SLV Options History — December 2013

In December 2013, SLV traded between $18.42 and $19.66. ATM implied volatility averaged 28.1%, placing in the 29.6% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded below realized volatility by 0.7% (HV 20d: 28.8%). Max pain ranged from $21.00 to $22.00. Net GEX was positive for 15 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.58.

Notable Days

2013-12-31: Highest Volume — 135,349 contracts
2013-12-06: Largest IV drop — 8.3% change
2013-12-16: Highest IV Rank — 38.1%
2013-12-12: Largest Expected Move — 8.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.92	$18.42	$19.66	$18.46	$18.71
Max Pain	$21.05	$21.00	$22.00	$22.00	$21.00
ATM IV	28.1%	25.5%	30.8%	29.6%	29.5%
Expected Move	8.5%	8.3%	8.7%	8.6%	8.5%
HV 20d	28.8%	21.9%	32.2%	22.0%	28.6%
HV 60d	27.0%	24.6%	30.7%	30.4%	25.3%
IV Rank	29.6%	21.2%	38.1%	34.4%	34.0%
IV Percentile	40.8%	29.0%	55.6%	49.6%	47.6%
Term Structure	-0.1%	-1.0%	1.1%	0.4%	-0.9%
VWIV	30.2%	29.3%	31.9%	30.6%	31.8%
Skew 25d	2.1%	0.5%	3.2%	3.2%	2.7%
Skew 10d	4.0%	0.7%	6.0%	5.6%	4.7%
Call IV 25d	28.3%	25.6%	30.8%	29.3%	29.2%
Put IV 25d	30.4%	28.0%	32.7%	32.5%	31.9%
Bid-Ask Spread %	5.94	4.33	7.83	4.33	6.14
Gamma HHI	0.07	0.06	0.14	0.07	0.06
Net GEX	3.5M	-6.1M	11.0M	-2.1M	5.1M
Net DEX	506.9M	294.3M	707.4M	686.2M	471.7M
Net VEX	-6.9M	-7.7M	-6.4M	-6.5M	-6.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.58	0.36	0.85	0.85	0.37
Total Volume	72,001.048	19,185	135,349	94,903	135,349
Total OI	3,338,447.381	3,195,521	3,474,437	3,271,240	3,247,818

Daily Data (21 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
2013-12-02	$18.46	$22.00	29.6%	8.6%	22.0%	34.4%	30.6%	3.2%	0.4%	-2.1M	686.2M	-6.5M	0.85	4.33	51,235	43,668	2,400,705	870,535
2013-12-03	$18.42	$21.00	28.8%	8.6%	21.9%	31.7%	29.9%	2.8%	0.6%	-3.2M	707.4M	-6.4M	0.60	5.36	55,425	33,055	2,422,194	887,925
2013-12-04	$19.00	$21.00	28.3%	8.3%	25.5%	30.2%	30.2%	1.7%	-0.2%	1.7M	537.1M	-7.1M	0.67	5.95	55,806	37,538	2,444,948	897,927
2013-12-05	$18.69	$21.00	29.6%	8.4%	25.6%	34.5%	29.3%	2.3%	-1.0%	-903.6K	626.8M	-6.8M	0.78	5.82	34,488	26,945	2,459,639	910,287
2013-12-06	$18.76	$21.00	27.2%	8.3%	25.8%	26.7%	29.5%	2.1%	0.1%	-158.0K	616.4M	-6.7M	0.41	6.33	47,783	19,814	2,464,774	913,587
2013-12-09	$19.12	$21.00	27.0%	8.4%	27.1%	26.0%	30.1%	1.6%	0.0%	3.5M	481.6M	-7.1M	0.36	5.85	47,810	17,433	2,461,538	886,100
2013-12-10	$19.66	$21.00	27.4%	8.3%	29.4%	27.4%	30.0%	1.0%	0.1%	10.5M	294.3M	-7.7M	0.39	4.95	60,450	23,752	2,483,615	888,815
2013-12-11	$19.55	$21.00	26.9%	8.5%	27.6%	25.8%	30.0%	0.5%	0.3%	10.7M	321.0M	-7.6M	0.52	5.40	19,947	10,311	2,496,823	889,821
2013-12-12	$18.81	$21.00	28.9%	8.7%	30.5%	32.0%	31.1%	2.4%	-0.4%	2.8M	551.4M	-7.0M	0.61	6.20	39,438	24,105	2,499,790	891,184
2013-12-13	$18.95	$21.00	28.5%	8.6%	30.2%	30.8%	30.3%	2.7%	-0.4%	11.0M	525.0M	-7.0M	0.60	5.75	29,108	17,555	2,516,521	898,618
2013-12-16	$19.22	$21.00	30.8%	8.6%	30.8%	38.1%	31.3%	1.8%	-0.8%	6.0M	434.1M	-7.2M	0.59	5.99	60,216	35,518	2,503,256	885,336
2013-12-17	$19.14	$21.00	30.3%	8.5%	30.3%	36.7%	30.0%	1.6%	-1.0%	5.3M	458.3M	-7.2M	0.73	6.20	21,823	15,966	2,522,883	903,978
2013-12-18	$19.09	$21.00	28.1%	8.5%	30.3%	29.6%	31.9%	1.7%	0.1%	4.6M	491.6M	-7.0M	0.76	7.83	56,028	42,812	2,529,579	907,851
2013-12-19	$18.49	$21.00	29.8%	8.6%	31.2%	35.0%	30.0%	2.7%	-0.7%	-6.1M	667.4M	-6.5M	0.67	5.15	69,614	46,792	2,537,301	913,937
2013-12-20	$18.62	$21.00	27.8%	8.4%	31.2%	28.7%	29.5%	1.4%	1.1%	-4.4M	589.5M	-6.5M	0.78	5.81	45,905	35,792	2,561,245	913,192
2013-12-23	$18.72	$21.00	26.8%	8.4%	31.3%	25.5%	29.7%	2.2%	0.3%	3.9M	486.5M	-6.5M	0.43	6.16	31,624	13,708	2,394,721	810,786
2013-12-24	$18.76	$21.00	26.0%	8.4%	31.1%	23.0%	29.7%	2.4%	0.5%	5.7M	474.0M	-6.5M	0.52	5.60	12,649	6,536	2,408,705	814,655
2013-12-26	$19.02	$21.00	26.2%	8.4%	31.5%	23.4%	29.3%	2.4%	0.5%	8.3M	422.2M	-6.7M	0.48	5.93	31,117	15,006	2,411,897	818,528
2013-12-27	$19.27	$21.00	25.5%	8.3%	31.7%	21.2%	29.3%	2.4%	0.7%	7.0M	348.0M	-6.8M	0.56	6.85	29,086	16,251	2,419,005	821,855
2013-12-30	$18.85	$21.00	27.3%	8.4%	32.2%	26.9%	30.1%	2.3%	-0.2%	4.6M	454.3M	-6.6M	0.43	7.14	66,342	28,222	2,391,911	803,610
2013-12-31	$18.71	$21.00	29.5%	8.5%	28.6%	34.0%	31.8%	2.7%	-0.9%	5.1M	471.7M	-6.6M	0.37	6.14	98,819	36,530	2,431,368	816,450