SLV Options History — May 2023

In May 2023, SLV traded between $20.87 and $23.91. ATM implied volatility averaged 27.4%, placing in the 22.8% IV rank vs the trailing year. The 30-day expected move averaged 8.0%. IV traded above realized volatility by 6.2% (HV 20d: 21.1%). Max pain ranged from $20.00 to $22.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 9 of 22 days. Put/call ratio averaged 0.52.

Notable Days

2023-05-04: Highest Volume — 427,931 contracts
2023-05-02: Largest IV spike — 8.3% change
2023-05-04: Highest IV Rank — 49.2%
2023-05-04: Largest Expected Move — 8.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.29	$20.87	$23.91	$22.93	$21.61
Max Pain	$20.73	$20.00	$22.00	$22.00	$21.00
ATM IV	27.4%	25.8%	30.4%	26.5%	25.8%
Expected Move	8.0%	7.7%	8.8%	7.8%	7.8%
HV 20d	21.1%	14.5%	25.4%	20.1%	25.2%
HV 60d	26.4%	24.8%	27.3%	26.6%	27.1%
IV Rank	22.8%	9.2%	49.2%	15.0%	9.2%
IV Percentile	21.5%	5.2%	64.3%	10.7%	5.2%
Term Structure	0.1%	-0.5%	1.2%	0.2%	-0.2%
VWIV	29.2%	27.2%	33.5%	27.6%	27.7%
Skew 25d	-1.5%	-2.3%	-0.5%	-1.0%	-1.4%
Skew 10d	-3.1%	-5.0%	-1.3%	-2.5%	-3.1%
Call IV 25d	29.1%	27.2%	33.1%	27.8%	27.4%
Put IV 25d	27.6%	26.0%	30.8%	26.8%	26.0%
Bid-Ask Spread %	1.50	1.13	1.90	1.81	1.65
Gamma HHI	0.08	0.07	0.13	0.08	0.07
Net GEX	64.4M	36.2M	104.8M	78.1M	52.3M
Net DEX	-1.93B	-3.24B	-855.0M	-2.37B	-1.40B
Net VEX	-17.2M	-19.7M	-15.3M	-17.6M	-15.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.52	0.19	1.43	0.20	0.39
Total Volume	173,569.545	79,838	427,931	231,135	141,099
Total OI	5,295,111.091	4,912,747	5,578,148	4,912,747	5,451,145

