SPX Options History — January 2026

In January 2026, SPX traded between $6793.90 and $6982.19. ATM implied volatility averaged 13.0%, placing in the 6.8% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 3.1% (HV 20d: 9.9%). Max pain ranged from $6500.00 to $6800.00. Net GEX was positive for 13 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 1.19.

Notable Days

2026-01-21: Highest Volume — 5,148,334 contracts
2026-01-20: Largest IV spike — 32.2% change
2026-01-20: Highest IV Rank — 16.8%
2026-01-20: Largest Expected Move — 4.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6927.01	$6793.90	$6982.19	$6852.02	$6937.38
Max Pain	$6723.00	$6500.00	$6800.00	$6500.00	$6800.00
ATM IV	13.0%	11.5%	16.5%	12.2%	14.1%
Expected Move	3.7%	3.3%	4.8%	3.3%	4.0%
HV 20d	9.9%	7.5%	11.4%	8.7%	11.1%
HV 60d	11.7%	11.0%	12.4%	12.3%	11.7%
IV Rank	6.8%	2.6%	16.8%	4.4%	9.8%
IV Percentile	30.2%	6.3%	75.0%	14.7%	53.2%
Term Structure	-0.0%	-0.4%	0.4%	0.1%	0.1%
VWIV	14.7%	11.7%	18.4%	11.7%	16.1%
Skew 25d	4.8%	3.7%	7.0%	3.8%	5.9%
Skew 10d	10.3%	8.1%	15.0%	8.1%	12.0%
Call IV 25d	10.9%	9.9%	13.4%	10.3%	11.4%
Put IV 25d	15.7%	13.6%	20.4%	14.1%	17.2%
Bid-Ask Spread %	5.64	3.26	13.05	13.05	10.53
Gamma HHI	0.02	0.01	0.04	0.02	0.01
Net GEX	14.79B	-89.05B	83.05B	-28.37B	-5.34B
Net DEX	-1506.38B	-1946.53B	-621.45B	-1308.55B	-1382.11B
Net VEX	-13.36B	-14.56B	-12.16B	-12.27B	-14.56B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.19	1.08	1.28	1.15	1.23
Total Volume	4,047,115.75	3,056,125	5,148,334	4,212,955	4,366,431
Total OI	18,809,805.05	17,714,166	20,362,515	17,894,861	19,363,552

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
2026-01-02	$6852.02	$6500.00	12.2%	3.3%	8.7%	4.4%	11.7%	3.8%	0.1%	-28.37B	-1308.55B	-12.27B	1.15	13.05	1,962,804	2,250,151	6,616,520	11,278,341
2026-01-05	$6905.99	$6625.00	12.2%	3.7%	9.1%	4.5%	15.4%	3.9%	0.1%	39.73B	-1572.23B	-12.19B	1.27	3.61	1,602,863	2,031,543	6,640,480	11,274,764
2026-01-06	$6946.60	$6670.00	12.0%	3.6%	9.2%	3.8%	17.7%	3.7%	0.3%	74.44B	-1770.56B	-12.16B	1.12	3.26	1,918,649	2,150,491	6,768,539	11,457,626
2026-01-07	$6920.45	$6675.00	12.7%	3.7%	9.1%	6.1%	14.4%	4.0%	-0.3%	16.00B	-1591.33B	-12.60B	1.13	3.82	1,889,612	2,139,998	6,956,247	11,763,891
2026-01-08	$6920.23	$6680.00	12.6%	3.7%	9.1%	5.6%	15.0%	4.2%	-0.3%	4.75B	-1594.35B	-12.66B	1.14	4.06	1,718,316	1,960,612	7,050,047	11,911,593
2026-01-09	$6973.92	$6700.00	11.5%	3.5%	9.2%	2.6%	12.8%	3.7%	0.1%	83.05B	-1940.26B	-12.49B	1.08	3.71	1,883,044	2,024,613	7,178,444	12,095,626
2026-01-12	$6978.19	$6700.00	12.1%	3.5%	9.2%	4.3%	13.6%	4.1%	0.1%	58.22B	-1946.53B	-12.59B	1.23	3.44	1,661,420	2,037,964	7,255,988	12,035,618
2026-01-13	$6945.26	$6700.00	12.9%	3.7%	8.4%	6.6%	15.3%	5.0%	0.2%	6.43B	-1718.23B	-13.08B	1.28	4.58	1,841,311	2,348,482	7,343,659	12,262,426
2026-01-14	$6914.16	$6700.00	13.6%	3.9%	8.6%	8.5%	15.8%	5.3%	-0.4%	-32.86B	-1517.52B	-13.46B	1.16	5.55	2,018,464	2,344,280	7,467,304	12,590,710
2026-01-15	$6942.16	$6725.00	12.7%	3.7%	8.7%	6.1%	14.2%	4.9%	-0.4%	13.04B	-1690.11B	-13.35B	1.24	4.30	1,882,043	2,329,832	7,609,516	12,752,999
2026-01-16	$6942.96	$6750.00	12.5%	3.6%	7.5%	5.2%	14.1%	4.8%	-0.3%	-9.60B	-1384.09B	-13.59B	1.18	4.20	1,752,900	2,076,076	6,570,529	11,188,685
2026-01-20	$6793.90	$6750.00	16.5%	4.8%	10.7%	16.8%	18.4%	7.0%	0.3%	-89.05B	-621.45B	-14.30B	1.28	5.70	2,058,379	2,637,623	6,596,117	11,118,049
2026-01-21	$6877.29	$6760.00	14.1%	4.0%	11.4%	9.9%	15.8%	5.2%	-0.4%	-14.80B	-1116.45B	-13.97B	1.09	6.57	2,459,657	2,688,677	6,736,541	11,334,985
2026-01-22	$6908.25	$6765.00	12.9%	3.7%	11.3%	6.6%	14.1%	4.6%	-0.3%	15.46B	-1315.91B	-13.84B	1.23	6.12	1,772,146	2,180,437	6,912,313	11,509,881
2026-01-23	$6915.33	$6775.00	12.6%	3.7%	11.2%	5.6%	13.8%	4.9%	0.1%	-748.4M	-1322.22B	-13.94B	1.25	5.92	1,686,480	2,115,541	7,009,969	11,732,085
2026-01-26	$6960.50	$6790.00	12.6%	3.6%	11.3%	5.6%	13.9%	4.8%	0.4%	47.08B	-1569.60B	-13.81B	1.25	5.32	1,489,024	1,864,191	7,005,383	11,652,141
2026-01-27	$6982.19	$6795.00	13.0%	3.6%	11.4%	6.8%	13.8%	4.9%	0.2%	78.71B	-1672.75B	-13.80B	1.14	5.20	1,780,394	2,032,655	7,067,827	11,724,462
2026-01-28	$6975.65	$6800.00	13.3%	3.7%	11.3%	7.8%	14.1%	5.0%	-0.3%	35.38B	-1635.43B	-14.12B	1.17	6.49	1,405,442	1,650,683	7,186,054	11,951,678
2026-01-29	$6947.81	$6800.00	13.8%	3.8%	11.4%	9.0%	14.6%	5.7%	-0.3%	4.25B	-1457.85B	-14.38B	1.19	7.46	2,247,338	2,681,749	7,193,157	12,032,355
2026-01-30	$6937.38	$6800.00	14.1%	4.0%	11.1%	9.8%	16.1%	5.9%	0.1%	-5.34B	-1382.11B	-14.56B	1.23	10.53	1,954,715	2,411,716	7,248,401	12,115,151