SPX Options History — August 2025

In August 2025, SPX traded between $6236.80 and $6504.81. ATM implied volatility averaged 12.4%, placing in the 8.9% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 1.8% (HV 20d: 10.7%). Max pain ranged from $6000.00 to $6040.00. Net GEX was positive for 16 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.20.

Notable Days

2025-08-01: Highest Volume — 4,352,245 contracts
2025-08-22: Largest IV drop — 17.2% change
2025-08-01: Highest IV Rank — 19.3%
2025-08-01: Largest Expected Move — 4.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6408.67	$6236.80	$6504.81	$6236.80	$6460.46
Max Pain	$6005.24	$6000.00	$6040.00	$6000.00	$6040.00
ATM IV	12.4%	11.2%	16.2%	16.2%	11.8%
Expected Move	3.7%	3.2%	4.9%	4.9%	3.4%
HV 20d	10.7%	9.1%	12.1%	9.1%	10.0%
HV 60d	10.4%	9.5%	12.0%	11.7%	10.0%
IV Rank	8.9%	5.4%	19.3%	19.3%	7.2%
IV Percentile	22.5%	7.1%	70.2%	70.2%	17.1%
Term Structure	-0.1%	-0.7%	0.2%	-0.7%	0.1%
VWIV	14.4%	12.3%	19.9%	18.6%	13.2%
Skew 25d	4.7%	3.8%	6.9%	6.9%	4.8%
Skew 10d	10.0%	7.9%	15.1%	15.1%	10.1%
Call IV 25d	10.6%	9.7%	13.4%	13.4%	9.9%
Put IV 25d	15.2%	13.6%	20.3%	20.3%	14.7%
Bid-Ask Spread %	5.26	3.37	8.19	8.19	7.69
Gamma HHI	0.02	0.01	0.03	0.01	0.02
Net GEX	39.62B	-42.78B	120.49B	-42.78B	15.46B
Net DEX	-2089.54B	-2554.67B	-1218.92B	-1218.92B	-2177.22B
Net VEX	-11.19B	-12.48B	-10.59B	-12.48B	-11.27B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.20	1.05	1.36	1.36	1.18
Total Volume	3,508,937.952	2,708,660	4,352,245	4,352,245	3,492,745
Total OI	20,386,297.381	19,557,940	21,417,526	19,849,201	21,008,685

