{"slug":"gld-implied-volatility","qid":"iv_levels","label":"iv_levels","post_title":"gld-implied-volatility","post_url":"/blog/gld-implied-volatility#q-iv_levels","columns":["month","month_label","gld_atm_iv_pct","spy_atm_iv_pct"],"rows":[{"month":"2021-09-01","month_label":"Sep 2021","gld_atm_iv_pct":14.19,"spy_atm_iv_pct":15.08},{"month":"2021-10-01","month_label":"Oct 2021","gld_atm_iv_pct":14.4,"spy_atm_iv_pct":14.78},{"month":"2021-11-01","month_label":"Nov 2021","gld_atm_iv_pct":14.87,"spy_atm_iv_pct":14.45},{"month":"2021-12-01","month_label":"Dec 2021","gld_atm_iv_pct":14.15,"spy_atm_iv_pct":16.74},{"month":"2022-01-01","month_label":"Jan 2022","gld_atm_iv_pct":13.95,"spy_atm_iv_pct":19.21},{"month":"2022-02-01","month_label":"Feb 2022","gld_atm_iv_pct":15.27,"spy_atm_iv_pct":21.84},{"month":"2022-03-01","month_label":"Mar 2022","gld_atm_iv_pct":21.61,"spy_atm_iv_pct":22.61},{"month":"2022-04-01","month_label":"Apr 2022","gld_atm_iv_pct":16.68,"spy_atm_iv_pct":20.14},{"month":"2022-05-01","month_label":"May 2022","gld_atm_iv_pct":17.05,"spy_atm_iv_pct":26.45},{"month":"2022-06-01","month_label":"Jun 2022","gld_atm_iv_pct":15.85,"spy_atm_iv_pct":25.2},{"month":"2022-07-01","month_label":"Jul 2022","gld_atm_iv_pct":17.17,"spy_atm_iv_pct":22.93},{"month":"2022-08-01","month_label":"Aug 2022","gld_atm_iv_pct":15.02,"spy_atm_iv_pct":20.02},{"month":"2022-09-01","month_label":"Sep 2022","gld_atm_iv_pct":16.89,"spy_atm_iv_pct":24.96},{"month":"2022-10-01","month_label":"Oct 2022","gld_atm_iv_pct":18.22,"spy_atm_iv_pct":27.84},{"month":"2022-11-01","month_label":"Nov 2022","gld_atm_iv_pct":15.87,"spy_atm_iv_pct":22.7},{"month":"2022-12-01","month_label":"Dec 2022","gld_atm_iv_pct":14.56,"spy_atm_iv_pct":20.81},{"month":"2023-01-01","month_label":"Jan 2023","gld_atm_iv_pct":15.22,"spy_atm_iv_pct":19.36},{"month":"2023-02-01","month_label":"Feb 2023","gld_atm_iv_pct":14.44,"spy_atm_iv_pct":18.87},{"month":"2023-03-01","month_label":"Mar 2023","gld_atm_iv_pct":16.71,"spy_atm_iv_pct":20.07},{"month":"2023-04-01","month_label":"Apr 2023","gld_atm_iv_pct":16.51,"spy_atm_iv_pct":16.49},{"month":"2023-05-01","month_label":"May 2023","gld_atm_iv_pct":16.16,"spy_atm_iv_pct":15.73},{"month":"2023-06-01","month_label":"Jun 2023","gld_atm_iv_pct":12.83,"spy_atm_iv_pct":12.58},{"month":"2023-07-01","month_label":"Jul 2023","gld_atm_iv_pct":11.9,"spy_atm_iv_pct":12.98},{"month":"2023-08-01","month_label":"Aug 2023","gld_atm_iv_pct":11.75,"spy_atm_iv_pct":14.34},{"month":"2023-09-01","month_label":"Sep 2023","gld_atm_iv_pct":10.84,"spy_atm_iv_pct":13.65},{"month":"2023-10-01","month_label":"Oct 2023","gld_atm_iv_pct":14.62,"spy_atm_iv_pct":17.04},{"month":"2023-11-01","month_label":"Nov 2023","gld_atm_iv_pct":12.68,"spy_atm_iv_pct":13.13},{"month":"2023-12-01","month_label":"Dec 2023","gld_atm_iv_pct":13.47,"spy_atm_iv_pct":12.14},{"month":"2024-01-01","month_label":"Jan 2024","gld_atm_iv_pct":12.27,"spy_atm_iv_pct":12.47},{"month":"2024-02-01","month_label":"Feb 2024","gld_atm_iv_pct":10.96,"spy_atm_iv_pct":12.55},{"month":"2024-03-01","month_label":"Mar 2024","gld_atm_iv_pct":12.72,"spy_atm_iv_pct":12.57},{"month":"2024-04-01","month_label":"Apr 2024","gld_atm_iv_pct":16.71,"spy_atm_iv_pct":14.71},{"month":"2024-05-01","month_label":"May 2024","gld_atm_iv_pct":15.16,"spy_atm_iv_pct":12.27},{"month":"2024-06-01","month_label":"Jun 