Intraday SPY volatility

A quick look at the intraday range ((high – low) / open) of the SPY over the past 10 years or so.  For each month, I plot the median range for the past 23 trading days, and the dividend adjusted SPY price.  You can get a similar plot with looking at the VIX and SPY on stockcharts.com.  Current levels were the norm between 2004 and 2007, and are generally close to the lows of the .01-02 range that a majority of the data points fall.  It seems like when the prices are rising it reduces the intraday range.

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