SLV Options History — March 2014

In March 2014, SLV traded between $19.00 and $20.66. ATM implied volatility averaged 26.2%, placing in the 23.3% IV rank vs the trailing year. The 30-day expected move averaged 7.9%. IV traded above realized volatility by 1.9% (HV 20d: 24.3%). Max pain ranged from $19.00 to $19.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.43.

Notable Days

2014-03-05: Highest Volume — 127,763 contracts
2014-03-24: Largest IV spike — 5.9% change
2014-03-14: Highest IV Rank — 29.9%
2014-03-18: Largest Expected Move — 8.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.87	$19.00	$20.66	$20.62	$19.04
Max Pain	$19.00	$19.00	$19.00	$19.00	$19.00
ATM IV	26.2%	24.4%	28.2%	26.7%	24.4%
Expected Move	7.9%	7.8%	8.0%	7.9%	7.8%
HV 20d	24.3%	18.8%	29.3%	25.3%	18.8%
HV 60d	24.2%	22.5%	25.9%	25.9%	22.5%
IV Rank	23.3%	12.8%	29.9%	25.2%	12.8%
IV Percentile	18.2%	4.0%	38.5%	21.4%	4.0%
Term Structure	-0.1%	-1.2%	1.0%	-0.2%	0.1%
VWIV	28.7%	27.2%	30.1%	29.4%	27.5%
Skew 25d	-0.8%	-1.5%	-0.1%	-0.1%	-0.5%
Skew 10d	-1.5%	-3.6%	0.1%	0.1%	-1.0%
Call IV 25d	27.7%	25.7%	30.7%	28.0%	25.7%
Put IV 25d	26.9%	25.2%	29.2%	28.0%	25.2%
Bid-Ask Spread %	5.83	4.86	8.18	5.57	7.02
Gamma HHI	0.09	0.07	0.12	0.09	0.07
Net GEX	37.2M	17.0M	52.6M	46.7M	17.8M
Net DEX	-454.8M	-906.9M	-39.3M	-801.3M	-42.0M
Net VEX	-10.1M	-11.2M	-8.6M	-11.0M	-8.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.43	0.16	0.68	0.31	0.66
Total Volume	80,631.286	50,023	127,763	74,576	66,236
Total OI	3,009,019.381	2,838,905	3,157,071	2,932,184	2,899,904

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
2014-03-03	$20.62	$19.00	26.7%	7.9%	25.3%	25.2%	29.4%	-0.1%	-0.2%	46.7M	-801.3M	-11.0M	0.31	5.57	56,939	17,637	2,194,677	737,507
2014-03-04	$20.37	$19.00	25.7%	7.9%	26.0%	21.8%	28.3%	-0.3%	-0.2%	43.4M	-669.6M	-10.5M	0.36	4.86	43,529	15,487	2,204,309	736,907
2014-03-05	$20.36	$19.00	25.7%	7.9%	26.1%	21.9%	27.2%	-0.8%	-0.2%	45.4M	-678.1M	-10.5M	0.52	5.04	84,118	43,645	2,217,539	741,169
2014-03-06	$20.66	$19.00	26.4%	7.8%	25.9%	24.0%	28.0%	-1.1%	-0.4%	52.6M	-866.0M	-11.2M	0.61	5.39	33,866	20,527	2,264,895	759,955
2014-03-07	$20.08	$19.00	25.6%	7.9%	28.4%	21.6%	28.4%	-0.7%	-0.1%	40.0M	-559.0M	-10.5M	0.64	5.86	75,864	48,637	2,272,169	763,404
2014-03-10	$20.01	$19.00	25.8%	7.8%	28.4%	22.3%	28.8%	-0.6%	-1.2%	41.9M	-512.2M	-10.4M	0.37	5.19	36,394	13,629	2,267,949	763,171
2014-03-11	$20.04	$19.00	26.0%	7.8%	28.4%	23.0%	28.2%	-0.6%	-0.9%	42.5M	-523.6M	-10.4M	0.54	5.64	44,748	24,116	2,284,500	770,443
2014-03-12	$20.47	$19.00	26.9%	7.9%	29.2%	25.6%	30.1%	-0.9%	-0.7%	51.9M	-781.3M	-10.9M	0.25	6.07	52,384	13,031	2,295,981	779,546
2014-03-13	$20.36	$19.00	27.6%	7.9%	29.3%	27.8%	29.8%	-0.9%	-1.2%	50.3M	-724.8M	-10.9M	0.16	6.13	58,012	9,163	2,305,291	782,343
2014-03-14	$20.62	$19.00	28.2%	7.9%	29.1%	29.9%	29.5%	-1.5%	-1.1%	52.2M	-906.9M	-11.2M	0.31	6.10	90,132	28,369	2,317,282	785,288
2014-03-17	$20.33	$19.00	27.7%	8.0%	24.8%	28.3%	28.6%	-1.0%	0.2%	50.3M	-698.0M	-10.8M	0.20	6.06	95,585	18,816	2,276,274	771,131
2014-03-18	$20.01	$19.00	27.6%	8.0%	23.7%	28.1%	28.8%	-1.4%	0.6%	46.9M	-546.0M	-10.6M	0.47	6.16	53,226	24,924	2,325,273	781,234
2014-03-19	$19.79	$19.00	26.6%	8.0%	22.6%	24.7%	28.6%	-0.1%	0.5%	40.3M	-400.7M	-10.2M	0.31	6.16	78,776	24,643	2,332,709	792,726
2014-03-20	$19.52	$19.00	25.2%	8.0%	21.6%	20.3%	29.0%	-0.9%	0.8%	29.9M	-225.5M	-9.7M	0.41	5.41	69,156	28,330	2,332,090	797,749
2014-03-21	$19.52	$19.00	24.8%	7.9%	21.7%	18.9%	28.8%	-1.0%	1.0%	37.7M	-232.6M	-9.6M	0.68	6.21	32,984	22,514	2,351,742	805,329
2014-03-24	$19.21	$19.00	26.2%	7.9%	21.5%	23.6%	28.8%	-1.2%	0.1%	19.1M	-122.8M	-9.1M	0.46	5.23	53,775	24,566	2,164,688	674,217
2014-03-25	$19.22	$19.00	26.0%	8.0%	21.5%	22.7%	28.4%	-0.7%	0.0%	19.5M	-123.5M	-9.1M	0.31	4.92	60,124	18,806	2,180,373	684,238
2014-03-26	$19.02	$19.00	26.3%	8.0%	19.7%	23.9%	28.4%	-0.8%	0.1%	17.0M	-39.8M	-8.9M	0.52	4.89	43,557	22,494	2,215,192	688,357
2014-03-27	$19.00	$19.00	26.2%	7.9%	19.6%	23.6%	28.1%	-0.6%	0.2%	17.2M	-39.3M	-8.9M	0.58	6.31	33,663	19,399	2,230,733	694,484
2014-03-28	$19.06	$19.00	24.8%	7.8%	19.7%	19.1%	29.8%	-0.6%	0.4%	18.3M	-57.0M	-8.9M	0.45	8.18	63,146	28,310	2,244,654	701,985
2014-03-31	$19.04	$19.00	24.4%	7.8%	18.8%	12.8%	27.5%	-0.5%	0.1%	17.8M	-42.0M	-8.6M	0.66	7.02	39,834	26,402	2,214,941	684,963