SPX Options History — April 2025

In April 2025, SPX traded between $4928.48 and $5673.05. ATM implied volatility averaged 27.3%, placing in the 55.9% IV rank vs the trailing year. The 30-day expected move averaged 7.8%. IV traded below realized volatility by 17.6% (HV 20d: 44.9%). Max pain ranged from $5600.00 to $5800.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 1.37.

Notable Days

2025-04-04: Highest Volume — 5,376,037 contracts
2025-04-10: Largest IV spike — 45.5% change
2025-04-04: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 12.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5362.55	$4928.48	$5673.05	$5623.91	$5535.23
Max Pain	$5673.10	$5600.00	$5800.00	$5775.00	$5600.00
ATM IV	27.3%	18.2%	45.5%	18.6%	22.0%
Expected Move	7.8%	5.1%	12.4%	5.3%	6.6%
HV 20d	44.9%	21.8%	53.8%	21.8%	53.1%
HV 60d	28.6%	16.4%	33.3%	16.5%	33.3%
IV Rank	55.9%	32.1%	100.0%	49.0%	35.2%
IV Percentile	96.2%	90.5%	100.0%	93.7%	92.5%
Term Structure	-0.3%	-1.1%	0.3%	0.2%	-0.6%
VWIV	29.6%	18.4%	43.5%	20.0%	25.8%
Skew 25d	10.0%	6.3%	18.5%	6.3%	7.9%
Skew 10d	20.3%	12.8%	39.2%	13.0%	14.6%
Call IV 25d	22.4%	14.8%	36.7%	15.5%	18.1%
Put IV 25d	32.4%	21.3%	55.2%	21.8%	26.0%
Bid-Ask Spread %	12.01	6.79	19.35	6.79	10.79
Gamma HHI	0.01	0.01	0.02	0.01	0.01
Net GEX	-38.03B	-81.89B	-918.8M	-39.39B	-11.55B
Net DEX	542.41B	-352.20B	1928.88B	-43.93B	-234.41B
Net VEX	-12.22B	-13.57B	-8.69B	-10.82B	-12.77B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.37	1.07	1.99	1.21	1.07
Total Volume	3,417,014.857	2,734,541	5,376,037	3,504,417	3,027,640
Total OI	19,786,079.905	17,953,368	21,105,220	17,953,368	20,663,664

