SPX Options History — March 2025

In March 2025, SPX traded between $5515.35 and $5844.23. ATM implied volatility averaged 18.9%, placing in the 50.3% IV rank vs the trailing year. The 30-day expected move averaged 5.8%. IV traded above realized volatility by 1.3% (HV 20d: 17.5%). Max pain ranged from $5795.00 to $5925.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 1.24.

Notable Days

2025-03-10: Highest Volume — 4,410,393 contracts
2025-03-10: Largest IV spike — 19.8% change
2025-03-10: Highest IV Rank — 74.6%
2025-03-10: Largest Expected Move — 8.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5685.26	$5515.35	$5844.23	$5824.58	$5619.12
Max Pain	$5843.81	$5795.00	$5925.00	$5925.00	$5795.00
ATM IV	18.9%	14.8%	23.6%	19.6%	18.5%
Expected Move	5.8%	4.4%	8.3%	6.2%	5.3%
HV 20d	17.5%	12.1%	21.9%	12.1%	21.8%
HV 60d	15.2%	13.5%	16.5%	13.5%	16.5%
IV Rank	50.3%	29.2%	74.6%	53.8%	48.2%
IV Percentile	92.4%	72.6%	99.6%	98.8%	93.3%
Term Structure	-0.3%	-0.9%	0.2%	-0.0%	-0.1%
VWIV	21.3%	17.1%	29.1%	21.1%	19.8%
Skew 25d	5.8%	4.3%	7.6%	7.1%	5.9%
Skew 10d	12.1%	8.6%	17.0%	15.0%	11.4%
Call IV 25d	15.9%	12.7%	19.9%	16.1%	15.3%
Put IV 25d	21.8%	17.1%	27.4%	23.2%	21.1%
Bid-Ask Spread %	10.15	4.48	21.17	11.85	8.38
Gamma HHI	0.02	0.01	0.03	0.01	0.02
Net GEX	-60.71B	-94.52B	-8.70B	-68.66B	-60.38B
Net DEX	51.42B	-593.92B	825.47B	-218.21B	57.23B
Net VEX	-10.45B	-10.84B	-9.95B	-10.79B	-10.62B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.24	1.10	1.43	1.28	1.25
Total Volume	3,548,244.857	2,800,725	4,410,393	3,512,266	4,111,458
Total OI	19,657,995.667	17,324,682	22,329,720	19,097,847	18,267,277

