# SPY — Volatility (IV) · GammaGrid demo

**Gamma weather: Storm.** This chain has no gamma flip inside its strike range, so only the sign of gamma is known — negative, hedging amplifies moves. *(next 26 days · 9 expiries)*

| Level | Value |
|---|---|
| Price | 764.29 |
| Call wall | 800.00 |
| Put wall | 535.00 |
| Gamma flip | — |
| Net GEX | -584.2 M |

## Implied volatility

Volume-weighted average IV across the chain: **19.2%** at the latest collection, against 25.1% 365 days back at the start of the window (837 collections). The page draws the series and the IV by strike for every expiry.

## About these numbers

Computed by GammaGrid from the SPY options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-09-13T04:12:59.146795 UTC; this page follows the collection, roughly every fifteen minutes while the market is open.

Other views of SPY: [Overview](https://app.gammagrid.io/demo/t/SPY.md) · [Max Pain / GEX](https://app.gammagrid.io/demo/t/SPY/max-pain.md) · [GEX Heatmap](https://app.gammagrid.io/demo/t/SPY/heatmap.md).

Canonical page: <https://app.gammagrid.io/demo/t/SPY/volatility> · The demo shows the free list only; a GammaGrid account watches any US-listed ticker with options, replays earlier collections and opens every contract: <https://app.gammagrid.io/>