SLV Options History — March 2021

In March 2021, SLV traded between $22.26 and $24.85. ATM implied volatility averaged 33.2%, placing in the 11.1% IV rank vs the trailing year. The 30-day expected move averaged 9.5%. IV traded above realized volatility by 4.6% (HV 20d: 28.6%). Max pain ranged from $23.50 to $24.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 16 of 23 days. Put/call ratio averaged 0.38.

Notable Days

2021-03-04: Highest Volume — 464,074 contracts
2021-03-30: Largest IV spike — 11.7% change
2021-03-02: Highest IV Rank — 24.3%
2021-03-02: Largest Expected Move — 11.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$23.77	$22.26	$24.85	$24.57	$22.65
Max Pain	$23.93	$23.50	$24.00	$23.50	$24.00
ATM IV	33.2%	27.8%	39.7%	38.5%	29.3%
Expected Move	9.5%	7.8%	11.4%	11.1%	8.2%
HV 20d	28.6%	24.5%	49.9%	49.9%	26.0%
HV 60d	40.5%	39.6%	41.3%	40.4%	39.6%
IV Rank	11.1%	1.4%	24.3%	22.7%	4.4%
IV Percentile	17.2%	0.4%	43.3%	38.5%	3.6%
Term Structure	0.1%	-0.6%	0.7%	0.3%	0.2%
VWIV	35.5%	29.0%	43.8%	43.1%	30.3%
Skew 25d	-2.7%	-5.8%	1.4%	-5.7%	-0.7%
Skew 10d	-5.8%	-13.6%	1.1%	-13.6%	-2.7%
Call IV 25d	36.3%	29.3%	45.2%	43.9%	31.3%
Put IV 25d	33.6%	28.1%	39.5%	38.3%	30.6%
Bid-Ask Spread %	1.54	1.19	1.90	1.29	1.35
Gamma HHI	0.08	0.07	0.13	0.08	0.07
Net GEX	60.2M	23.7M	94.0M	81.7M	34.4M
Net DEX	-1.53B	-2.67B	-291.8M	-2.43B	-602.5M
Net VEX	-21.0M	-24.1M	-17.4M	-24.1M	-18.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.38	0.25	0.69	0.27	0.51
Total Volume	258,084.696	124,783	464,074	311,875	253,445
Total OI	6,841,915.478	5,423,617	7,630,069	7,338,505	5,766,950

