SLV Options History — July 2025

In July 2025, SLV traded between $32.75 and $35.70. ATM implied volatility averaged 26.1%, placing in the 20.5% IV rank vs the trailing year. The 30-day expected move averaged 7.4%. IV traded above realized volatility by 4.8% (HV 20d: 21.3%). Max pain ranged from $29.00 to $32.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.32.

Notable Days

2025-07-11: Highest Volume — 1,094,963 contracts
2025-07-10: Largest IV spike — 14.8% change
2025-07-11: Highest IV Rank — 43.9%
2025-07-11: Largest Expected Move — 8.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$34.26	$32.75	$35.70	$32.75	$33.33
Max Pain	$31.09	$29.00	$32.00	$29.00	$32.00
ATM IV	26.1%	23.0%	30.0%	25.4%	23.0%
Expected Move	7.4%	6.4%	8.6%	7.0%	6.4%
HV 20d	21.3%	17.0%	24.6%	21.3%	24.2%
HV 60d	24.6%	23.5%	28.8%	28.8%	24.7%
IV Rank	20.5%	1.5%	43.9%	16.0%	1.5%
IV Percentile	31.5%	0.8%	69.8%	21.0%	0.8%
Term Structure	0.0%	-0.5%	0.4%	0.2%	-0.2%
VWIV	26.4%	22.6%	29.7%	24.8%	22.6%
Skew 25d	-2.8%	-4.5%	-1.4%	-2.6%	-1.4%
Skew 10d	-5.8%	-8.9%	-3.0%	-5.0%	-3.6%
Call IV 25d	28.3%	24.2%	33.0%	27.6%	24.2%
Put IV 25d	25.4%	22.8%	28.8%	24.9%	22.8%
Bid-Ask Spread %	2.49	1.70	7.75	1.92	1.73
Gamma HHI	0.09	0.07	0.17	0.07	0.07
Net GEX	225.8M	146.3M	296.2M	188.1M	148.6M
Net DEX	-7.52B	-9.92B	-4.69B	-6.31B	-4.69B
Net VEX	-23.2M	-24.6M	-21.7M	-21.9M	-23.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.32	0.11	0.58	0.15	0.42
Total Volume	424,806.773	156,438	1,094,963	295,570	259,369
Total OI	6,288,567.182	5,801,744	7,259,672	5,945,173	5,993,975

