SLV Options History — July 2014

In July 2014, SLV traded between $19.58 and $20.57. ATM implied volatility averaged 19.5%, placing in the 14.4% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 2.6% (HV 20d: 16.9%). Max pain ranged from $16.00 to $20.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 7 of 22 days. Put/call ratio averaged 0.38.

Notable Days

2014-07-14: Highest Volume — 189,048 contracts
2014-07-18: Largest IV drop — 8.6% change
2014-07-17: Highest IV Rank — 19.2%
2014-07-17: Largest Expected Move — 6.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$20.06	$19.58	$20.57	$20.21	$19.58
Max Pain	$19.34	$16.00	$20.00	$16.00	$20.00
ATM IV	19.5%	18.8%	20.6%	19.6%	19.1%
Expected Move	6.2%	6.1%	6.3%	6.2%	6.1%
HV 20d	16.9%	14.1%	20.4%	16.6%	17.5%
HV 60d	16.1%	15.0%	17.2%	15.4%	16.7%
IV Rank	14.4%	11.0%	19.2%	14.7%	12.7%
IV Percentile	8.4%	4.0%	14.3%	6.7%	7.1%
Term Structure	-0.1%	-0.6%	0.3%	0.2%	0.1%
VWIV	23.0%	21.4%	26.7%	24.1%	24.6%
Skew 25d	-1.0%	-2.1%	0.1%	-1.3%	-0.5%
Skew 10d	-1.9%	-4.3%	0.3%	-3.2%	-0.6%
Call IV 25d	21.0%	20.1%	22.7%	21.5%	20.3%
Put IV 25d	20.0%	19.1%	21.0%	20.2%	19.7%
Bid-Ask Spread %	10.22	8.32	12.95	8.32	11.58
Gamma HHI	0.11	0.10	0.19	0.10	0.10
Net GEX	50.4M	34.1M	64.2M	53.6M	36.0M
Net DEX	-745.2M	-1.06B	-422.5M	-849.5M	-470.5M
Net VEX	-10.3M	-11.0M	-9.7M	-10.3M	-10.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.38	0.10	0.88	0.29	0.63
Total Volume	81,888.818	30,377	189,048	59,385	98,648
Total OI	3,305,868.045	3,167,759	3,587,412	3,218,771	3,330,985

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
2014-07-01	$20.21	$16.00	19.6%	6.2%	16.6%	14.7%	24.1%	-1.3%	0.2%	53.6M	-849.5M	-10.3M	0.29	8.32	45,963	13,422	2,509,584	709,187
2014-07-02	$20.30	$16.00	20.0%	6.3%	16.4%	16.4%	22.7%	-1.8%	-0.0%	54.4M	-897.5M	-10.4M	0.34	8.76	54,624	18,570	2,513,593	714,933
2014-07-03	$20.29	$16.00	19.5%	6.1%	16.4%	14.2%	21.7%	-1.6%	-0.1%	51.7M	-866.4M	-10.1M	0.26	9.04	38,321	9,961	2,529,961	724,858
2014-07-07	$20.17	$19.50	19.6%	6.1%	16.8%	14.6%	21.4%	-1.3%	-0.4%	50.5M	-774.4M	-9.7M	0.45	11.02	45,692	20,768	2,518,777	709,860
2014-07-08	$20.21	$19.50	19.4%	6.1%	16.8%	14.1%	23.0%	-1.0%	-0.2%	51.6M	-805.0M	-9.9M	0.18	8.80	44,193	8,030	2,537,906	721,398
2014-07-09	$20.27	$19.50	19.6%	6.1%	16.8%	14.6%	21.4%	-1.0%	-0.4%	52.7M	-860.8M	-10.0M	0.36	9.33	57,151	20,712	2,552,879	725,544
2014-07-10	$20.52	$19.50	19.5%	6.1%	16.9%	14.4%	24.1%	-1.5%	-0.3%	61.4M	-1.00B	-10.2M	0.25	8.68	79,732	19,617	2,574,025	733,267
2014-07-11	$20.57	$19.50	19.3%	6.2%	16.4%	13.5%	22.6%	-1.3%	-0.6%	59.2M	-1.06B	-10.3M	0.36	9.23	78,691	28,303	2,592,080	741,943
2014-07-14	$20.10	$20.00	19.5%	6.2%	19.1%	14.3%	26.7%	-1.1%	0.3%	49.0M	-745.9M	-10.1M	0.23	9.17	153,764	35,284	2,593,814	743,690
2014-07-15	$19.88	$20.00	19.4%	6.1%	19.6%	13.7%	21.7%	-0.7%	-0.1%	47.9M	-647.7M	-10.2M	0.16	10.59	100,077	15,963	2,688,568	761,744
2014-07-16	$19.91	$20.00	19.3%	6.2%	19.6%	13.2%	22.5%	-0.7%	0.0%	53.2M	-709.6M	-10.5M	0.75	9.86	37,538	28,034	2,745,939	765,494
2014-07-17	$20.29	$20.00	20.6%	6.3%	20.4%	19.2%	23.0%	-2.1%	-0.3%	59.3M	-983.0M	-11.0M	0.27	10.64	139,387	37,842	2,735,531	770,696
2014-07-18	$20.02	$20.00	18.8%	6.2%	14.2%	11.4%	22.7%	-1.3%	0.3%	64.2M	-796.2M	-10.6M	0.56	10.10	58,664	32,650	2,794,660	792,752
2014-07-21	$20.10	$20.00	19.3%	6.2%	14.1%	13.6%	23.4%	-1.0%	0.0%	49.6M	-730.8M	-10.5M	0.57	11.35	29,730	16,998	2,520,476	647,283
2014-07-22	$20.10	$20.00	19.1%	6.2%	14.1%	12.6%	22.6%	-0.4%	-0.1%	50.4M	-727.7M	-10.5M	0.24	11.59	36,899	8,953	2,534,024	655,760
2014-07-23	$20.08	$20.00	18.8%	6.1%	14.1%	11.0%	21.8%	-0.8%	0.0%	52.7M	-722.7M	-10.5M	0.44	9.75	26,764	11,825	2,554,921	660,317
2014-07-24	$19.58	$20.00	20.0%	6.1%	16.5%	16.6%	22.1%	0.1%	-0.3%	34.1M	-422.5M	-9.9M	0.88	12.95	61,904	54,278	2,566,526	668,786
2014-07-25	$19.87	$20.00	19.8%	6.1%	17.5%	15.6%	24.2%	-0.2%	-0.3%	42.1M	-590.5M	-10.4M	0.35	9.81	52,098	18,209	2,586,235	695,714
2014-07-28	$19.81	$20.00	19.9%	6.1%	17.5%	16.1%	21.8%	-1.0%	-0.3%	43.4M	-564.7M	-10.3M	0.25	10.89	44,733	11,235	2,566,084	668,217
2014-07-29	$19.78	$20.00	19.9%	6.2%	17.4%	16.1%	25.7%	-0.8%	-0.0%	44.0M	-567.2M	-10.3M	0.10	10.78	69,302	6,648	2,581,373	674,768
2014-07-30	$19.78	$20.00	19.7%	6.1%	17.4%	15.0%	23.0%	-0.8%	-0.2%	47.6M	-598.1M	-10.5M	0.39	12.55	21,864	8,513	2,638,183	676,762
2014-07-31	$19.58	$20.00	19.1%	6.1%	17.5%	12.7%	24.6%	-0.5%	0.1%	36.0M	-470.5M	-10.1M	0.63	11.58	60,608	38,040	2,650,511	680,474