SLV Options History — March 2023

In March 2023, SLV traded between $18.41 and $22.13. ATM implied volatility averaged 28.7%, placing in the 32.5% IV rank vs the trailing year. The 30-day expected move averaged 8.1%. IV traded below realized volatility by 1.1% (HV 20d: 29.8%). Max pain ranged from $19.50 to $20.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 8 of 23 days. Put/call ratio averaged 0.37.

Notable Days

2023-03-31: Highest Volume — 667,538 contracts
2023-03-13: Largest IV spike — 12.1% change
2023-03-17: Highest IV Rank — 71.8%
2023-03-17: Largest Expected Move — 9.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$20.22	$18.41	$22.13	$19.30	$22.13
Max Pain	$19.96	$19.50	$20.00	$20.00	$20.00
ATM IV	28.7%	25.4%	33.0%	25.7%	28.2%
Expected Move	8.1%	7.0%	9.2%	7.3%	8.0%
HV 20d	29.8%	17.1%	35.5%	24.1%	33.2%
HV 60d	28.1%	26.6%	30.1%	28.0%	27.9%
IV Rank	32.5%	3.3%	71.8%	4.9%	30.3%
IV Percentile	42.4%	1.6%	90.9%	5.6%	36.9%
Term Structure	-0.2%	-1.7%	0.7%	-0.3%	0.7%
VWIV	29.2%	24.9%	33.5%	25.9%	28.5%
Skew 25d	-1.9%	-5.0%	1.1%	0.3%	-3.8%
Skew 10d	-3.3%	-8.8%	1.7%	0.5%	-8.3%
Call IV 25d	30.6%	25.5%	37.5%	26.1%	31.2%
Put IV 25d	28.8%	26.0%	32.7%	26.4%	27.4%
Bid-Ask Spread %	2.90	1.77	11.57	11.57	1.92
Gamma HHI	0.08	0.07	0.10	0.07	0.08
Net GEX	50.1M	12.4M	82.9M	27.5M	81.3M
Net DEX	-1.21B	-2.80B	24.1M	-398.8M	-2.80B
Net VEX	-12.6M	-15.7M	-10.3M	-11.2M	-15.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.37	0.06	1.75	1.75	0.06
Total Volume	255,656.913	64,616	667,538	186,147	667,538
Total OI	4,084,064.217	3,725,300	4,841,117	3,725,300	4,841,117

