SPX Options History — November 2025

In November 2025, SPX traded between $6549.40 and $6855.49. ATM implied volatility averaged 16.2%, placing in the 19.2% IV rank vs the trailing year. The 30-day expected move averaged 4.7%. IV traded above realized volatility by 2.6% (HV 20d: 13.6%). Max pain ranged from $6000.00 to $6500.00. Net GEX was positive for 9 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 1.15.

Notable Days

2025-11-20: Highest Volume — 5,931,055 contracts
2025-11-13: Largest IV spike — 16.1% change
2025-11-20: Highest IV Rank — 33.9%
2025-11-20: Largest Expected Move — 6.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6745.69	$6549.40	$6855.49	$6852.58	$6834.73
Max Pain	$6151.32	$6000.00	$6500.00	$6500.00	$6200.00
ATM IV	16.2%	13.5%	21.5%	14.1%	13.5%
Expected Move	4.7%	4.1%	6.2%	4.1%	4.1%
HV 20d	13.6%	11.6%	15.2%	13.2%	15.0%
HV 60d	11.1%	9.9%	12.0%	9.9%	11.9%
IV Rank	19.2%	11.8%	33.9%	13.5%	11.8%
IV Percentile	69.3%	40.9%	92.1%	56.0%	40.9%
Term Structure	-0.1%	-0.8%	0.4%	0.1%	0.1%
VWIV	17.7%	15.2%	21.0%	16.5%	15.5%
Skew 25d	5.9%	4.4%	9.0%	4.6%	4.5%
Skew 10d	12.7%	9.5%	18.9%	9.7%	9.5%
Call IV 25d	13.6%	11.5%	17.5%	12.2%	11.5%
Put IV 25d	19.5%	16.0%	26.5%	16.8%	16.0%
Bid-Ask Spread %	5.94	3.60	9.62	8.05	8.33
Gamma HHI	0.02	0.01	0.05	0.02	0.04
Net GEX	12.32B	-69.79B	148.64B	34.15B	117.13B
Net DEX	-2086.65B	-2761.38B	-1002.07B	-2602.76B	-2611.09B
Net VEX	-12.94B	-14.10B	-12.01B	-12.35B	-12.39B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.15	1.01	1.27	1.18	1.05
Total Volume	4,188,601.737	1,414,175	5,931,055	3,454,565	1,414,175
Total OI	21,965,858.789	20,996,158	23,251,223	20,996,158	22,375,925

Daily Data (19 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
2025-11-03	$6852.58	$6500.00	14.1%	4.1%	13.2%	13.5%	16.5%	4.6%	0.1%	34.15B	-2602.76B	-12.35B	1.18	8.05	1,586,338	1,868,227	7,860,119	13,136,039
2025-11-04	$6785.98	$6495.00	14.9%	4.5%	13.7%	15.8%	17.2%	5.4%	0.3%	-14.66B	-2232.51B	-12.72B	1.27	9.23	1,745,417	2,215,160	7,906,790	13,202,643
2025-11-05	$6815.90	$6500.00	14.3%	4.1%	13.6%	14.1%	15.2%	4.9%	-0.3%	26.77B	-2442.03B	-12.48B	1.09	8.57	1,708,165	1,861,886	8,010,930	13,377,315
2025-11-06	$6732.67	$6000.00	15.9%	4.7%	14.3%	18.4%	17.2%	5.5%	-0.3%	-34.01B	-1988.81B	-13.09B	1.19	3.99	2,069,464	2,464,169	8,123,265	13,509,809
2025-11-07	$6718.58	$6000.00	15.8%	4.7%	11.6%	18.2%	17.7%	5.8%	0.1%	-30.36B	-1933.97B	-13.27B	1.21	4.91	2,260,896	2,735,168	8,205,356	13,612,110
2025-11-10	$6836.02	$6000.00	14.3%	4.3%	12.6%	13.9%	16.5%	4.7%	0.4%	65.45B	-2664.86B	-12.30B	1.07	4.03	2,090,841	2,230,075	8,221,693	13,548,464
2025-11-11	$6850.67	$6000.00	14.1%	4.2%	12.4%	13.4%	15.8%	4.4%	0.2%	73.44B	-2723.00B	-12.24B	1.16	3.60	1,722,327	1,990,547	8,268,854	13,637,496
2025-11-12	$6855.49	$6000.00	14.5%	4.2%	12.3%	14.5%	15.2%	4.5%	-0.3%	68.38B	-2761.38B	-12.01B	1.03	3.70	1,831,940	1,882,009	8,320,359	13,781,719
2025-11-13	$6742.95	$6025.00	16.8%	4.9%	13.5%	20.9%	18.1%	5.9%	-0.3%	-20.22B	-2043.15B	-13.16B	1.10	5.23	2,201,678	2,414,149	8,354,827	13,813,415
2025-11-14	$6741.23	$6050.00	16.2%	4.7%	13.3%	19.2%	17.8%	5.9%	0.1%	-23.05B	-2038.58B	-13.13B	1.24	5.52	1,992,776	2,480,038	8,424,895	13,930,093
2025-11-17	$6658.60	$6070.00	18.5%	5.4%	13.5%	25.5%	19.8%	7.0%	0.0%	-58.56B	-1589.75B	-13.35B	1.27	5.16	2,006,837	2,549,262	8,412,051	13,788,212
2025-11-18	$6631.83	$6100.00	19.4%	5.6%	13.5%	28.0%	20.8%	7.8%	0.2%	-55.59B	-1438.98B	-13.54B	1.12	4.66	2,111,830	2,357,487	8,499,902	13,973,780
2025-11-19	$6641.95	$6100.00	19.4%	5.5%	13.4%	27.9%	20.4%	7.7%	-0.6%	-34.20B	-1536.91B	-13.56B	1.24	5.53	2,177,375	2,702,877	8,621,395	14,108,892
2025-11-20	$6549.40	$6110.00	21.5%	6.2%	13.9%	33.9%	21.0%	9.0%	-0.8%	-69.79B	-1002.07B	-14.10B	1.19	9.62	2,704,949	3,226,106	8,790,646	14,460,577
2025-11-21	$6617.02	$6150.00	19.1%	5.6%	14.1%	27.3%	20.8%	7.6%	0.1%	-35.40B	-1334.12B	-13.89B	1.20	6.58	2,139,411	2,566,637	8,200,810	13,341,624
2025-11-24	$6708.60	$6175.00	16.7%	4.9%	14.5%	20.6%	18.9%	6.6%	-0.4%	20.74B	-1874.16B	-13.06B	1.17	5.43	1,759,190	2,054,481	8,226,541	13,309,339
2025-11-25	$6766.23	$6200.00	14.7%	4.4%	14.8%	15.2%	16.7%	5.3%	-0.0%	55.28B	-2215.23B	-12.81B	1.13	5.00	1,937,322	2,194,344	8,361,714	13,485,325
2025-11-26	$6827.61	$6200.00	13.7%	4.1%	15.2%	12.3%	15.3%	4.7%	-0.2%	148.64B	-2613.05B	-12.50B	1.01	5.78	2,152,192	2,177,688	8,466,686	13,681,707
2025-11-28	$6834.73	$6200.00	13.5%	4.1%	15.0%	11.8%	15.5%	4.5%	0.1%	117.13B	-2611.09B	-12.39B	1.05	8.33	688,628	725,547	8,553,707	13,822,218