SPX Options History — October 2025

In October 2025, SPX traded between $6582.58 and $6899.38. ATM implied volatility averaged 14.5%, placing in the 14.4% IV rank vs the trailing year. The 30-day expected move averaged 4.2%. IV traded above realized volatility by 4.1% (HV 20d: 10.3%). Max pain ranged from $6300.00 to $6470.00. Net GEX was positive for 18 of 23 trading days. Term structure was in contango for 10 of 23 days. Put/call ratio averaged 1.20.

Notable Days

2025-10-10: Highest Volume — 5,912,818 contracts
2025-10-10: Largest IV spike — 30.4% change
2025-10-16: Highest IV Rank — 28.0%
2025-10-16: Largest Expected Move — 5.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6738.67	$6582.58	$6899.38	$6713.17	$6862.05
Max Pain	$6358.48	$6300.00	$6470.00	$6350.00	$6470.00
ATM IV	14.5%	12.8%	19.4%	13.0%	14.1%
Expected Move	4.2%	3.3%	5.6%	3.4%	4.1%
HV 20d	10.3%	6.1%	13.2%	6.8%	13.2%
HV 60d	9.8%	8.6%	10.8%	8.7%	10.0%
IV Rank	14.4%	10.0%	28.0%	10.4%	13.5%
IV Percentile	53.7%	30.2%	87.7%	34.1%	56.0%
Term Structure	-0.1%	-0.6%	0.3%	-0.2%	0.2%
VWIV	16.9%	12.4%	21.7%	13.4%	15.2%
Skew 25d	5.5%	4.0%	9.2%	4.6%	4.6%
Skew 10d	11.9%	8.8%	19.7%	9.1%	9.8%
Call IV 25d	12.1%	10.7%	15.6%	11.1%	12.2%
Put IV 25d	17.6%	15.5%	24.8%	15.7%	16.8%
Bid-Ask Spread %	5.65	2.70	9.87	7.91	7.07
Gamma HHI	0.03	0.01	0.10	0.02	0.02
Net GEX	44.14B	-70.96B	208.07B	81.17B	33.68B
Net DEX	-2297.87B	-2986.50B	-1497.87B	-2339.08B	-2676.82B
Net VEX	-12.40B	-13.85B	-11.50B	-11.63B	-12.50B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.20	1.01	1.36	1.10	1.09
Total Volume	4,015,798.304	3,199,257	5,912,818	4,089,232	4,148,248
Total OI	20,865,639.478	19,836,365	22,019,334	19,836,365	21,623,286