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
2025-08-01	$6236.80	$6000.00	16.2%	4.9%	9.1%	19.3%	18.6%	6.9%	-0.7%	-42.78B	-1218.92B	-12.48B	1.36	8.19	1,841,429	2,510,816	7,263,282	12,585,919
2025-08-04	$6322.46	$6000.00	13.6%	4.1%	9.6%	11.9%	15.5%	5.7%	0.1%	23.29B	-1783.42B	-11.67B	1.25	3.46	1,427,624	1,785,512	7,280,239	12,588,399
2025-08-05	$6303.89	$6000.00	14.1%	4.1%	9.7%	13.4%	19.9%	5.6%	0.1%	-18.26B	-1688.08B	-11.80B	1.29	3.37	1,554,419	1,999,397	7,408,540	12,708,173
2025-08-06	$6347.92	$6000.00	13.2%	3.9%	9.9%	11.0%	15.2%	5.1%	-0.3%	55.05B	-1939.53B	-11.54B	1.16	3.59	1,587,847	1,846,162	7,447,050	12,895,760
2025-08-07	$6332.33	$6000.00	13.5%	4.0%	9.8%	11.8%	14.9%	5.0%	-0.3%	22.13B	-1861.12B	-11.70B	1.10	4.03	1,822,685	1,999,724	7,509,061	12,994,535
2025-08-08	$6382.69	$6000.00	12.2%	3.7%	10.1%	8.1%	14.9%	4.3%	0.1%	73.15B	-2153.51B	-11.32B	1.16	3.66	1,584,306	1,839,342	7,615,427	13,161,150
2025-08-11	$6376.81	$6000.00	12.7%	3.8%	10.1%	9.5%	14.3%	4.5%	0.2%	31.59B	-2083.59B	-11.21B	1.13	4.07	1,537,822	1,736,910	7,560,324	13,007,204
2025-08-12	$6440.66	$6000.00	11.7%	3.5%	10.5%	7.0%	13.0%	4.0%	0.1%	101.78B	-2451.56B	-10.65B	1.23	4.13	1,626,840	1,999,964	7,611,392	13,130,621
2025-08-13	$6460.29	$6000.00	11.4%	3.4%	10.6%	6.0%	12.6%	3.8%	-0.2%	120.49B	-2548.02B	-10.59B	1.05	4.45	1,762,759	1,851,278	7,678,711	13,385,336
2025-08-14	$6471.04	$6000.00	11.4%	3.4%	10.5%	5.9%	13.1%	4.0%	-0.3%	94.31B	-2554.67B	-10.79B	1.25	4.40	1,575,393	1,966,977	7,797,179	13,620,347
2025-08-15	$6456.36	$6000.00	11.4%	3.5%	10.5%	6.0%	14.0%	3.9%	0.1%	45.26B	-2183.48B	-11.02B	1.20	4.90	1,492,196	1,786,697	7,180,639	12,567,935
2025-08-18	$6452.09	$6000.00	11.7%	3.5%	10.5%	6.9%	13.7%	4.2%	0.1%	42.61B	-2178.98B	-10.76B	1.15	5.38	1,260,835	1,447,825	7,155,419	12,402,521
2025-08-19	$6408.21	$6000.00	12.4%	3.6%	10.9%	8.9%	14.1%	4.8%	0.2%	-6.93B	-1929.57B	-11.25B	1.32	5.93	1,608,609	2,119,355	7,195,657	12,498,843
2025-08-20	$6403.86	$6000.00	12.8%	3.7%	10.7%	9.8%	14.5%	4.9%	-0.3%	-12.03B	-1915.06B	-11.38B	1.22	6.33	1,940,289	2,369,354	7,265,257	12,770,800
2025-08-21	$6367.58	$6000.00	13.8%	4.0%	10.9%	12.5%	14.6%	5.3%	-0.5%	-15.92B	-1733.41B	-11.55B	1.13	5.82	1,571,839	1,779,086	7,358,160	12,876,582
2025-08-22	$6464.38	$6000.00	11.4%	3.3%	12.1%	6.0%	12.7%	4.0%	0.1%	70.33B	-2297.35B	-10.79B	1.17	6.51	1,825,086	2,135,973	7,410,418	12,968,420
2025-08-25	$6449.86	$6000.00	11.5%	3.3%	12.1%	6.2%	12.6%	4.1%	0.1%	29.33B	-2176.07B	-10.76B	1.20	5.92	1,264,668	1,514,397	7,412,217	12,845,545
2025-08-26	$6454.29	$6000.00	11.8%	3.4%	12.1%	7.1%	14.4%	4.5%	0.0%	39.61B	-2181.49B	-10.84B	1.29	5.83	1,557,539	2,007,970	7,456,616	12,895,646
2025-08-27	$6485.33	$6030.00	11.8%	3.4%	12.0%	7.0%	13.2%	4.5%	-0.4%	78.22B	-2352.09B	-10.85B	1.13	6.20	1,493,380	1,689,269	7,526,587	13,169,068
2025-08-28	$6504.81	$6040.00	11.2%	3.2%	12.0%	5.4%	12.3%	4.0%	-0.2%	85.27B	-2473.12B	-10.80B	1.17	6.62	1,600,096	1,873,283	7,607,506	13,291,075
2025-08-29	$6460.46	$6040.00	11.8%	3.4%	10.0%	7.2%	13.2%	4.8%	0.1%	15.46B	-2177.22B	-11.27B	1.18	7.69	1,604,534	1,888,211	7,626,297	13,382,388