SPX Options History — May 2025

In May 2025, SPX traded between $5630.19 and $5953.20. ATM implied volatility averaged 17.0%, placing in the 21.6% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded below realized volatility by 9.3% (HV 20d: 26.3%). Max pain ranged from $5440.00 to $5600.00. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.21.

Notable Days

2025-05-21: Highest Volume — 4,010,592 contracts
2025-05-12: Largest IV drop — 16.2% change
2025-05-06: Highest IV Rank — 30.4%
2025-05-01: Largest Expected Move — 6.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5814.50	$5630.19	$5953.20	$5634.80	$5907.40
Max Pain	$5498.81	$5440.00	$5600.00	$5600.00	$5535.00
ATM IV	17.0%	14.2%	20.2%	20.0%	15.7%
Expected Move	5.0%	4.2%	6.0%	6.0%	4.7%
HV 20d	26.3%	14.9%	53.4%	53.4%	15.1%
HV 60d	33.9%	33.5%	34.2%	33.5%	34.0%
IV Rank	21.6%	13.9%	30.4%	29.8%	17.8%
IV Percentile	73.5%	56.0%	89.3%	89.3%	64.3%
Term Structure	-0.1%	-0.8%	0.4%	-0.2%	0.0%
VWIV	18.7%	15.6%	23.8%	22.5%	17.2%
Skew 25d	5.8%	4.0%	7.4%	7.3%	5.4%
Skew 10d	11.6%	8.8%	14.4%	13.2%	11.3%
Call IV 25d	14.5%	12.7%	16.8%	16.6%	13.2%
Put IV 25d	20.3%	16.7%	24.1%	23.9%	18.7%
Bid-Ask Spread %	6.23	4.12	9.98	8.86	8.45
Gamma HHI	0.02	0.01	0.03	0.01	0.02
Net GEX	12.74B	-23.90B	49.05B	11.60B	5.53B
Net DEX	-1314.66B	-1889.18B	-576.45B	-676.50B	-1590.25B
Net VEX	-12.13B	-12.87B	-11.36B	-12.87B	-11.85B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.21	1.07	1.45	1.20	1.19
Total Volume	3,130,977.143	2,427,134	4,010,592	2,890,239	3,382,971
Total OI	20,856,554.19	19,982,361	21,948,345	20,358,976	21,498,738

