SLV Options History — January 2023

In January 2023, SLV traded between $21.38 and $22.34. ATM implied volatility averaged 29.7%, placing in the 30.2% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded above realized volatility by 1.0% (HV 20d: 28.8%). Max pain ranged from $20.00 to $21.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 0.55.

Notable Days

2023-01-18: Highest Volume — 286,680 contracts
2023-01-06: Largest IV drop — 4.2% change
2023-01-04: Highest IV Rank — 46.1%
2023-01-04: Largest Expected Move — 9.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$21.82	$21.38	$22.34	$22.04	$21.80
Max Pain	$20.90	$20.00	$21.00	$20.00	$21.00
ATM IV	29.7%	27.5%	32.5%	31.9%	28.0%
Expected Move	8.6%	8.0%	9.3%	9.1%	8.3%
HV 20d	28.8%	22.6%	34.8%	34.8%	22.7%
HV 60d	32.8%	32.2%	34.0%	34.0%	32.2%
IV Rank	30.2%	15.8%	46.1%	43.2%	18.5%
IV Percentile	53.2%	25.0%	86.5%	80.2%	32.5%
Term Structure	-0.2%	-0.8%	0.2%	-0.8%	0.1%
VWIV	30.7%	28.4%	33.3%	33.0%	29.1%
Skew 25d	-0.5%	-1.1%	0.4%	-0.7%	-0.7%
Skew 10d	-0.2%	-1.5%	1.9%	0.2%	-0.9%
Call IV 25d	30.7%	28.2%	33.6%	33.2%	28.9%
Put IV 25d	30.2%	27.9%	33.0%	32.5%	28.2%
Bid-Ask Spread %	2.29	1.48	5.32	1.50	1.69
Gamma HHI	0.12	0.09	0.23	0.12	0.10
Net GEX	51.0M	35.8M	69.7M	57.8M	47.7M
Net DEX	-1.67B	-2.18B	-1.21B	-2.03B	-1.42B
Net VEX	-12.4M	-12.8M	-11.7M	-12.7M	-12.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.55	0.25	1.35	0.79	0.32
Total Volume	176,909.9	91,529	286,680	157,510	125,178
Total OI	4,506,493.75	3,095,494	5,421,228	5,063,501	3,329,377

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
2023-01-03	$22.04	$20.00	31.9%	9.1%	34.8%	43.2%	33.0%	-0.7%	-0.8%	57.8M	-2.03B	-12.7M	0.79	1.50	88,149	69,361	3,544,229	1,519,272
2023-01-04	$21.80	$20.00	32.5%	9.3%	31.0%	46.1%	33.3%	-0.6%	-0.6%	53.9M	-1.83B	-12.7M	1.19	1.48	90,565	107,762	3,561,160	1,545,249
2023-01-05	$21.38	$21.00	31.8%	9.0%	32.0%	42.7%	32.5%	-0.6%	-0.5%	46.4M	-1.49B	-12.6M	0.72	1.76	94,216	67,490	3,570,666	1,585,421
2023-01-06	$21.95	$21.00	30.4%	8.8%	32.2%	36.7%	31.2%	-0.6%	-0.2%	63.9M	-1.93B	-12.5M	0.45	1.79	103,596	46,852	3,585,918	1,583,075
2023-01-09	$21.73	$21.00	30.8%	8.8%	32.2%	38.0%	31.7%	-0.9%	0.2%	54.3M	-1.75B	-12.3M	0.58	1.85	81,091	47,291	3,550,631	1,548,122
2023-01-10	$21.70	$21.00	30.7%	8.8%	31.6%	37.8%	32.2%	-0.9%	-0.0%	54.7M	-1.71B	-12.2M	0.54	1.77	72,479	39,024	3,572,085	1,570,900
2023-01-11	$21.52	$21.00	30.8%	8.8%	31.7%	38.3%	32.1%	-0.7%	-0.1%	48.6M	-1.57B	-12.2M	1.35	2.05	93,072	126,106	3,579,434	1,589,377
2023-01-12	$21.88	$21.00	29.7%	8.5%	31.5%	33.5%	30.4%	0.4%	0.1%	57.7M	-1.83B	-12.1M	0.36	1.94	183,247	66,107	3,596,581	1,592,792
2023-01-13	$22.34	$21.00	29.6%	8.5%	32.3%	32.9%	30.4%	0.2%	0.0%	58.6M	-2.18B	-12.1M	0.42	1.83	153,406	65,058	3,600,534	1,621,835
2023-01-17	$21.99	$21.00	30.0%	8.6%	30.1%	34.9%	31.2%	-0.2%	-0.4%	50.7M	-1.88B	-11.9M	0.47	2.24	107,514	50,559	3,594,871	1,624,910
2023-01-18	$21.59	$21.00	29.6%	8.5%	30.9%	32.9%	30.5%	-0.8%	-0.7%	43.6M	-1.59B	-11.7M	0.97	2.01	145,174	141,506	3,616,780	1,624,413
2023-01-19	$21.99	$21.00	29.6%	8.5%	31.1%	26.3%	30.5%	-1.1%	-0.6%	56.2M	-1.96B	-12.4M	0.29	4.33	165,528	47,236	3,677,514	1,643,146
2023-01-20	$22.05	$21.00	29.0%	8.3%	24.6%	23.3%	29.9%	-0.6%	-0.2%	69.7M	-2.01B	-12.8M	0.49	2.01	129,298	63,834	3,757,008	1,664,220
2023-01-23	$21.57	$21.00	29.2%	8.5%	25.6%	24.1%	30.2%	-0.2%	-0.0%	35.8M	-1.21B	-12.5M	0.37	1.89	190,580	70,960	2,043,330	1,052,164
2023-01-24	$21.77	$21.00	28.5%	8.3%	25.0%	20.7%	29.6%	-0.5%	-0.0%	40.9M	-1.33B	-12.4M	0.33	1.70	85,589	27,838	2,097,919	1,053,449
2023-01-25	$21.98	$21.00	28.7%	8.4%	25.1%	22.0%	30.0%	-0.8%	-0.1%	45.6M	-1.48B	-12.5M	0.25	1.72	102,048	25,534	2,118,527	1,061,470
2023-01-26	$21.99	$21.00	28.0%	8.2%	24.6%	18.0%	28.9%	-0.8%	0.1%	47.7M	-1.49B	-12.8M	0.39	5.32	113,682	43,834	2,187,922	1,081,758
2023-01-27	$21.68	$21.00	27.5%	8.0%	23.6%	15.8%	28.4%	-0.2%	-0.0%	41.1M	-1.29B	-12.5M	0.35	4.94	159,805	56,100	2,202,313	1,089,871
2023-01-30	$21.69	$21.00	27.8%	8.3%	22.6%	17.5%	29.4%	-0.6%	0.2%	44.6M	-1.35B	-12.7M	0.38	1.99	66,134	25,395	2,223,664	1,067,968
2023-01-31	$21.80	$21.00	28.0%	8.3%	22.7%	18.5%	29.1%	-0.7%	0.1%	47.7M	-1.42B	-12.7M	0.32	1.69	94,735	30,443	2,249,862	1,079,515