🦞 SPY Options Analysis

Snapshot: 2026-07-27 14:01:00 · Generated: 2026-07-29 21:33 · 5517 calls, 5286 puts, 33 expiries
$738.93
Underlying
-2.5%
52-Week Drawdown
12.7%
HV (21d)
16.1%
ATM IV
+3.4pp
IV − HV Spread

Butterfly Price & Risk-Neutral Density

Volatility Smile by Expiry

IV Term Structure

Volatility Surface

Volatility Cone

Skew Term Structure

Open Interest Profile

IV/HV Timeline

Vol Regime Forward Returns

HV History with Regime Shading

Rolling Volatility Percentile

Forward Return Distribution by Regime

Density Heatmap Over Time

ATM IV by Expiry

Expiry Days To Expiry Atm Iv Call Iv Put Iv
0 2026-07-27 -3 16.09 25.39 6.79
1 2026-07-28 -2 14.65 20.30 9.00
2 2026-07-29 -1 16.89 21.56 12.21
3 2026-07-30 0 17.98 22.05 13.92
4 2026-07-31 1 18.56 22.67 14.45
5 2026-08-03 4 15.89 19.42 12.35
6 2026-08-04 5 15.85 19.15 12.54
7 2026-08-05 6 16.06 19.41 12.71
8 2026-08-06 7 15.97 19.11 12.83
9 2026-08-07 8 16.48 19.76 13.19
10 2026-08-14 15 15.85 18.89 12.80
11 2026-08-21 22 15.73 18.63 12.83
12 2026-08-28 29 15.95 18.92 12.98
13 2026-08-31 32 15.57 18.50 12.63
14 2026-09-04 36 16.05 18.97 13.12
15 2026-09-18 50 15.97 18.70 13.25
16 2026-09-30 62 15.85 18.29 13.40
17 2026-10-16 78 16.23 18.86 13.60
18 2026-10-30 92 16.61 19.48 13.74
19 2026-11-20 113 16.81 19.85 13.76
20 2026-11-30 123 16.90 20.04 13.76
21 2026-12-18 141 17.19 20.43 13.94
22 2026-12-31 154 17.10 20.25 13.95
23 2027-01-15 169 17.35 20.76 13.95
24 2027-03-19 232 18.26 22.24 14.28
25 2027-03-31 244 18.22 22.12 14.32
26 2027-06-17 322 19.19 23.76 14.63
27 2027-06-30 335 19.19 23.69 14.68
28 2027-09-17 414 20.04 25.35 14.73
29 2027-12-17 505 20.41 26.06 14.75
30 2028-01-21 540 20.31 25.93 14.69
31 2028-06-16 687 20.99 27.39 14.59
32 2028-12-15 869 21.30 28.18 14.43

Skew Metrics

Atm Iv Put 90 Iv Put Skew 90 Call 110 Iv Call Skew 110 Risk Reversal
0 15.56 35.99 20.42 25.39 9.83 10.60

IV / HV Spread by Expiry

Expiry Days To Expiry Atm Iv Hv Spread
0 2026-07-27 -3 16.09 12.23 3.86
1 2026-07-28 -2 14.65 12.23 2.42
2 2026-07-29 -1 16.89 12.23 4.66
3 2026-07-30 0 17.98 12.23 5.76
4 2026-07-31 1 18.56 12.23 6.33
5 2026-08-03 4 15.89 12.23 3.66
6 2026-08-04 5 15.85 12.23 3.62
7 2026-08-05 6 16.06 12.23 3.83
8 2026-08-06 7 15.97 12.23 3.74
9 2026-08-07 8 16.48 12.23 4.25
10 2026-08-14 15 15.85 12.23 3.62
11 2026-08-21 22 15.73 12.23 3.50
12 2026-08-28 29 15.95 12.23 3.72
13 2026-08-31 32 15.57 12.23 3.34
14 2026-09-04 36 16.05 12.23 3.82
15 2026-09-18 50 15.97 12.23 3.74
16 2026-09-30 62 15.85 12.23 3.62
17 2026-10-16 78 16.23 12.23 4.00
18 2026-10-30 92 16.61 12.23 4.39
19 2026-11-20 113 16.81 12.23 4.58
20 2026-11-30 123 16.90 12.23 4.67
21 2026-12-18 141 17.19 12.23 4.96
22 2026-12-31 154 17.10 12.23 4.87
23 2027-01-15 169 17.35 12.23 5.13
24 2027-03-19 232 18.26 12.23 6.03
25 2027-03-31 244 18.22 12.23 5.99
26 2027-06-17 322 19.19 12.23 6.96
27 2027-06-30 335 19.19 12.23 6.96
28 2027-09-17 414 20.04 12.23 7.81
29 2027-12-17 505 20.41 12.23 8.18
30 2028-01-21 540 20.31 12.23 8.08
31 2028-06-16 687 20.99 12.23 8.76
32 2028-12-15 869 21.30 12.23 9.08