SLV Options History — May 2020

In May 2020, SLV traded between $13.80 and $16.62. ATM implied volatility averaged 34.8%, placing in the 26.5% IV rank vs the trailing year. The 30-day expected move averaged 10.0%. IV traded above realized volatility by 8.3% (HV 20d: 26.5%). Max pain ranged from $14.00 to $15.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 5 of 20 days. Put/call ratio averaged 0.27.

Notable Days

2020-05-15: Highest Volume — 709,712 contracts
2020-05-21: Largest IV drop — 14.0% change
2020-05-08: Highest IV Rank — 31.6%
2020-05-08: Largest Expected Move — 11.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.16	$13.80	$16.62	$13.99	$16.62
Max Pain	$14.18	$14.00	$15.00	$14.00	$15.00
ATM IV	34.8%	30.1%	39.0%	33.9%	32.7%
Expected Move	10.0%	8.8%	11.0%	10.5%	9.6%
HV 20d	26.5%	24.0%	29.8%	29.6%	25.2%
HV 60d	49.9%	49.0%	51.0%	49.5%	49.3%
IV Rank	26.5%	20.7%	31.6%	25.4%	23.9%
IV Percentile	84.5%	78.2%	88.5%	86.5%	80.6%
Term Structure	-0.3%	-2.3%	1.0%	1.0%	-0.3%
VWIV	36.1%	31.6%	40.6%	39.5%	34.5%
Skew 25d	-3.7%	-8.1%	-0.3%	-0.3%	-2.8%
Skew 10d	-6.1%	-13.1%	0.9%	0.9%	-4.2%
Call IV 25d	38.4%	32.3%	43.7%	36.3%	35.1%
Put IV 25d	34.7%	30.2%	39.1%	36.1%	32.3%
Bid-Ask Spread %	1.93	1.49	2.34	2.34	1.99
Gamma HHI	0.10	0.08	0.15	0.08	0.12
Net GEX	45.1M	20.0M	77.5M	22.5M	77.5M
Net DEX	-1.20B	-2.02B	-478.8M	-543.8M	-2.02B
Net VEX	-10.9M	-12.8M	-8.9M	-9.0M	-12.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.27	0.14	0.48	0.32	0.24
Total Volume	259,319.5	69,993	709,712	130,292	337,346
Total OI	4,467,737.5	4,041,658	4,946,858	4,130,011	4,946,858

Daily Data (20 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
2020-05-01	$13.99	$14.00	33.9%	10.5%	29.6%	25.4%	39.5%	-0.3%	1.0%	22.5M	-543.8M	-9.0M	0.32	2.34	98,605	31,687	3,244,450	885,561
2020-05-04	$13.80	$14.00	35.9%	10.2%	29.8%	27.8%	37.4%	-1.2%	0.2%	20.0M	-478.8M	-8.9M	0.28	1.95	84,383	23,863	3,177,106	864,552
2020-05-05	$13.97	$14.00	35.6%	10.3%	25.0%	27.5%	37.5%	-2.6%	-0.5%	23.1M	-574.8M	-9.4M	0.17	1.85	85,309	14,412	3,192,499	873,901
2020-05-06	$13.93	$14.00	35.3%	10.1%	25.0%	27.1%	36.4%	-1.7%	-0.2%	23.0M	-567.9M	-9.3M	0.24	1.82	56,278	13,715	3,218,535	879,618
2020-05-07	$14.28	$14.00	38.6%	11.0%	26.5%	31.2%	38.7%	-3.8%	-0.4%	30.5M	-781.9M	-10.0M	0.45	1.85	244,244	110,986	3,225,137	885,285
2020-05-08	$14.44	$14.00	39.0%	11.0%	25.3%	31.6%	40.6%	-4.5%	-0.3%	34.6M	-894.1M	-10.6M	0.24	1.54	288,929	68,531	3,310,796	945,528
2020-05-11	$14.41	$14.00	35.7%	10.3%	25.1%	27.6%	37.9%	-3.5%	-0.1%	33.2M	-850.6M	-10.4M	0.21	1.71	109,944	22,795	3,374,291	937,109
2020-05-12	$14.40	$14.00	32.9%	9.3%	24.5%	24.1%	33.0%	-2.0%	-0.7%	32.5M	-743.4M	-9.6M	0.29	1.81	177,981	52,020	3,380,260	939,140
2020-05-13	$14.53	$14.00	32.6%	9.6%	24.0%	23.8%	33.5%	-2.2%	0.7%	35.0M	-804.2M	-9.7M	0.27	1.68	117,239	32,197	3,420,317	949,652
2020-05-14	$14.81	$14.00	34.5%	9.8%	24.9%	26.1%	35.1%	-4.4%	-0.1%	44.3M	-1.00B	-10.1M	0.26	1.49	196,329	51,591	3,442,651	965,559
2020-05-15	$15.49	$14.00	36.4%	10.0%	27.6%	28.4%	36.8%	-8.1%	-2.3%	50.3M	-1.51B	-11.4M	0.19	1.80	598,699	111,013	3,517,433	985,994
2020-05-18	$15.86	$14.00	38.4%	10.9%	28.3%	30.9%	38.9%	-5.7%	-0.6%	50.4M	-1.61B	-12.1M	0.22	2.22	419,814	92,880	3,488,079	938,304
2020-05-19	$16.23	$14.00	38.4%	11.0%	25.7%	30.9%	39.8%	-6.7%	-0.8%	56.8M	-1.85B	-12.7M	0.18	2.23	319,003	58,199	3,602,895	993,136
2020-05-20	$16.34	$14.00	37.7%	10.8%	25.6%	30.0%	38.7%	-6.1%	-0.6%	61.2M	-1.90B	-12.8M	0.22	2.04	196,462	42,797	3,665,662	1,010,846
2020-05-21	$15.94	$14.00	32.4%	9.3%	27.8%	23.5%	33.7%	-4.8%	0.3%	56.5M	-1.56B	-11.9M	0.48	2.34	235,506	112,688	3,701,410	1,027,349
2020-05-22	$15.99	$14.00	33.7%	9.6%	27.5%	25.1%	34.8%	-4.7%	0.4%	70.7M	-1.62B	-12.4M	0.28	2.09	101,539	28,689	3,747,319	1,098,574
2020-05-26	$15.88	$14.50	32.2%	9.2%	27.8%	23.3%	32.9%	-3.6%	-0.1%	54.5M	-1.43B	-11.4M	0.35	1.88	180,344	63,182	3,703,629	1,078,437
2020-05-27	$16.13	$15.00	30.2%	8.8%	27.5%	20.7%	31.8%	-2.1%	-0.6%	60.5M	-1.60B	-11.6M	0.27	2.01	177,624	48,513	3,714,776	1,110,762
2020-05-28	$16.19	$15.00	30.1%	8.8%	27.2%	20.7%	31.6%	-2.4%	-0.7%	64.3M	-1.66B	-11.8M	0.14	1.88	158,947	22,107	3,784,196	1,127,144
2020-05-29	$16.62	$15.00	32.7%	9.6%	25.2%	23.9%	34.5%	-2.8%	-0.3%	77.5M	-2.02B	-12.3M	0.24	1.99	272,058	65,288	3,808,512	1,138,346