Implied volatility
An annualized volatility estimate derived from option prices. Higher IV means the market is pricing a wider distribution of outcomes; it is not a directional forecast.
NYSE Arca · ETF · structured options research
SPY Options: IV Rank, Expected Move & Put/Call Ratio
As of Jul 17, 2026, 2:38 AM UTC: SPY $750.72 · 30-day implied volatility 13.25% · IV percentile 63.2% · Expected move ±2.25% · Reference expiry 2026-07-28
Source: HPSILab iv_batch API
- Underlying price
- $750.72
- IV percentile
- 63.2%
- Expected move
- ±2.25% · $16.86
- Put/call ratio
- 1.28
SPY options market snapshot
Values appear only after a verified API snapshot is supplied; stale or invented market figures are never substituted.
- ATM implied volatility
- 13.25%
- 30-day implied volatility
- 13.25%
- 30-day historical volatility
- 15.75%
- IV minus HV spread
- -2.5 pts
- IV rank
- 51.13%
- Skew regime
- BEARISH_SKEW
- 25-delta risk reversal
- -29.09 pts
- Squeeze score
- -64.31
- Term structure
- Not available in current snapshot
- Reference expiry
- 2026-07-28
Volatility interpretation: Neutral vol environment
What researchers should watch for SPY
Use the most liquid broad-market options chain as a baseline for volatility, hedging demand and expected range.
- index put demandMonitor index put demand across matching expirations and compare the pattern with QQQ and SOXL; the signal alone does not identify trade direction or intent.
- term structureMonitor term structure across matching expirations and compare the pattern with QQQ and SOXL; the signal alone does not identify trade direction or intent.
- macro-event expirationsMonitor macro-event expirations across matching expirations and compare the pattern with QQQ and SOXL; the signal alone does not identify trade direction or intent.
Definitions and methodology
IV versus HV
IV reflects option-implied future variability, while HV measures realized historical movement. Their spread indicates the premium priced over recent experience.
Risk reversal
The 25-delta risk reversal compares call and put implied volatility. It summarizes skew but cannot identify whether contracts were bought, sold, opened or closed.
Term structure
Near- and far-month volatility indicate how event risk is distributed across expirations. Calendar comparisons should use consistent strikes and methods.
Compare related options research
Frequently asked questions
What does SPY implied volatility measure?
It reflects the options market's annualized expectation of future price variability. It measures magnitude, not bullish or bearish direction.
Is the expected move a price target?
No. It is an implied range estimate for a defined horizon, not a forecast or guarantee.
Can this page be used as investment advice?
No. This research is educational and informational. Options can expire worthless and some strategies can lose more than the premium.
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