Daily Data (22 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
2023-05-01	$22.93	$22.00	26.5%	7.8%	20.1%	15.0%	27.6%	-1.0%	0.2%	78.1M	-2.37B	-17.6M	0.20	1.81	192,513	38,622	3,796,737	1,116,010
2023-05-02	$23.30	$22.00	28.6%	8.4%	20.6%	34.0%	30.8%	-1.8%	-0.1%	87.8M	-2.67B	-18.3M	0.35	1.75	144,106	51,130	3,849,250	1,129,042
2023-05-03	$23.34	$22.00	28.5%	8.4%	14.5%	33.2%	30.1%	-1.3%	0.2%	89.2M	-2.76B	-18.8M	0.19	1.90	91,873	17,886	3,932,330	1,164,099
2023-05-04	$23.91	$20.00	30.4%	8.8%	16.7%	49.2%	33.5%	-2.3%	-0.1%	104.8M	-3.24B	-19.7M	0.48	1.72	289,303	138,628	3,957,554	1,170,685
2023-05-05	$23.57	$20.00	28.0%	8.3%	17.6%	28.8%	30.0%	-1.9%	0.1%	94.5M	-2.90B	-19.0M	0.52	1.39	241,552	124,684	3,984,753	1,249,140
2023-05-08	$23.49	$20.00	28.1%	8.2%	17.7%	29.3%	29.6%	-2.2%	0.7%	93.4M	-2.88B	-19.0M	0.28	1.50	90,675	25,751	4,007,775	1,194,007
2023-05-09	$23.51	$20.00	28.0%	8.2%	17.6%	28.1%	30.4%	-2.0%	0.7%	95.5M	-2.93B	-19.0M	0.51	1.52	113,886	57,593	4,053,412	1,206,301
2023-05-10	$23.31	$20.00	27.4%	8.1%	16.8%	23.2%	29.6%	-1.7%	0.9%	88.3M	-2.79B	-18.6M	0.24	1.31	106,725	25,129	4,075,107	1,212,859
2023-05-11	$22.23	$20.00	27.4%	8.1%	23.0%	22.9%	30.2%	-1.0%	1.2%	52.2M	-1.82B	-17.4M	0.47	1.35	171,946	81,361	4,100,852	1,223,476
2023-05-12	$22.05	$20.00	27.2%	8.0%	22.4%	21.2%	30.5%	-1.5%	1.2%	36.2M	-1.72B	-17.0M	0.36	1.44	138,638	50,122	4,146,945	1,213,577
2023-05-15	$22.11	$20.00	27.3%	7.9%	22.1%	22.2%	31.0%	-1.6%	0.1%	55.5M	-1.81B	-16.9M	0.21	1.70	87,879	18,821	4,122,498	1,192,181
2023-05-16	$21.82	$20.00	27.8%	8.0%	22.2%	26.6%	28.2%	-1.5%	-0.2%	50.1M	-1.60B	-16.5M	1.26	1.41	103,812	130,429	4,170,230	1,194,279
2023-05-17	$21.81	$21.00	27.4%	7.8%	21.9%	22.9%	27.6%	-1.3%	-0.1%	46.7M	-1.54B	-16.7M	1.43	1.45	84,682	121,156	4,212,772	1,252,138
2023-05-18	$21.59	$21.00	26.9%	7.7%	22.1%	18.4%	27.4%	-1.0%	-0.4%	46.7M	-1.36B	-16.3M	0.47	1.64	111,166	51,739	4,234,649	1,269,243
2023-05-19	$21.84	$21.00	26.7%	7.7%	22.6%	17.0%	28.4%	-2.1%	-0.4%	51.7M	-1.57B	-16.7M	0.34	1.61	131,970	44,850	4,288,241	1,289,907
2023-05-22	$21.70	$21.00	26.6%	7.7%	22.5%	16.4%	29.2%	-2.2%	-0.2%	60.2M	-1.48B	-16.3M	0.45	1.45	67,121	30,095	4,063,729	1,155,169
2023-05-23	$21.52	$21.00	27.0%	8.0%	22.5%	19.5%	28.4%	-1.6%	-0.3%	55.9M	-1.35B	-16.1M	0.72	1.34	49,374	35,435	4,089,961	1,172,594
2023-05-24	$21.19	$21.00	27.2%	8.0%	22.9%	21.1%	28.4%	-0.7%	-0.2%	45.2M	-1.07B	-15.5M	1.01	1.24	79,003	80,176	4,112,516	1,197,637
2023-05-25	$20.87	$21.00	26.9%	7.9%	23.2%	19.1%	28.2%	-0.8%	-0.5%	37.5M	-855.0M	-15.4M	0.38	1.33	57,883	21,955	4,165,142	1,237,589
2023-05-26	$21.41	$21.00	26.2%	7.7%	25.4%	12.3%	27.2%	-0.5%	-0.0%	49.7M	-1.27B	-16.0M	0.36	1.37	62,082	22,457	4,197,784	1,244,943
2023-05-30	$21.31	$21.00	26.0%	7.9%	25.4%	11.2%	27.5%	-1.1%	-0.0%	44.7M	-1.15B	-15.3M	0.75	1.13	53,191	40,032	4,156,689	1,237,497
2023-05-31	$21.61	$21.00	25.8%	7.8%	25.2%	9.2%	27.7%	-1.4%	-0.2%	52.3M	-1.40B	-15.9M	0.39	1.65	101,451	39,648	4,180,535	1,270,610