SLV Options History — April 2013

In April 2013, SLV traded between $22.09 and $27.09. ATM implied volatility averaged 29.0%, placing in the 39.3% IV rank vs the trailing year. The 30-day expected move averaged 8.3%. IV traded below realized volatility by 9.2% (HV 20d: 38.2%). Max pain ranged from $22.50 to $27.00. Net GEX was positive for 7 of 22 trading days. Term structure was in contango for 0 of 22 days. Put/call ratio averaged 0.84.

Notable Days

2013-04-15: Highest Volume — 587,820 contracts
2013-04-15: Largest IV spike — 79.3% change
2013-04-15: Highest IV Rank — 100.0%
2013-04-15: Largest Expected Move — 13.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$24.40	$22.09	$27.09	$27.09	$23.46
Max Pain	$25.21	$22.50	$27.00	$26.00	$23.00
ATM IV	29.0%	20.7%	50.1%	20.8%	30.7%
Expected Move	8.3%	5.9%	13.9%	6.0%	8.8%
HV 20d	38.2%	12.3%	59.2%	12.3%	58.7%
HV 60d	27.5%	17.6%	36.1%	17.6%	35.9%
IV Rank	39.3%	15.7%	100.0%	16.1%	41.8%
IV Percentile	58.6%	9.1%	100.0%	9.5%	80.6%
Term Structure	-1.8%	-8.9%	-0.1%	-0.2%	-1.6%
VWIV	29.7%	21.2%	47.2%	22.0%	33.7%
Skew 25d	4.4%	1.8%	8.5%	2.7%	3.5%
Skew 10d	8.5%	4.1%	16.3%	5.1%	6.5%
Call IV 25d	27.6%	20.1%	45.6%	20.1%	30.0%
Put IV 25d	32.1%	22.4%	54.1%	22.8%	33.4%
Bid-Ask Spread %	5.79	2.87	9.90	5.86	6.35
Gamma HHI	0.06	0.05	0.09	0.09	0.05
Net GEX	-3.9M	-10.2M	6.1M	-4.5M	2.9M
Net DEX	742.9M	224.5M	1.25B	382.7M	545.8M
Net VEX	-8.2M	-9.6M	-6.7M	-8.6M	-9.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.84	0.27	1.39	0.62	0.96
Total Volume	180,812.5	73,415	587,820	90,040	75,588
Total OI	2,725,301.545	2,251,448	3,242,349	2,251,448	2,869,492