2024","gld_atm_iv_pct":14.7,"spy_atm_iv_pct":11.76},{"month":"2024-07-01","month_label":"Jul 2024","gld_atm_iv_pct":14.94,"spy_atm_iv_pct":13.3},{"month":"2024-08-01","month_label":"Aug 2024","gld_atm_iv_pct":17,"spy_atm_iv_pct":16.01},{"month":"2024-09-01","month_label":"Sep 2024","gld_atm_iv_pct":16.19,"spy_atm_iv_pct":15.06},{"month":"2024-10-01","month_label":"Oct 2024","gld_atm_iv_pct":16.92,"spy_atm_iv_pct":16.58},{"month":"2024-11-01","month_label":"Nov 2024","gld_atm_iv_pct":16.06,"spy_atm_iv_pct":13.77},{"month":"2024-12-01","month_label":"Dec 2024","gld_atm_iv_pct":14.5,"spy_atm_iv_pct":12.71},{"month":"2025-01-01","month_label":"Jan 2025","gld_atm_iv_pct":14.26,"spy_atm_iv_pct":14.4},{"month":"2025-02-01","month_label":"Feb 2025","gld_atm_iv_pct":15.55,"spy_atm_iv_pct":14.1},{"month":"2025-03-01","month_label":"Mar 2025","gld_atm_iv_pct":15.63,"spy_atm_iv_pct":19.02},{"month":"2025-04-01","month_label":"Apr 2025","gld_atm_iv_pct":21.32,"spy_atm_iv_pct":27.22},{"month":"2025-05-01","month_label":"May 2025","gld_atm_iv_pct":20.21,"spy_atm_iv_pct":18.48},{"month":"2025-06-01","month_label":"Jun 2025","gld_atm_iv_pct":17.88,"spy_atm_iv_pct":15.86},{"month":"2025-07-01","month_label":"Jul 2025","gld_atm_iv_pct":16.07,"spy_atm_iv_pct":14.96},{"month":"2025-08-01","month_label":"Aug 2025","gld_atm_iv_pct":14.91,"spy_atm_iv_pct":13.72},{"month":"2025-09-01","month_label":"Sep 2025","gld_atm_iv_pct":16.78,"spy_atm_iv_pct":13.27},{"month":"2025-10-01","month_label":"Oct 2025","gld_atm_iv_pct":22.82,"spy_atm_iv_pct":15.71},{"month":"2025-11-01","month_label":"Nov 2025","gld_atm_iv_pct":21.1,"spy_atm_iv_pct":16.72},{"month":"2025-12-01","month_label":"Dec 2025","gld_atm_iv_pct":20.7,"spy_atm_iv_pct":13.5},{"month":"2026-01-01","month_label":"Jan 2026","gld_atm_iv_pct":26.59,"spy_atm_iv_pct":14},{"month":"2026-02-01","month_label":"Feb 2026","gld_atm_iv_pct":30.96,"spy_atm_iv_pct":16.41},{"month":"2026-03-01","month_label":"Mar 2026","gld_atm_iv_pct":32.08,"spy_atm_iv_pct":21.01},{"month":"2026-04-01","month_label":"Apr 2026","gld_atm_iv_pct":27.18,"spy_atm_iv_pct":17.22},{"month":"2026-05-01","month_label":"May 2026","gld_atm_iv_pct":23.27,"spy_atm_iv_pct":15.44},{"month":"2026-06-01","month_label":"Jun 2026","gld_atm_iv_pct":24,"spy_atm_iv_pct":15.7},{"month":"2026-07-01","month_label":"Jul 2026","gld_atm_iv_pct":23.12,"spy_atm_iv_pct":14.79},{"month":"2026-08-01","month_label":"Aug 2026","gld_atm_iv_pct":23.61,"spy_atm_iv_pct":13.34}],"shape":"series","sql":"SELECT\n    toString(toStartOfMonth(date))                                                  AS month,\n    formatDateTime(toStartOfMonth(date), '%b %Y')                                   AS month_label,\n    round(avgIf(toFloat64(implied_volatility) * 100, underlying_symbol = 'GLD'), 2) AS gld_atm_iv_pct,\n    round(avgIf(toFloat64(implied_volatility) * 100, underlying_symbol = 'SPY'), 2) AS spy_atm_iv_pct\nFROM global_markets.options_greeks\nWHERE underlying_symbol IN ('GLD', 'SPY')\n  AND date >= '2021-09-01'\n  AND date <  '2026-09-01'\n  AND iv_converged = 1\n  AND volume > 0\n  AND days_to_expiry BETWEEN 20 AND 45\n  AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05\nGROUP BY month, month_label\nHAVING countIf(underlying_symbol = 'GLD') > 0\n   AND countIf(underlying_symbol = 'SPY') > 0\nORDER BY month","computed_at":"2026-09-23T14:47:14.812447+00:00","elapsed":0.003239713}