Daily Data (23 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
2025-10-01	$6713.17	$6350.00	13.0%	3.4%	6.8%	10.4%	13.4%	4.6%	-0.2%	81.17B	-2339.08B	-11.63B	1.10	7.91	1,951,145	2,138,087	7,158,007	12,678,358
2025-10-02	$6717.34	$6350.00	13.3%	3.5%	6.4%	11.2%	13.4%	4.8%	-0.4%	78.15B	-2367.44B	-11.86B	1.12	7.68	1,722,248	1,933,259	7,322,076	12,883,279
2025-10-03	$6724.61	$6380.00	12.8%	3.3%	6.2%	10.0%	12.4%	4.8%	0.1%	70.64B	-2397.30B	-11.90B	1.28	9.87	1,997,393	2,566,041	7,400,358	13,046,121
2025-10-06	$6743.00	$6300.00	13.1%	3.9%	6.2%	10.6%	16.0%	4.7%	0.1%	71.11B	-2474.13B	-11.81B	1.16	2.70	1,478,843	1,720,414	7,465,865	13,043,419
2025-10-07	$6715.62	$6300.00	13.6%	4.1%	6.5%	12.2%	20.7%	5.0%	0.3%	18.47B	-2298.18B	-12.14B	1.21	2.98	1,971,814	2,391,154	7,534,425	13,065,522
2025-10-08	$6751.52	$6300.00	13.2%	3.9%	6.6%	11.0%	15.7%	4.8%	-0.3%	95.33B	-2489.31B	-12.02B	1.15	2.85	1,592,101	1,835,268	7,609,654	13,309,401
2025-10-09	$6732.46	$6315.00	13.2%	3.9%	6.1%	11.1%	15.1%	4.7%	-0.3%	23.68B	-2397.98B	-12.01B	1.21	2.74	1,760,067	2,133,025	7,666,186	13,459,155
2025-10-10	$6582.58	$6325.00	17.3%	5.0%	10.4%	22.2%	19.0%	7.5%	0.0%	-70.96B	-1497.87B	-13.38B	1.33	8.47	2,540,556	3,372,262	7,661,706	13,539,518
2025-10-13	$6654.29	$6350.00	15.0%	4.4%	11.0%	16.0%	19.1%	6.3%	0.2%	-10.32B	-1946.73B	-12.71B	1.29	4.52	1,641,100	2,123,858	7,733,122	13,467,333
2025-10-14	$6629.27	$6310.00	16.5%	4.8%	11.1%	20.0%	18.7%	7.1%	0.1%	-28.32B	-1798.49B	-13.19B	1.31	8.24	1,898,706	2,481,725	7,794,859	13,666,558
2025-10-15	$6669.55	$6300.00	16.4%	4.7%	11.3%	19.9%	20.1%	7.0%	-0.4%	12.58B	-2040.14B	-13.13B	1.11	4.91	2,168,806	2,403,131	7,895,986	13,880,752
2025-10-16	$6618.80	$6300.00	19.4%	5.6%	11.5%	28.0%	21.7%	9.2%	-0.6%	-36.58B	-1693.55B	-13.85B	1.23	5.44	2,085,491	2,572,713	7,986,928	14,032,406
2025-10-17	$6667.75	$6350.00	16.5%	4.8%	11.7%	20.0%	20.2%	7.4%	0.1%	1.58B	-1828.34B	-13.29B	1.28	5.00	1,734,933	2,221,807	7,258,468	12,689,542
2025-10-20	$6739.65	$6350.00	14.3%	4.2%	12.2%	14.1%	18.5%	5.6%	-0.1%	55.31B	-2237.94B	-12.38B	1.29	3.66	1,507,228	1,937,412	7,296,136	12,642,102
2025-10-21	$6742.44	$6350.00	13.9%	4.0%	12.0%	13.0%	18.1%	5.5%	0.2%	47.13B	-2253.65B	-12.39B	1.36	3.89	1,569,333	2,130,993	7,414,852	12,800,840
2025-10-22	$6696.92	$6350.00	15.1%	4.3%	12.2%	16.1%	18.9%	6.1%	-0.5%	-13.37B	-2011.33B	-12.75B	1.29	5.01	1,899,078	2,443,426	7,499,311	13,030,659
2025-10-23	$6744.34	$6390.00	13.7%	4.0%	12.2%	12.4%	16.5%	5.1%	-0.3%	50.82B	-2286.69B	-12.32B	1.10	4.45	1,626,965	1,787,665	7,529,050	13,169,333
2025-10-24	$6801.91	$6400.00	12.9%	3.8%	12.3%	10.2%	14.4%	4.5%	0.1%	112.75B	-2572.72B	-12.07B	1.16	4.87	1,804,503	2,090,319	7,615,904	13,277,753
2025-10-27	$6868.99	$6400.00	13.0%	3.7%	12.7%	10.3%	14.0%	4.0%	-0.0%	138.58B	-2888.75B	-11.50B	1.18	5.03	1,689,900	1,993,890	7,646,253	13,104,674
2025-10-28	$6899.38	$6405.00	13.6%	3.9%	12.7%	11.9%	15.0%	4.0%	-0.1%	208.07B	-2986.50B	-11.81B	1.01	5.90	2,085,628	2,105,561	7,817,867	13,303,035
2025-10-29	$6884.17	$6450.00	14.2%	4.2%	12.7%	13.8%	16.0%	4.1%	-0.2%	59.42B	-2839.78B	-12.07B	1.04	9.32	1,651,097	1,719,860	7,905,686	13,516,397
2025-10-30	$6829.65	$6450.00	14.3%	4.2%	13.1%	14.0%	16.2%	4.6%	-0.3%	16.34B	-2528.41B	-12.47B	1.22	7.41	1,680,768	2,055,540	7,935,210	13,532,356
2025-10-31	$6862.05	$6470.00	14.1%	4.1%	13.2%	13.5%	15.2%	4.6%	0.2%	33.68B	-2676.82B	-12.50B	1.09	7.07	1,988,072	2,160,176	7,974,610	13,648,676