Daily Data (21 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
2025-03-03	$5824.58	$5925.00	19.6%	6.2%	12.1%	53.8%	21.1%	7.1%	-0.0%	-68.66B	-218.21B	-10.79B	1.28	11.85	1,538,897	1,973,369	6,731,774	12,366,073
2025-03-04	$5809.58	$5925.00	19.2%	6.1%	12.1%	51.9%	22.1%	6.8%	0.1%	-81.17B	-155.80B	-10.77B	1.27	12.51	1,684,891	2,135,871	6,835,706	12,514,830
2025-03-05	$5844.23	$5910.00	18.6%	5.9%	12.1%	48.7%	21.5%	6.7%	-0.5%	-29.57B	-371.18B	-10.66B	1.22	16.53	1,470,323	1,793,686	6,981,383	12,626,348
2025-03-06	$5731.88	$5900.00	21.5%	7.1%	13.5%	63.8%	24.6%	6.8%	-0.8%	-86.15B	139.10B	-10.81B	1.10	18.79	1,723,525	1,896,475	7,075,668	12,697,314
2025-03-07	$5759.10	$5900.00	19.7%	6.4%	13.6%	54.3%	23.7%	6.6%	0.2%	-67.56B	-2.85B	-10.63B	1.21	14.64	1,703,217	2,066,880	7,187,906	12,806,836
2025-03-10	$5607.27	$5900.00	23.6%	8.3%	16.0%	74.6%	29.1%	7.6%	0.0%	-85.47B	573.08B	-10.78B	1.37	21.17	1,860,120	2,550,273	7,153,155	12,659,927
2025-03-11	$5601.10	$5890.00	23.2%	8.0%	15.6%	72.6%	27.6%	7.6%	-0.1%	-82.35B	558.41B	-10.84B	1.19	16.24	1,874,602	2,222,722	7,314,717	12,923,905
2025-03-12	$5603.48	$5870.00	21.6%	7.2%	15.6%	64.3%	24.8%	6.6%	-0.6%	-78.01B	491.36B	-10.44B	1.24	12.22	1,578,740	1,963,789	7,552,663	13,135,355
2025-03-13	$5515.35	$5855.00	22.5%	7.5%	16.2%	69.1%	25.6%	6.3%	-0.8%	-91.96B	825.47B	-10.55B	1.25	11.73	1,558,471	1,948,356	7,700,222	13,276,849
2025-03-14	$5625.04	$5850.00	19.2%	6.0%	17.6%	51.9%	21.2%	5.6%	0.0%	-59.12B	342.40B	-10.42B	1.43	13.83	1,433,206	2,056,091	7,837,528	13,480,835
2025-03-17	$5695.95	$5800.00	17.9%	5.0%	18.5%	45.1%	19.1%	5.5%	0.2%	-34.23B	-35.66B	-10.10B	1.15	4.70	1,468,345	1,693,344	7,865,368	13,418,459
2025-03-18	$5613.62	$5800.00	19.5%	5.3%	18.8%	53.4%	21.7%	5.3%	-0.9%	-74.85B	355.83B	-10.15B	1.16	5.66	1,434,371	1,670,529	7,954,717	13,540,650
2025-03-19	$5697.52	$5800.00	17.2%	4.8%	19.8%	41.3%	18.4%	5.0%	-0.8%	-40.37B	-56.93B	-10.12B	1.33	6.33	1,438,653	1,907,382	8,052,428	13,684,653
2025-03-20	$5665.92	$5800.00	17.2%	4.9%	19.8%	41.6%	18.3%	5.0%	-0.9%	-57.75B	92.08B	-10.23B	1.19	5.21	1,535,345	1,827,032	8,268,225	14,061,495
2025-03-21	$5647.12	$5800.00	16.9%	4.9%	19.3%	40.0%	18.4%	4.7%	0.1%	-59.58B	-42.96B	-10.31B	1.17	5.61	1,534,499	1,796,167	6,151,757	11,282,941
2025-03-24	$5766.11	$5800.00	15.0%	4.4%	21.1%	30.1%	17.9%	4.3%	0.1%	-8.70B	-586.27B	-9.95B	1.19	4.69	1,442,753	1,714,977	6,172,282	11,152,400
2025-03-25	$5771.61	$5800.00	14.8%	4.4%	21.0%	29.2%	17.1%	4.3%	0.1%	-10.13B	-593.92B	-10.02B	1.12	4.48	1,320,002	1,480,723	6,321,643	11,308,826
2025-03-26	$5704.84	$5800.00	16.4%	4.7%	21.2%	37.3%	18.0%	4.8%	-0.4%	-53.34B	-282.40B	-10.32B	1.35	5.08	1,609,345	2,169,673	6,444,461	11,454,156
2025-03-27	$5711.38	$5800.00	16.0%	4.7%	20.7%	35.4%	17.3%	4.8%	-0.4%	-51.08B	-303.18B	-10.30B	1.25	5.71	1,400,827	1,749,348	6,508,630	11,701,795
2025-03-28	$5575.67	$5800.00	18.8%	5.4%	21.9%	49.7%	20.0%	5.3%	0.0%	-94.52B	294.14B	-10.64B	1.25	7.74	1,852,130	2,322,735	6,557,233	11,789,519
2025-03-31	$5619.12	$5795.00	18.5%	5.3%	21.8%	48.2%	19.8%	5.9%	-0.1%	-60.38B	57.23B	-10.62B	1.25	8.38	1,826,036	2,285,422	6,572,063	11,695,214