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
2023-03-01	$19.30	$20.00	25.7%	7.3%	24.1%	4.9%	25.9%	0.3%	-0.3%	27.5M	-398.8M	-11.2M	1.75	11.57	67,793	118,354	2,538,917	1,186,383
2023-03-02	$19.23	$20.00	25.9%	7.4%	22.9%	5.8%	25.9%	0.4%	-0.1%	25.9M	-352.0M	-11.1M	0.36	5.64	47,589	17,027	2,559,494	1,200,517
2023-03-03	$19.52	$20.00	25.4%	7.0%	23.1%	3.3%	24.9%	0.4%	-0.4%	28.7M	-520.0M	-11.4M	0.24	2.40	129,707	31,358	2,573,915	1,204,529
2023-03-06	$19.32	$20.00	25.6%	7.3%	17.1%	4.5%	25.8%	0.3%	0.2%	27.9M	-433.8M	-11.1M	0.22	1.87	73,365	16,384	2,576,781	1,196,368
2023-03-07	$18.46	$20.00	26.9%	7.7%	22.8%	10.9%	27.3%	1.1%	-0.0%	12.4M	24.1M	-10.3M	0.32	1.92	196,630	62,727	2,618,110	1,201,741
2023-03-08	$18.44	$20.00	26.3%	7.5%	22.8%	8.0%	26.6%	0.6%	0.0%	15.1M	-18.0M	-10.5M	1.48	2.05	103,891	153,921	2,699,498	1,197,149
2023-03-09	$18.41	$19.50	27.5%	7.7%	22.5%	14.1%	27.8%	0.2%	-0.5%	16.2M	-36.8M	-10.4M	0.24	2.17	161,280	39,015	2,732,553	1,199,432
2023-03-10	$18.86	$20.00	28.1%	7.9%	24.6%	22.7%	28.2%	0.1%	-0.2%	36.0M	-334.8M	-11.0M	0.33	1.92	179,666	58,777	2,802,353	1,213,580
2023-03-13	$20.01	$19.50	31.5%	8.8%	33.1%	51.2%	31.7%	-1.9%	-0.9%	55.7M	-1.15B	-12.4M	0.20	2.04	352,938	70,369	2,775,703	1,203,222
2023-03-14	$19.93	$20.00	29.6%	8.2%	33.1%	42.3%	29.6%	-1.0%	-0.8%	54.2M	-1.09B	-12.3M	0.43	2.03	154,479	65,715	2,788,757	1,226,991
2023-03-15	$19.98	$20.00	32.3%	9.0%	33.1%	65.6%	32.2%	-2.1%	-0.8%	55.2M	-1.15B	-12.7M	0.29	2.22	211,172	61,000	2,871,348	1,259,601
2023-03-16	$19.95	$20.00	29.7%	8.3%	32.8%	43.4%	29.9%	-1.4%	-0.7%	53.4M	-1.11B	-12.6M	0.25	6.77	145,999	36,694	2,909,573	1,277,921
2023-03-17	$20.62	$20.00	33.0%	9.2%	34.9%	71.8%	33.5%	-5.0%	-1.7%	54.8M	-1.64B	-13.4M	0.29	3.56	325,468	93,802	2,932,940	1,282,234
2023-03-20	$20.73	$20.00	31.9%	9.1%	34.8%	62.6%	33.4%	-2.9%	-0.5%	55.9M	-1.51B	-13.5M	0.30	1.86	166,650	50,735	2,710,039	1,241,686
2023-03-21	$20.52	$20.00	28.9%	8.3%	35.1%	35.9%	29.9%	-2.7%	-0.1%	55.4M	-1.35B	-13.2M	0.37	1.77	87,740	32,595	2,753,577	1,266,178
2023-03-22	$21.09	$20.00	29.1%	8.3%	35.5%	37.9%	30.9%	-3.4%	0.1%	63.9M	-1.74B	-13.3M	0.26	2.69	208,084	53,642	2,772,545	1,280,766
2023-03-23	$21.20	$20.00	29.6%	8.5%	35.3%	42.5%	31.6%	-3.6%	0.0%	67.3M	-1.85B	-13.7M	0.24	2.33	158,045	37,931	2,850,861	1,311,208
2023-03-24	$21.26	$20.00	30.1%	8.6%	33.3%	46.4%	30.7%	-4.1%	-0.2%	67.5M	-1.90B	-13.7M	0.26	2.05	173,993	44,917	2,895,702	1,324,176
2023-03-27	$21.21	$20.00	29.5%	8.4%	32.9%	41.5%	30.8%	-2.8%	0.4%	64.9M	-1.79B	-13.3M	0.14	2.08	261,578	37,285	2,810,013	1,291,230
2023-03-28	$21.46	$20.00	29.6%	8.5%	32.8%	42.7%	30.5%	-3.7%	0.3%	73.6M	-2.09B	-14.0M	0.12	2.08	250,955	31,356	2,989,985	1,303,154
2023-03-29	$21.43	$20.00	27.6%	7.8%	32.9%	25.1%	28.2%	-3.5%	0.6%	75.7M	-2.12B	-14.3M	0.16	1.87	242,502	38,875	3,124,126	1,322,701
2023-03-30	$21.94	$20.00	28.6%	8.2%	33.3%	34.0%	29.2%	-4.4%	0.6%	82.9M	-2.55B	-14.9M	0.12	1.88	320,648	39,920	3,272,765	1,342,038
2023-03-31	$22.13	$20.00	28.2%	8.0%	33.2%	30.3%	28.5%	-3.8%	0.7%	81.3M	-2.80B	-15.7M	0.06	1.92	631,378	36,160	3,488,017	1,353,100