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
2025-07-01	$32.75	$29.00	25.4%	7.0%	21.3%	16.0%	24.8%	-2.6%	0.2%	188.1M	-6.31B	-21.9M	0.15	1.92	257,869	37,701	4,289,961	1,655,212
2025-07-02	$33.22	$29.00	26.1%	7.1%	21.6%	20.0%	25.4%	-3.4%	0.2%	208.0M	-6.96B	-22.2M	0.24	1.84	221,007	52,757	4,332,804	1,653,185
2025-07-03	$33.47	$29.50	26.0%	7.6%	21.5%	19.4%	26.6%	-2.6%	0.1%	256.8M	-7.40B	-22.3M	0.45	1.80	108,127	48,311	4,423,011	1,673,566
2025-07-07	$33.44	$30.00	27.2%	7.9%	18.4%	26.6%	28.1%	-3.2%	0.2%	228.4M	-7.25B	-21.9M	0.28	1.91	191,340	52,746	4,392,841	1,652,730
2025-07-08	$33.31	$30.00	26.0%	7.5%	18.2%	19.9%	27.2%	-2.8%	0.2%	213.4M	-7.16B	-21.8M	0.11	2.02	256,180	27,862	4,446,711	1,670,598
2025-07-09	$33.08	$30.00	25.0%	7.3%	17.0%	13.7%	27.2%	-2.8%	0.4%	201.3M	-6.83B	-21.7M	0.36	2.28	244,082	87,727	4,473,861	1,680,554
2025-07-10	$33.72	$30.00	28.7%	8.2%	18.3%	36.0%	28.5%	-4.5%	-0.1%	229.3M	-7.92B	-23.2M	0.30	2.27	442,816	130,661	4,589,691	1,765,592
2025-07-11	$35.02	$30.00	30.0%	8.6%	22.1%	43.9%	29.7%	-4.2%	-0.2%	277.3M	-9.92B	-23.6M	0.24	2.04	883,007	211,956	4,799,790	1,845,956
2025-07-14	$34.64	$31.00	26.9%	7.7%	22.7%	25.2%	26.7%	-3.1%	-0.5%	293.7M	-9.49B	-22.6M	0.29	6.41	687,504	200,244	4,959,424	1,930,792
2025-07-15	$34.30	$31.50	26.5%	7.6%	23.0%	22.6%	26.5%	-2.1%	-0.1%	259.0M	-8.30B	-23.1M	0.44	1.99	380,886	166,572	4,891,498	2,057,797
2025-07-16	$34.41	$32.00	27.3%	7.8%	23.0%	27.6%	26.9%	-2.6%	-0.1%	254.0M	-8.36B	-23.9M	0.15	1.99	473,358	70,955	4,909,321	2,151,022
2025-07-17	$34.64	$32.00	26.2%	7.5%	22.0%	21.0%	27.1%	-2.0%	0.2%	296.2M	-8.82B	-24.0M	0.46	2.84	269,740	124,158	4,950,891	2,163,485
2025-07-18	$34.66	$32.00	25.6%	7.3%	21.5%	17.4%	25.7%	-3.3%	0.2%	228.7M	-8.79B	-24.0M	0.37	2.08	318,839	118,681	5,034,116	2,225,556
2025-07-21	$35.41	$32.00	26.9%	7.6%	21.3%	24.8%	26.4%	-3.7%	0.0%	230.1M	-7.90B	-23.5M	0.24	1.86	366,956	86,734	4,139,044	1,662,700
2025-07-22	$35.70	$32.00	28.8%	8.3%	21.3%	36.7%	29.2%	-4.0%	-0.0%	229.9M	-8.26B	-23.9M	0.13	1.72	453,516	60,153	4,203,016	1,699,168
2025-07-23	$35.67	$32.00	27.3%	7.9%	20.7%	27.6%	28.1%	-3.6%	0.0%	255.0M	-8.31B	-24.3M	0.33	7.75	358,913	119,685	4,325,768	1,723,861
2025-07-24	$35.53	$32.00	26.5%	7.5%	20.7%	22.5%	27.7%	-3.1%	0.1%	257.1M	-8.08B	-24.6M	0.39	2.58	154,683	59,945	4,357,074	1,768,422
2025-07-25	$34.69	$32.00	24.5%	6.8%	22.8%	10.7%	24.3%	-2.4%	0.2%	195.8M	-6.75B	-24.6M	0.33	2.01	357,961	118,535	4,364,126	1,807,307
2025-07-28	$34.61	$32.00	24.7%	7.0%	21.1%	11.6%	25.4%	-1.6%	-0.1%	178.6M	-6.47B	-24.1M	0.58	1.70	173,538	100,970	4,224,249	1,683,835
2025-07-29	$34.64	$32.00	23.0%	6.4%	21.1%	1.7%	23.0%	-1.6%	-0.0%	192.5M	-6.59B	-23.0M	0.42	1.75	140,791	59,330	4,177,203	1,676,147
2025-07-30	$33.53	$32.00	23.5%	6.6%	24.6%	4.7%	23.3%	-1.4%	-0.4%	146.3M	-4.90B	-23.3M	0.40	2.34	293,246	116,338	4,212,274	1,710,344
2025-07-31	$33.33	$32.00	23.0%	6.4%	24.2%	1.5%	22.6%	-1.4%	-0.2%	148.6M	-4.69B	-23.4M	0.42	1.73	182,934	76,435	4,271,444	1,722,531