SLV Options History — January 2020

In January 2020, SLV traded between $16.34 and $17.15. ATM implied volatility averaged 17.8%, placing in the 25.8% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded above realized volatility by 2.7% (HV 20d: 15.1%). Max pain ranged from $15.50 to $16.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.25.

Notable Days

2020-01-28: Highest Volume — 331,402 contracts
2020-01-31: Largest IV spike — 13.8% change
2020-01-06: Highest IV Rank — 37.5%
2020-01-06: Largest Expected Move — 5.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.76	$16.34	$17.15	$16.82	$16.84
Max Pain	$16.07	$15.50	$16.50	$15.50	$16.50
ATM IV	17.8%	15.5%	19.8%	19.2%	19.2%
Expected Move	5.1%	4.4%	5.6%	5.6%	5.6%
HV 20d	15.1%	10.1%	19.5%	16.2%	19.5%
HV 60d	16.3%	15.6%	17.7%	16.1%	17.7%
IV Rank	25.8%	12.5%	37.5%	33.7%	33.6%
IV Percentile	58.8%	38.5%	71.0%	67.9%	65.9%
Term Structure	0.1%	-0.7%	1.2%	0.3%	0.2%
VWIV	18.8%	17.0%	22.6%	19.7%	19.6%
Skew 25d	-3.5%	-5.5%	-2.6%	-3.8%	-4.0%
Skew 10d	-6.3%	-9.4%	-4.9%	-6.1%	-7.4%
Call IV 25d	20.3%	18.0%	23.9%	21.6%	21.5%
Put IV 25d	16.9%	15.5%	18.4%	17.8%	17.5%
Bid-Ask Spread %	1.36	0.93	1.78	1.07	1.78
Gamma HHI	0.28	0.22	0.38	0.25	0.25
Net GEX	64.5M	35.4M	80.5M	80.5M	72.4M
Net DEX	-1.23B	-1.74B	-611.6M	-1.54B	-1.08B
Net VEX	-6.8M	-7.3M	-6.4M	-6.9M	-7.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.25	0.10	0.73	0.25	0.10
Total Volume	180,002.857	70,072	331,402	256,472	165,824
Total OI	3,373,477.714	2,640,635	3,942,586	3,580,791	3,054,296

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
2020-01-02	$16.82	$15.50	19.2%	5.6%	16.2%	33.7%	19.7%	-3.8%	0.3%	80.5M	-1.54B	-6.9M	0.25	1.07	204,553	51,919	2,638,244	942,547
2020-01-03	$16.84	$15.50	19.2%	5.6%	14.0%	34.0%	19.5%	-4.0%	0.2%	76.8M	-1.54B	-7.2M	0.13	1.26	177,697	23,103	2,688,227	978,771
2020-01-06	$16.95	$16.00	19.8%	5.6%	14.0%	37.5%	20.3%	-4.3%	0.2%	72.2M	-1.60B	-6.8M	0.15	1.44	195,440	29,606	2,655,929	983,730
2020-01-07	$17.15	$16.00	19.6%	5.6%	10.1%	36.2%	22.6%	-5.5%	0.0%	73.4M	-1.74B	-6.9M	0.23	1.41	165,178	37,639	2,655,277	996,771
2020-01-08	$16.87	$16.00	18.8%	5.2%	12.6%	31.5%	19.8%	-3.8%	-0.1%	70.6M	-1.54B	-6.8M	0.26	1.17	197,422	50,577	2,720,908	1,016,078
2020-01-09	$16.71	$16.00	17.1%	5.3%	13.5%	22.0%	19.5%	-3.0%	-0.1%	64.2M	-1.36B	-6.6M	0.27	1.42	142,293	38,235	2,745,133	1,042,284
2020-01-10	$16.89	$16.00	18.6%	5.3%	13.4%	30.5%	19.9%	-3.8%	-0.2%	71.9M	-1.53B	-7.0M	0.14	1.31	102,049	14,083	2,792,195	1,061,233
2020-01-13	$16.79	$16.00	17.9%	5.0%	13.8%	26.5%	18.1%	-3.1%	-0.5%	68.5M	-1.43B	-6.6M	0.13	1.21	84,096	10,929	2,804,236	1,058,197
2020-01-14	$16.62	$16.00	16.8%	5.2%	14.5%	20.1%	18.7%	-3.4%	1.2%	62.2M	-1.26B	-6.5M	0.46	1.20	87,138	40,455	2,831,636	1,060,296
2020-01-15	$16.81	$16.00	18.0%	5.1%	14.7%	27.0%	18.0%	-4.0%	0.0%	74.7M	-1.45B	-6.9M	0.16	1.17	85,354	14,055	2,821,898	1,071,078
2020-01-16	$16.77	$16.00	18.4%	5.2%	14.7%	29.0%	18.6%	-3.2%	-0.0%	71.7M	-1.43B	-6.7M	0.45	0.93	48,379	21,693	2,858,618	1,074,771
2020-01-17	$16.84	$16.00	17.5%	4.9%	14.7%	24.1%	18.4%	-2.8%	-0.7%	78.6M	-1.46B	-6.6M	0.23	1.01	254,567	57,448	2,867,984	1,074,602
2020-01-21	$16.63	$16.00	16.2%	4.6%	15.7%	16.6%	18.9%	-2.8%	-0.1%	48.8M	-849.9M	-6.6M	0.22	1.73	104,822	23,132	1,938,112	702,523
2020-01-22	$16.68	$16.00	15.5%	4.4%	15.6%	12.5%	17.8%	-2.6%	-0.1%	52.3M	-871.3M	-6.5M	0.73	1.28	47,925	34,983	1,983,768	720,708
2020-01-23	$16.63	$16.00	16.0%	4.6%	14.9%	15.3%	17.6%	-2.8%	-0.5%	49.8M	-832.5M	-6.5M	0.26	1.32	92,955	24,355	1,989,517	736,268
2020-01-24	$16.89	$16.00	17.2%	4.9%	14.7%	22.6%	17.0%	-3.0%	0.3%	60.8M	-1.06B	-6.8M	0.25	1.52	193,164	49,065	2,034,429	750,261
2020-01-27	$16.89	$16.50	17.3%	5.0%	14.3%	23.2%	17.3%	-3.4%	0.0%	64.8M	-1.06B	-6.9M	0.17	1.58	145,852	25,313	2,071,306	772,659
2020-01-28	$16.34	$16.50	17.3%	5.1%	18.5%	23.1%	18.3%	-3.2%	0.5%	35.4M	-611.6M	-6.4M	0.31	1.50	253,918	77,484	2,062,301	790,098
2020-01-29	$16.40	$16.50	17.1%	5.0%	18.3%	22.1%	18.2%	-3.6%	0.2%	45.2M	-703.7M	-6.7M	0.15	1.61	88,669	12,961	2,076,457	803,011
2020-01-30	$16.70	$16.50	16.8%	4.9%	19.5%	20.3%	17.8%	-3.0%	0.4%	59.7M	-929.3M	-6.9M	0.10	1.55	277,383	28,347	2,114,310	802,365
2020-01-31	$16.84	$16.50	19.2%	5.6%	19.5%	33.6%	19.6%	-4.0%	0.2%	72.4M	-1.08B	-7.3M	0.10	1.78	150,169	15,655	2,234,838	819,458