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
2025-05-01	$5634.80	$5600.00	20.0%	6.0%	53.4%	29.8%	22.5%	7.3%	-0.2%	11.60B	-676.50B	-12.87B	1.20	8.86	1,315,626	1,574,613	7,707,931	12,651,045
2025-05-02	$5686.42	$5600.00	18.7%	5.5%	50.4%	26.1%	20.6%	6.9%	0.4%	21.12B	-898.57B	-12.72B	1.27	9.98	1,462,973	1,854,158	7,776,038	12,753,189
2025-05-05	$5661.35	$5440.00	19.4%	5.8%	46.7%	28.0%	22.1%	7.2%	0.1%	-180.6M	-735.88B	-12.59B	1.28	4.12	1,175,354	1,508,386	7,739,729	12,623,955
2025-05-06	$5630.19	$5450.00	20.2%	6.0%	45.8%	30.4%	23.8%	7.4%	0.3%	-13.18B	-576.45B	-12.64B	1.20	4.55	1,375,258	1,653,549	7,801,941	12,669,168
2025-05-07	$5639.17	$5450.00	20.2%	5.9%	44.7%	30.2%	22.8%	7.2%	-0.7%	-5.03B	-613.43B	-12.73B	1.28	8.72	1,064,531	1,362,603	7,860,547	12,858,250
2025-05-08	$5686.88	$5450.00	19.1%	5.6%	29.1%	27.2%	20.7%	6.6%	-0.5%	10.74B	-848.99B	-12.48B	1.13	5.34	1,521,469	1,717,943	7,891,298	12,956,944
2025-05-09	$5659.67	$5450.00	18.9%	5.6%	24.4%	26.7%	20.2%	6.2%	0.1%	-4.42B	-713.41B	-12.38B	1.22	5.85	1,296,829	1,578,877	7,962,933	13,100,593
2025-05-12	$5826.17	$5450.00	15.8%	4.6%	24.7%	18.3%	17.1%	4.9%	0.1%	39.99B	-1543.67B	-11.55B	1.30	5.94	1,568,933	2,035,930	7,972,476	12,944,259
2025-05-13	$5901.21	$5470.00	14.8%	4.3%	24.6%	15.4%	15.9%	4.1%	0.1%	49.05B	-1889.18B	-11.36B	1.12	4.84	1,697,482	1,901,611	8,088,562	13,189,807
2025-05-14	$5882.17	$5480.00	15.4%	4.5%	24.4%	17.1%	16.2%	4.4%	-0.4%	28.17B	-1752.81B	-11.61B	1.08	4.85	1,488,473	1,605,118	8,219,002	13,510,607
2025-05-15	$5907.50	$5495.00	14.9%	4.4%	21.2%	15.6%	16.0%	4.4%	-0.4%	41.35B	-1865.80B	-11.60B	1.07	4.49	1,621,472	1,729,706	8,299,036	13,649,309
2025-05-16	$5947.91	$5500.00	14.2%	4.2%	21.2%	13.9%	15.6%	4.0%	0.1%	46.09B	-1858.18B	-11.56B	1.09	5.19	1,505,559	1,640,420	7,668,368	12,381,887
2025-05-19	$5953.20	$5500.00	15.4%	4.5%	16.7%	17.1%	16.5%	4.8%	0.2%	33.09B	-1825.27B	-11.68B	1.23	4.89	1,586,684	1,950,738	7,691,191	12,291,170
2025-05-20	$5931.46	$5500.00	15.5%	4.5%	15.2%	17.4%	16.3%	4.9%	0.3%	12.96B	-1725.98B	-11.87B	1.14	6.13	1,401,847	1,597,226	7,814,450	12,508,852
2025-05-21	$5854.58	$5500.00	17.5%	5.0%	16.1%	23.0%	18.8%	6.2%	-0.7%	-19.21B	-1285.69B	-12.40B	1.25	6.38	1,785,270	2,225,322	7,887,846	12,649,501
2025-05-22	$5859.23	$5510.00	17.1%	5.0%	14.9%	21.7%	18.3%	6.4%	-0.8%	-13.32B	-1324.66B	-12.38B	1.18	6.00	1,331,317	1,568,760	7,991,709	12,829,334
2025-05-23	$5816.40	$5515.00	18.1%	5.4%	15.4%	24.6%	20.0%	7.0%	0.1%	-23.90B	-1061.80B	-12.77B	1.35	6.52	1,294,272	1,749,039	8,093,607	12,968,584
2025-05-27	$5914.05	$5525.00	15.4%	4.6%	16.1%	16.9%	17.8%	5.4%	0.4%	26.03B	-1661.28B	-11.95B	1.45	5.80	1,261,703	1,830,366	8,062,188	12,845,499
2025-05-28	$5897.20	$5525.00	15.9%	4.7%	16.3%	18.5%	17.1%	5.6%	-0.3%	7.50B	-1553.99B	-11.95B	1.13	6.81	1,257,220	1,424,001	8,131,807	13,093,439
2025-05-29	$5907.48	$5530.00	15.6%	4.6%	16.1%	17.5%	16.7%	5.2%	-0.3%	13.46B	-1606.08B	-11.88B	1.17	7.13	1,313,099	1,533,812	8,178,197	13,174,652
2025-05-30	$5907.40	$5535.00	15.7%	4.7%	15.1%	17.8%	17.2%	5.4%	0.0%	5.53B	-1590.25B	-11.85B	1.19	8.45	1,543,834	1,839,137	8,247,969	13,250,769