Daily Data (23 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
2021-03-01	$24.57	$23.50	38.5%	11.1%	49.9%	22.7%	43.1%	-5.7%	0.3%	81.7M	-2.43B	-24.1M	0.27	1.29	245,169	66,706	5,242,453	2,096,052
2021-03-02	$24.85	$23.50	39.7%	11.4%	40.9%	24.3%	43.8%	-5.8%	-0.6%	94.0M	-2.67B	-24.1M	0.40	1.46	221,047	87,374	5,262,673	2,088,542
2021-03-03	$24.32	$23.50	38.6%	11.3%	25.4%	22.8%	41.6%	-5.5%	-0.6%	78.1M	-2.13B	-23.5M	0.40	1.27	257,299	103,064	5,330,201	2,113,437
2021-03-04	$23.55	$24.00	37.6%	10.7%	27.4%	21.4%	40.4%	-3.2%	-0.2%	48.9M	-1.33B	-22.4M	0.35	1.90	342,674	121,400	5,383,964	2,153,731
2021-03-05	$23.38	$24.00	34.7%	9.9%	27.1%	13.9%	37.7%	-2.6%	-0.3%	43.4M	-1.06B	-21.4M	0.48	1.67	246,786	117,469	5,405,083	2,172,866
2021-03-08	$23.36	$24.00	35.0%	10.1%	25.9%	14.4%	38.1%	-1.8%	0.1%	43.9M	-1.09B	-21.1M	0.32	1.57	139,372	44,176	5,299,710	2,124,198
2021-03-09	$24.09	$24.00	34.5%	9.9%	27.5%	13.7%	37.2%	-4.0%	0.2%	75.0M	-1.86B	-22.1M	0.34	1.88	196,263	66,015	5,326,841	2,124,476
2021-03-10	$24.34	$24.00	34.1%	9.8%	27.9%	13.1%	36.6%	-3.5%	0.2%	82.6M	-2.06B	-22.3M	0.25	1.89	144,758	36,879	5,340,709	2,135,571
2021-03-11	$24.24	$24.00	34.1%	9.8%	27.7%	10.8%	37.8%	-4.5%	0.2%	77.8M	-1.98B	-22.2M	0.26	1.76	257,325	65,908	5,366,309	2,144,992
2021-03-12	$24.05	$24.00	32.8%	9.5%	27.8%	8.4%	35.6%	-3.6%	0.2%	68.6M	-1.82B	-22.1M	0.26	1.73	214,092	56,143	5,433,372	2,166,034
2021-03-15	$24.38	$24.00	34.3%	9.8%	28.0%	10.7%	35.7%	-3.1%	0.0%	80.1M	-2.14B	-22.2M	0.31	1.71	144,871	45,200	5,372,596	2,122,186
2021-03-16	$24.09	$24.00	34.3%	9.8%	28.3%	10.6%	36.1%	-3.0%	0.0%	69.0M	-1.85B	-21.7M	0.52	1.59	82,315	42,468	5,403,870	2,125,047
2021-03-17	$24.45	$24.00	34.8%	10.0%	28.8%	11.4%	36.1%	-4.8%	-0.1%	85.5M	-2.25B	-22.0M	0.40	1.68	178,342	71,071	5,420,010	2,134,964
2021-03-18	$24.11	$24.00	33.2%	9.5%	28.9%	9.0%	35.5%	-2.4%	0.4%	67.4M	-1.81B	-21.4M	0.27	1.72	140,384	38,311	5,457,420	2,150,131
2021-03-19	$24.32	$24.00	32.5%	9.3%	28.9%	10.0%	33.3%	-1.4%	0.7%	69.9M	-1.97B	-21.3M	0.40	1.55	184,106	74,155	5,475,020	2,155,049
2021-03-22	$23.91	$24.00	32.1%	9.2%	26.0%	10.0%	33.6%	-2.1%	0.5%	58.1M	-1.50B	-20.4M	0.35	1.50	152,459	53,320	3,883,956	1,539,661
2021-03-23	$23.26	$24.00	30.3%	8.6%	26.9%	6.3%	32.1%	-0.9%	0.4%	40.7M	-952.9M	-19.3M	0.33	1.40	207,381	69,271	3,928,793	1,568,886
2021-03-24	$23.23	$24.00	28.1%	8.0%	26.5%	2.0%	29.0%	-1.5%	0.3%	38.5M	-882.6M	-18.4M	0.38	1.36	161,344	60,908	3,969,835	1,580,575
2021-03-25	$23.28	$24.00	29.1%	8.2%	26.4%	3.9%	30.0%	-1.4%	0.6%	42.6M	-968.2M	-19.4M	0.62	1.44	148,207	91,184	4,023,866	1,618,716
2021-03-26	$23.20	$24.00	27.8%	7.8%	24.5%	1.4%	29.3%	-1.2%	0.6%	43.9M	-891.3M	-19.1M	0.69	1.37	91,632	62,928	4,056,750	1,647,933
2021-03-29	$22.88	$24.00	27.8%	7.8%	24.8%	1.4%	29.3%	-0.1%	-0.0%	35.9M	-661.0M	-18.2M	0.28	1.19	165,274	46,179	3,990,077	1,602,824
2021-03-30	$22.26	$24.00	31.1%	8.8%	25.5%	7.9%	33.1%	1.4%	-0.2%	23.7M	-291.8M	-17.4M	0.44	1.22	236,743	104,531	4,040,426	1,617,301
2021-03-31	$22.65	$24.00	29.3%	8.2%	26.0%	4.4%	30.3%	-0.7%	0.2%	34.4M	-602.5M	-18.1M	0.51	1.35	167,760	85,685	4,130,286	1,636,664