.85B	1.46	5.62	1,357,518	1,987,488	6,401,453	12,146,114
2025-02-25	$5954.23	$5915.00	15.8%	4.7%	10.5%	34.3%	17.4%	6.3%	-0.1%	-69.24B	-775.29B	-10.12B	1.25	6.75	1,583,365	1,972,070	6,516,842	12,286,914
2025-02-26	$5964.95	$5925.00	15.7%	4.7%	9.6%	33.8%	16.9%	5.8%	-0.4%	-46.46B	-864.71B	-10.23B	1.21	7.36	1,479,910	1,795,683	6,634,486	12,495,614
2025-02-27	$5874.27	$5925.00	17.9%	5.4%	10.8%	44.9%	19.0%	5.9%	-0.5%	-76.81B	-418.38B	-10.51B	1.19	8.49	1,648,357	1,959,033	6,691,474	12,497,043
2025-02-28	$5912.08	$5930.00	16.5%	5.1%	11.1%	38.0%	18.6%	5.8%	0.1%	-60.11B	-594.48B	-10.48B	1.37	8.25	1,561,362	2,138,759	6,777,625	12,595,500