SPX Options History — June 2025

In June 2025, SPX traded between $5929.60 and $6202.50. ATM implied volatility averaged 14.6%, placing in the 14.9% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded above realized volatility by 2.6% (HV 20d: 12.0%). Max pain ranged from $5540.00 to $5900.00. Net GEX was positive for 17 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 1.26.

Notable Days

2025-06-27: Highest Volume — 4,135,715 contracts
2025-06-13: Largest IV spike — 17.5% change
2025-06-13: Highest IV Rank — 20.6%
2025-06-13: Largest Expected Move — 4.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6028.25	$5929.60	$6202.50	$5929.60	$6202.50
Max Pain	$5776.00	$5540.00	$5900.00	$5540.00	$5900.00
ATM IV	14.6%	13.0%	16.7%	15.3%	13.5%
Expected Move	4.3%	3.7%	4.9%	4.7%	3.8%
HV 20d	12.0%	10.0%	14.9%	14.9%	10.5%
HV 60d	32.8%	32.1%	33.7%	33.7%	32.1%
IV Rank	14.9%	10.5%	20.6%	16.9%	11.8%
IV Percentile	52.7%	33.3%	75.0%	59.9%	38.9%
Term Structure	-0.0%	-0.5%	0.2%	0.2%	0.2%
VWIV	16.8%	13.8%	20.2%	17.3%	14.2%
Skew 25d	5.1%	3.9%	6.9%	5.5%	3.9%
Skew 10d	11.2%	8.6%	14.8%	11.2%	8.6%
Call IV 25d	12.5%	11.5%	13.8%	13.1%	11.9%
Put IV 25d	17.6%	15.3%	20.7%	18.6%	15.9%
Bid-Ask Spread %	5.83	3.63	8.98	7.33	8.50
Gamma HHI	0.02	0.01	0.05	0.01	0.05
Net GEX	36.26B	-30.07B	98.23B	23.11B	98.23B
Net DEX	-1848.81B	-2336.13B	-853.34B	-1706.18B	-1911.93B
Net VEX	-11.13B	-11.80B	-10.69B	-11.54B	-10.77B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.26	1.01	1.51	1.13	1.01
Total Volume	3,332,316.45	2,456,455	4,135,715	2,879,273	3,473,279
Total OI	20,587,261.15	17,363,559	23,452,916	20,694,025	18,560,987

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
2025-06-02	$5929.60	$5540.00	15.3%	4.7%	14.9%	16.9%	17.3%	5.5%	0.2%	23.11B	-1706.18B	-11.54B	1.13	7.33	1,354,387	1,524,886	8,082,512	12,611,513
2025-06-03	$5970.65	$5545.00	14.7%	4.4%	14.8%	15.2%	15.8%	4.8%	-0.3%	45.53B	-1954.35B	-11.34B	1.19	7.67	1,436,456	1,708,205	8,186,474	12,695,406
2025-06-04	$5979.11	$5550.00	14.5%	4.3%	14.5%	14.5%	15.6%	4.5%	-0.3%	42.34B	-2021.78B	-11.40B	1.18	8.98	1,215,658	1,434,191	8,333,838	13,000,808
2025-06-05	$5950.85	$5730.00	14.8%	4.5%	14.8%	15.3%	17.7%	4.9%	-0.3%	12.61B	-1831.22B	-11.62B	1.21	5.27	1,524,357	1,845,524	8,398,009	13,099,590
2025-06-06	$6005.01	$5750.00	13.4%	4.2%	14.8%	11.5%	16.4%	3.9%	0.2%	56.23B	-2216.73B	-11.11B	1.35	4.40	1,385,914	1,876,877	8,454,160	13,221,275
2025-06-09	$6010.27	$5750.00	13.9%	4.2%	14.5%	12.8%	16.3%	4.1%	0.2%	42.53B	-2202.96B	-10.98B	1.16	4.03	1,136,214	1,320,241	8,416,249	13,260,363
2025-06-10	$6029.83	$5750.00	13.8%	4.1%	10.8%	12.6%	17.0%	4.2%	0.1%	54.08B	-2336.13B	-10.74B	1.29	4.27	1,382,460	1,788,955	8,462,497	13,314,672
2025-06-11	$6016.75	$5770.00	14.3%	4.2%	10.1%	14.0%	16.3%	4.9%	-0.2%	29.17B	-2176.75B	-11.19B	1.23	5.63	1,686,464	2,079,784	8,547,986	13,599,875
2025-06-12	$6036.21	$5790.00	14.2%	4.2%	10.0%	13.7%	18.2%	5.1%	-0.3%	35.53B	-2273.67B	-11.12B	1.40	3.63	1,275,846	1,782,189	8,601,005	13,699,618
2025-06-13	$5963.85	$5800.00	16.7%	4.9%	11.0%	20.6%	20.2%	6.9%	0.2%	-13.43B	-1747.19B	-11.80B	1.39	5.90	1,599,528	2,228,846	8,683,499	13,901,574
2025-06-16	$6031.04	$5800.00	14.8%	4.3%	11.4%	15.4%	16.8%	5.5%	0.1%	43.09B	-2270.55B	-11.02B	1.33	3.83	1,456,898	1,943,409	8,675,886	13,867,690
2025-06-17	$5988.00	$5810.00	16.6%	4.8%	11.8%	20.4%	19.0%	6.8%	0.2%	-30.07B	-1908.04B	-11.35B	1.51	5.10	1,460,869	2,209,932	8,852,426	14,144,909
2025-06-18	$5991.50	$5830.00	16.2%	4.6%	11.7%	19.2%	18.6%	6.3%	-0.5%	3.97B	-1989.36B	-11.14B	1.41	5.79	1,319,452	1,863,113	8,961,695	14,491,221
2025-06-20	$5960.80	$5850.00	16.6%	4.9%	10.7%	20.4%	18.9%	6.8%	0.1%	-19.63B	-853.34B	-11.28B	1.37	5.63	1,574,933	2,155,645	6,256,299	11,107,260
2025-06-23	$6014.89	$5850.00	15.6%	4.5%	11.1%	17.5%	18.1%	6.4%	0.1%	17.34B	-1090.34B	-11.20B	1.33	5.39	1,712,641	2,273,289	6,324,537	11,093,523
2025-06-24	$6099.02	$5850.00	13.8%	4.0%	11.5%	12.5%	15.8%	4.7%	0.1%	68.81B	-1530.06B	-10.74B	1.25	5.18	1,478,073	1,844,521	6,445,476	11,254,048
2025-06-25	$6090.94	$5870.00	13.8%	3.9%	10.2%	12.5%	14.5%	4.6%	-0.3%	49.94B	-1488.85B	-10.83B	1.13	5.33	1,379,794	1,557,855	6,600,859	11,604,235
2025-06-26	$6138.14	$5885.00	13.2%	3.7%	10.3%	10.9%	14.6%	4.0%	-0.3%	85.47B	-1702.91B	-10.69B	1.09	5.69	1,539,017	1,680,912	6,642,982	11,644,407
2025-06-27	$6156.02	$5900.00	13.0%	3.7%	10.3%	10.5%	13.8%	3.9%	0.1%	80.40B	-1763.77B	-10.77B	1.14	8.95	1,930,401	2,205,314	6,796,609	11,849,251
2025-06-30	$6202.50	$5900.00	13.5%	3.8%	10.5%	11.8%	14.2%	3.9%	0.2%	98.23B	-1911.93B	-10.77B	1.01	8.50	1,731,914	1,741,365	6,847,402	11,713,585