{"slug":"what-is-implied-volatility","qid":"iv_monthly","label":"SPY at-the-money implied volatility, month by month (Jul 2025 – Jul 2026)","post_title":"What Is Implied Volatility? IV, Explained","post_url":"/blog/what-is-implied-volatility#q-iv_monthly","columns":["month","spy_atm_iv_pct"],"rows":[{"month":"2025-07-01","spy_atm_iv_pct":14.8},{"month":"2025-08-01","spy_atm_iv_pct":11.8},{"month":"2025-09-01","spy_atm_iv_pct":12.3},{"month":"2025-10-01","spy_atm_iv_pct":16.3},{"month":"2025-11-01","spy_atm_iv_pct":16.1},{"month":"2025-12-01","spy_atm_iv_pct":12.9},{"month":"2026-01-01","spy_atm_iv_pct":12.7},{"month":"2026-02-01","spy_atm_iv_pct":17},{"month":"2026-03-01","spy_atm_iv_pct":22.6},{"month":"2026-04-01","spy_atm_iv_pct":14.9},{"month":"2026-05-01","spy_atm_iv_pct":15.6},{"month":"2026-06-01","spy_atm_iv_pct":13.3},{"month":"2026-07-01","spy_atm_iv_pct":12.6}],"shape":"series","sql":"SELECT toStartOfMonth(date) AS month,\n       round(avg(implied_volatility) * 100, 1) AS spy_atm_iv_pct\nFROM global_markets.options_greeks\nWHERE date IN ('2025-07-15','2025-08-15','2025-09-15','2025-10-15','2025-11-14','2025-12-15','2026-01-15','2026-02-13','2026-03-13','2026-04-15','2026-05-15','2026-06-15','2026-07-10') AND underlying_symbol = 'SPY'\n  AND abs(delta) BETWEEN 0.45 AND 0.55 AND days_to_expiry BETWEEN 20 AND 45\nGROUP BY month ORDER BY month","computed_at":"2026-08-13T14:44:46.998925+00:00","elapsed":0.001668205}