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2013-04-01	$27.09	$26.00	20.8%	6.0%	12.3%	16.1%	22.0%	2.7%	-0.2%	-4.5M	382.7M	-8.6M	0.62	5.86	55,674	34,366	1,508,599	742,849
2013-04-02	$26.35	$26.50	21.7%	6.2%	15.5%	19.6%	22.4%	2.9%	-0.1%	-10.2M	607.4M	-8.0M	0.68	5.99	94,994	64,470	1,531,471	753,795
2013-04-03	$26.09	$26.50	23.3%	6.7%	15.4%	26.4%	24.3%	3.0%	-0.6%	-9.3M	652.9M	-8.1M	0.91	6.65	76,330	69,353	1,563,200	770,180
2013-04-04	$25.99	$26.00	23.4%	6.7%	14.3%	26.8%	24.6%	3.8%	-0.5%	-9.5M	668.7M	-8.3M	0.27	5.83	182,281	49,830	1,593,413	792,537
2013-04-05	$26.39	$26.00	21.8%	6.3%	15.8%	20.3%	22.2%	2.6%	-0.2%	-3.8M	504.6M	-8.8M	0.53	5.83	82,832	44,188	1,699,651	809,587
2013-04-08	$26.32	$26.00	20.7%	5.9%	15.6%	15.7%	22.0%	2.6%	-0.4%	-2.3M	522.2M	-8.7M	0.59	6.00	56,347	33,499	1,725,244	801,473
2013-04-09	$27.03	$26.00	20.9%	6.0%	18.8%	16.4%	21.2%	1.8%	-0.3%	6.1M	224.5M	-9.6M	0.42	5.93	144,050	60,413	1,742,968	814,081
2013-04-10	$26.68	$26.50	22.3%	6.4%	19.0%	22.2%	22.2%	2.6%	-0.5%	3.6M	353.1M	-9.5M	0.92	5.43	51,480	47,576	1,807,968	826,552
2013-04-11	$26.70	$0.00	21.6%	6.2%	18.8%	19.2%	22.6%	2.2%	-0.2%	2.2M	374.0M	-9.4M	0.71	5.79	48,938	34,570	1,820,025	843,496
2013-04-12	$25.28	$27.00	27.9%	8.1%	26.5%	45.0%	30.1%	3.7%	-0.9%	-9.9M	818.2M	-8.5M	1.27	6.40	186,010	236,078	1,828,622	857,530
2013-04-15	$22.09	$27.00	50.1%	13.9%	53.1%	100.0%	47.2%	8.5%	-8.9%	-8.3M	1.23B	-6.7M	0.97	5.83	298,907	288,913	1,868,903	913,353
2013-04-16	$22.67	$27.00	39.1%	11.0%	54.5%	67.1%	38.7%	7.1%	-5.7%	-8.0M	1.21B	-7.3M	0.95	4.11	137,143	129,631	2,025,293	1,011,276
2013-04-17	$22.44	$27.00	34.9%	9.9%	54.4%	54.4%	35.2%	6.6%	-4.4%	-7.5M	1.23B	-6.9M	0.90	2.87	133,985	120,422	2,088,174	1,034,122
2013-04-18	$22.40	$26.50	33.6%	9.6%	54.4%	50.5%	34.0%	6.2%	-1.0%	-9.5M	1.25B	-6.9M	0.91	2.89	82,096	74,764	2,130,958	1,068,271
2013-04-19	$22.40	$26.50	32.5%	9.3%	53.8%	47.1%	33.7%	6.0%	-0.8%	-9.2M	1.22B	-7.2M	1.39	2.91	73,323	101,610	2,160,276	1,082,073
2013-04-22	$22.62	$22.50	31.5%	9.0%	54.3%	44.2%	32.8%	6.2%	-2.9%	-5.9M	895.9M	-7.4M	1.23	7.02	43,392	53,443	1,797,933	917,410
2013-04-23	$22.18	$22.50	34.4%	9.8%	54.2%	52.8%	34.4%	6.7%	-3.6%	-7.8M	977.3M	-7.1M	1.18	9.90	42,289	49,956	1,809,469	939,000
2013-04-24	$22.42	$22.50	31.2%	8.9%	54.7%	43.2%	33.6%	5.9%	-2.7%	-6.4M	909.0M	-7.5M	0.84	8.26	67,010	56,199	1,826,822	958,128
2013-04-25	$23.49	$22.50	31.0%	8.9%	58.3%	42.5%	31.8%	3.4%	-1.0%	2.7M	593.2M	-8.6M	0.51	5.82	167,102	85,834	1,864,331	974,150
2013-04-26	$23.10	$23.00	32.9%	9.6%	58.4%	48.3%	33.4%	5.3%	-1.4%	5.3M	649.7M	-8.8M	0.77	6.35	95,550	74,024	1,940,383	994,376
2013-04-29	$23.54	$23.00	32.1%	9.1%	59.2%	45.9%	32.1%	4.1%	-2.0%	3.0M	522.0M	-9.1M	0.86	5.26	39,531	33,884	1,905,414	943,786
2013-04-30	$23.46	$23.00	30.7%	8.8%	58.7%	41.8%	33.7%	3.5%	-1.6%	2.9M	545.8M	-9.0M	0.96	6.35	38,529	37,059	1,915,145	954,347