SPX Options History — July 2025

In July 2025, SPX traded between $6205.44 and $6393.73. ATM implied volatility averaged 13.3%, placing in the 11.3% IV rank vs the trailing year. The 30-day expected move averaged 3.8%. IV traded above realized volatility by 4.2% (HV 20d: 9.1%). Max pain ranged from $5900.00 to $6000.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 1.22.

Notable Days

2025-07-31: Highest Volume — 4,343,889 contracts
2025-07-07: Largest IV spike — 9.4% change
2025-07-07: Highest IV Rank — 15.6%
2025-07-07: Largest Expected Move — 4.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6296.51	$6205.44	$6393.73	$6205.44	$6353.60
Max Pain	$5984.77	$5900.00	$6000.00	$5900.00	$6000.00
ATM IV	13.3%	11.9%	14.9%	13.8%	13.1%
Expected Move	3.8%	3.3%	4.3%	3.8%	3.7%
HV 20d	9.1%	6.7%	11.3%	10.5%	6.9%
HV 60d	16.4%	11.0%	30.4%	30.4%	11.0%
IV Rank	11.3%	7.4%	15.6%	12.5%	10.7%
IV Percentile	33.1%	13.9%	54.8%	40.1%	29.8%
Term Structure	-0.0%	-0.4%	0.4%	0.2%	-0.4%
VWIV	14.9%	13.0%	17.3%	14.6%	14.1%
Skew 25d	4.2%	3.5%	4.9%	4.0%	4.9%
Skew 10d	9.1%	7.0%	10.8%	9.0%	10.8%
Call IV 25d	11.6%	10.4%	12.9%	12.1%	11.1%
Put IV 25d	15.8%	14.2%	17.6%	16.0%	16.0%
Bid-Ask Spread %	6.34	3.68	13.03	8.95	10.89
Gamma HHI	0.03	0.02	0.07	0.02	0.02
Net GEX	54.85B	5.45B	112.50B	60.83B	14.31B
Net DEX	-1963.88B	-2215.76B	-1756.69B	-1803.47B	-1948.04B
Net VEX	-10.98B	-11.28B	-10.62B	-10.98B	-11.24B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.22	1.08	1.27	1.26	1.25
Total Volume	3,286,985.455	2,419,539	4,343,889	3,399,467	4,343,889
Total OI	19,037,075.591	18,144,340	20,031,122	18,144,340	20,012,987

