SPX Options History — February 2026

In February 2026, SPX traded between $6792.92 and $6977.80. ATM implied volatility averaged 15.6%, placing in the 14.4% IV rank vs the trailing year. The 30-day expected move averaged 4.6%. IV traded above realized volatility by 2.0% (HV 20d: 13.6%). Max pain ranged from $6725.00 to $6800.00. Net GEX was positive for 7 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 1.21.

Notable Days

2026-02-03: Highest Volume — 5,166,938 contracts
2026-02-06: Largest IV drop — 21.7% change
2026-02-05: Highest IV Rank — 21.6%
2026-02-23: Largest Expected Move — 5.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6893.01	$6792.92	$6977.80	$6977.80	$6867.85
Max Pain	$6778.95	$6725.00	$6800.00	$6800.00	$6780.00
ATM IV	15.6%	13.1%	18.2%	13.1%	16.1%
Expected Move	4.6%	3.6%	5.3%	3.6%	4.8%
HV 20d	13.6%	11.3%	15.3%	11.3%	14.1%
HV 60d	11.6%	11.3%	12.1%	11.6%	11.4%
IV Rank	14.4%	7.2%	21.6%	7.2%	15.7%
IV Percentile	65.7%	34.5%	81.3%	34.5%	69.4%
Term Structure	-0.1%	-0.5%	0.3%	0.1%	0.1%
VWIV	17.0%	14.3%	19.6%	14.3%	18.0%
Skew 25d	6.9%	5.3%	8.2%	5.3%	8.0%
Skew 10d	13.9%	10.8%	16.1%	10.8%	16.1%
Call IV 25d	12.5%	10.9%	14.9%	10.9%	12.3%
Put IV 25d	19.4%	16.1%	22.2%	16.1%	20.2%
Bid-Ask Spread %	6.55	3.72	13.07	9.30	9.03
Gamma HHI	0.01	0.01	0.02	0.01	0.01
Net GEX	-17.74B	-81.23B	65.68B	31.60B	-39.49B
Net DEX	-1169.43B	-1651.74B	-611.16B	-1619.81B	-1036.30B
Net VEX	-14.61B	-15.13B	-14.03B	-14.03B	-15.13B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.21	1.06	1.46	1.26	1.13
Total Volume	4,378,816.684	3,888,008	5,166,938	4,019,172	4,347,608
Total OI	19,900,497.895	18,919,979	20,913,166	18,919,979	20,377,279

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
2026-02-02	$6977.80	$6800.00	13.1%	3.6%	11.3%	7.2%	14.3%	5.3%	0.1%	31.60B	-1619.81B	-14.03B	1.26	9.30	1,776,617	2,242,555	7,111,552	11,808,427
2026-02-03	$6908.25	$6800.00	14.9%	4.3%	11.6%	12.1%	16.0%	6.3%	0.2%	-40.15B	-1212.69B	-14.41B	1.20	12.43	2,352,068	2,814,870	7,219,264	11,937,245
2026-02-04	$6899.25	$6800.00	15.6%	4.5%	11.4%	14.4%	16.4%	6.5%	-0.4%	-43.38B	-1168.47B	-14.63B	1.12	13.07	2,189,794	2,460,624	7,292,043	12,208,185
2026-02-05	$6792.92	$6725.00	18.2%	5.2%	12.6%	21.6%	18.7%	7.3%	-0.5%	-81.23B	-611.16B	-15.10B	1.20	5.75	2,118,687	2,542,257	7,402,812	12,283,888
2026-02-06	$6931.04	$6750.00	14.2%	4.3%	14.6%	10.3%	16.0%	5.9%	0.1%	6.26B	-1420.34B	-14.53B	1.20	4.52	1,948,510	2,344,044	7,458,579	12,402,280
2026-02-09	$6968.81	$6750.00	13.8%	4.1%	14.5%	9.1%	15.3%	5.9%	0.1%	54.17B	-1651.74B	-14.32B	1.10	3.89	1,941,735	2,139,332	7,541,303	12,305,467
2026-02-10	$6952.31	$6750.00	14.2%	4.2%	14.5%	10.2%	15.7%	6.1%	0.1%	17.28B	-1522.43B	-14.48B	1.19	3.72	1,785,984	2,131,012	7,590,941	12,392,411
2026-02-11	$6946.12	$6750.00	14.3%	4.2%	14.4%	10.6%	15.9%	6.3%	-0.4%	3.93B	-1487.77B	-14.46B	1.21	4.24	1,857,003	2,244,618	7,659,690	12,567,643
2026-02-12	$6843.42	$6750.00	16.7%	4.9%	15.3%	17.3%	17.4%	7.3%	-0.3%	-70.08B	-853.90B	-14.85B	1.26	5.17	2,279,289	2,866,135	7,667,671	12,596,760
2026-02-13	$6822.12	$6780.00	17.1%	5.0%	15.2%	18.4%	18.5%	7.4%	0.1%	-78.79B	-716.12B	-15.08B	1.37	6.12	1,892,629	2,587,848	7,782,441	12,792,430
2026-02-17	$6846.00	$6790.00	16.8%	4.9%	15.3%	17.6%	18.9%	7.3%	0.3%	-51.86B	-894.37B	-14.54B	1.22	5.56	1,994,692	2,439,088	7,745,281	12,664,764
2026-02-18	$6876.51	$6795.00	16.4%	4.7%	13.2%	16.6%	18.1%	7.4%	-0.5%	-16.06B	-1094.16B	-14.50B	1.46	5.29	1,752,524	2,554,352	7,880,090	12,773,637
2026-02-19	$6850.59	$6800.00	17.2%	5.0%	12.6%	18.9%	17.9%	7.9%	-0.5%	-41.58B	-924.86B	-14.64B	1.22	5.41	1,801,108	2,188,925	7,919,862	12,993,304
2026-02-20	$6907.74	$6800.00	15.5%	4.5%	12.8%	13.9%	17.2%	7.6%	0.1%	5.49B	-1217.15B	-14.52B	1.26	6.40	2,017,249	2,543,944	7,312,843	11,885,046
2026-02-23	$6830.49	$6800.00	17.8%	5.3%	13.4%	20.7%	19.6%	8.2%	0.0%	-49.21B	-803.51B	-14.65B	1.14	6.37	2,031,034	2,318,928	7,319,200	11,783,741
2026-02-24	$6889.19	$6800.00	16.0%	4.7%	13.6%	15.4%	17.2%	7.5%	0.1%	-3.55B	-1147.79B	-14.55B	1.20	5.43	1,891,060	2,260,800	7,470,168	11,979,454
2026-02-25	$6948.24	$6800.00	14.5%	4.2%	13.9%	11.2%	15.6%	6.7%	-0.3%	65.68B	-1534.83B	-14.45B	1.06	6.06	1,883,566	2,004,442	7,592,218	12,165,286
2026-02-26	$6908.52	$6780.00	14.8%	4.3%	14.0%	12.1%	15.9%	7.1%	-0.3%	-6.05B	-1301.71B	-14.81B	1.12	6.71	2,196,156	2,456,430	7,877,797	12,348,458
2026-02-27	$6867.85	$6780.00	16.1%	4.8%	14.1%	15.7%	18.0%	8.0%	0.1%	-39.49B	-1036.30B	-15.13B	1.13	9.03	2,045,413	2,302,195	7,918,969	12,458,310