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
2025-04-01	$5623.91	$5775.00	18.6%	5.3%	21.8%	49.0%	20.0%	6.3%	0.2%	-39.39B	-43.93B	-10.82B	1.21	6.79	1,588,429	1,915,988	6,420,354	11,533,014
2025-04-02	$5673.05	$5775.00	18.2%	5.1%	21.9%	46.6%	18.4%	6.5%	-0.5%	-23.64B	-258.44B	-10.82B	1.16	7.85	1,588,358	1,836,763	6,494,434	11,667,676
2025-04-03	$5406.52	$5760.00	24.5%	6.8%	26.9%	79.6%	24.8%	8.0%	-0.6%	-79.10B	792.63B	-11.33B	1.48	12.03	1,536,099	2,270,610	6,606,483	11,811,201
2025-04-04	$5146.67	$5800.00	33.9%	9.3%	31.3%	100.0%	35.0%	12.7%	-0.1%	-81.89B	1589.32B	-11.83B	1.90	18.83	1,850,790	3,525,247	6,719,744	12,087,562
2025-04-07	$5038.40	$5750.00	39.8%	10.8%	30.9%	100.0%	40.8%	15.5%	-0.3%	-66.67B	1741.85B	-11.94B	1.99	17.16	1,413,137	2,810,941	7,142,007	12,218,051
2025-04-08	$4928.48	$5710.00	45.5%	12.4%	31.4%	100.0%	43.5%	18.5%	-0.3%	-60.79B	1928.88B	-12.17B	1.70	19.35	1,512,999	2,566,662	7,188,215	12,473,144
2025-04-09	$5435.10	$5700.00	26.1%	7.3%	48.5%	46.6%	31.4%	10.9%	-0.9%	-41.64B	384.30B	-12.78B	1.48	14.41	1,745,522	2,578,091	7,382,695	12,799,204
2025-04-10	$5218.20	$5700.00	38.0%	10.5%	50.3%	79.4%	41.5%	17.8%	-0.4%	-51.47B	1150.18B	-13.57B	1.44	17.08	1,444,566	2,073,270	7,635,577	12,933,973
2025-04-11	$5362.27	$5700.00	31.0%	8.9%	50.8%	60.2%	33.6%	13.4%	0.1%	-40.74B	636.94B	-13.43B	1.26	13.48	1,233,185	1,558,610	7,744,355	13,083,764
2025-04-14	$5435.80	$5675.00	25.2%	7.3%	50.8%	44.1%	27.7%	10.6%	0.3%	-35.07B	336.27B	-12.70B	1.24	10.27	1,218,997	1,515,544	7,782,724	12,916,945
2025-04-15	$5396.12	$5675.00	24.8%	7.2%	50.7%	42.9%	28.7%	9.9%	0.3%	-39.48B	484.77B	-12.59B	1.34	7.10	1,181,627	1,586,299	7,879,997	12,982,616
2025-04-16	$5247.08	$5660.00	29.2%	8.4%	51.1%	55.2%	30.5%	10.0%	-1.1%	-59.55B	1047.23B	-12.57B	1.49	14.08	1,298,916	1,935,156	7,972,004	13,133,216
2025-04-17	$5293.02	$5645.00	26.3%	7.6%	51.3%	47.1%	29.5%	9.0%	-0.9%	-45.24B	705.32B	-12.75B	1.33	9.64	1,211,954	1,609,142	7,228,289	11,972,059
2025-04-21	$5138.40	$5610.00	29.8%	9.0%	52.1%	56.7%	32.2%	7.7%	0.0%	-55.13B	1116.40B	-12.43B	1.33	14.11	1,251,731	1,663,560	7,226,591	11,852,579
2025-04-22	$5285.60	$5600.00	27.2%	8.1%	52.7%	49.5%	29.7%	7.8%	0.1%	-35.44B	610.00B	-12.69B	1.17	10.62	1,464,613	1,720,292	7,371,643	11,968,926
2025-04-23	$5368.30	$5600.00	25.6%	7.6%	53.1%	45.2%	28.0%	7.7%	-1.1%	-16.45B	312.23B	-12.80B	1.21	12.37	1,568,441	1,891,650	7,515,893	12,122,592
2025-04-24	$5481.65	$5600.00	23.1%	6.9%	53.7%	38.2%	26.4%	7.7%	-0.8%	-6.55B	-107.64B	-12.80B	1.33	9.29	1,377,482	1,827,266	7,674,558	12,264,971
2025-04-25	$5512.70	$5600.00	21.4%	6.4%	53.8%	33.7%	25.9%	7.5%	-0.8%	-2.01B	-199.61B	-12.66B	1.36	10.79	1,404,963	1,915,527	7,777,736	12,542,306
2025-04-28	$5528.08	$5600.00	21.2%	6.5%	53.1%	33.1%	26.4%	7.2%	0.2%	-5.83B	-249.47B	-12.55B	1.13	8.03	1,379,403	1,554,207	7,704,075	12,553,116
2025-04-29	$5558.88	$5600.00	20.8%	6.3%	53.1%	32.1%	22.6%	7.6%	0.2%	-918.8M	-352.20B	-8.69B	1.22	8.22	1,396,618	1,707,017	7,792,523	12,667,202
2025-04-30	$5535.23	$5600.00	22.0%	6.6%	53.1%	35.2%	25.8%	7.9%	-0.6%	-11.55B	-234.41B	-12.77B	1.07	10.79	1,461,732	1,565,908	7,853,681	12,809,983