Daily Data (22 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
2025-07-01	$6205.44	$5900.00	13.8%	3.8%	10.5%	12.5%	14.6%	4.0%	0.2%	60.83B	-1803.47B	-10.98B	1.26	8.95	1,504,451	1,895,016	6,838,469	11,305,871
2025-07-02	$6221.73	$5900.00	14.0%	3.7%	10.3%	13.2%	13.9%	4.1%	-0.3%	71.45B	-1861.13B	-11.04B	1.27	8.53	1,196,783	1,514,493	6,829,459	11,454,753
2025-07-03	$6282.42	$5950.00	13.6%	4.0%	10.7%	12.0%	16.1%	3.9%	-0.3%	95.17B	-2120.53B	-10.79B	1.18	3.73	1,110,212	1,309,327	6,908,211	11,574,840
2025-07-07	$6219.58	$5950.00	14.9%	4.3%	11.3%	15.6%	17.3%	4.6%	0.0%	19.39B	-1756.69B	-11.14B	1.25	4.40	1,615,435	2,020,296	6,879,969	11,585,850
2025-07-08	$6225.55	$5970.00	14.0%	4.1%	11.0%	13.3%	16.1%	4.3%	0.1%	34.17B	-1812.50B	-10.93B	1.24	3.68	1,446,153	1,799,715	6,967,144	11,714,798
2025-07-09	$6258.73	$5995.00	13.3%	3.9%	11.1%	11.3%	15.8%	3.7%	-0.2%	68.28B	-1981.75B	-10.69B	1.14	3.96	1,489,981	1,691,361	7,018,542	11,932,834
2025-07-10	$6285.41	$6000.00	12.9%	3.8%	11.1%	10.1%	14.3%	3.5%	-0.2%	83.42B	-2091.64B	-10.62B	1.10	4.02	1,350,700	1,491,347	7,077,638	12,051,867
2025-07-11	$6264.31	$6000.00	13.2%	3.9%	11.2%	11.0%	15.3%	4.0%	0.2%	44.09B	-1964.71B	-10.98B	1.23	4.28	1,404,404	1,731,718	7,132,028	12,194,095
2025-07-14	$6264.96	$6000.00	14.1%	4.1%	11.2%	13.6%	17.3%	4.4%	0.1%	44.34B	-1931.30B	-10.96B	1.27	3.92	1,244,857	1,585,799	7,145,138	12,096,134
2025-07-15	$6255.30	$6000.00	14.0%	4.1%	10.0%	13.3%	16.2%	4.5%	0.2%	34.42B	-1893.86B	-11.12B	1.20	4.42	1,675,611	2,009,702	7,206,205	12,232,003
2025-07-16	$6265.48	$6000.00	14.2%	4.1%	9.4%	13.7%	16.0%	4.4%	-0.4%	41.52B	-1925.57B	-11.24B	1.27	4.97	1,693,379	2,145,784	7,287,141	12,521,984
2025-07-17	$6299.41	$6000.00	13.4%	3.9%	8.9%	11.7%	14.9%	4.1%	-0.3%	84.87B	-2121.70B	-10.98B	1.15	4.45	1,513,225	1,739,012	7,367,964	12,663,158
2025-07-18	$6291.25	$6000.00	13.3%	3.9%	9.0%	11.3%	15.8%	4.2%	0.1%	47.10B	-1774.30B	-11.15B	1.16	4.47	1,510,515	1,746,743	6,795,857	11,526,265
2025-07-21	$6307.60	$6000.00	13.3%	3.9%	8.5%	11.2%	15.1%	4.2%	0.1%	49.72B	-1855.64B	-11.05B	1.24	6.22	1,525,316	1,896,355	6,832,589	11,434,000
2025-07-22	$6314.42	$6000.00	13.3%	3.8%	8.2%	11.1%	14.9%	4.5%	0.3%	39.34B	-1873.48B	-11.14B	1.24	5.45	1,455,268	1,809,564	6,944,905	11,600,698
2025-07-23	$6351.16	$6000.00	12.7%	3.6%	7.1%	9.5%	13.6%	3.9%	-0.2%	93.12B	-2071.59B	-10.86B	1.08	6.05	1,614,386	1,748,256	7,022,071	11,842,288
2025-07-24	$6368.12	$6000.00	12.3%	3.5%	7.0%	8.5%	13.7%	3.8%	-0.2%	85.66B	-2131.29B	-10.87B	1.24	7.08	1,487,473	1,847,907	7,091,105	11,933,962
2025-07-25	$6393.73	$6000.00	11.9%	3.3%	6.7%	7.4%	13.0%	3.8%	0.1%	112.50B	-2215.76B	-10.85B	1.25	8.10	1,364,883	1,711,881	7,157,225	12,136,159
2025-07-28	$6381.81	$6000.00	11.9%	3.4%	6.9%	7.5%	13.4%	4.0%	0.4%	54.24B	-2145.96B	-10.69B	1.19	9.16	1,460,879	1,744,657	7,131,177	12,089,237
2025-07-29	$6369.15	$6000.00	12.6%	3.5%	6.7%	9.4%	13.5%	4.8%	0.1%	23.30B	-2034.25B	-10.96B	1.27	9.67	1,649,565	2,094,633	7,211,946	12,235,599
2025-07-30	$6343.95	$6000.00	13.3%	3.7%	6.9%	11.3%	13.9%	4.8%	-0.4%	5.45B	-1890.15B	-11.28B	1.26	13.03	1,383,184	1,739,565	7,281,002	12,550,496
2025-07-31	$6353.60	$6000.00	13.1%	3.7%	6.9%	10.7%	14.1%	4.9%	-0.4%	14.31B	-1948.04B	-11.24B	1.25	10.89	1,927,072	2,416,817	7,339,373	12,673,614