SLV Options History — September 2025

In September 2025, SLV traded between $36.95 and $42.53. ATM implied volatility averaged 26.6%, placing in the 27.2% IV rank vs the trailing year. The 30-day expected move averaged 7.6%. IV traded above realized volatility by 6.0% (HV 20d: 20.5%). Max pain ranged from $32.00 to $34.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 0.32.

Notable Days

  • 2025-09-26: Highest Volume — 1,133,504 contracts
  • 2025-09-22: Largest IV spike — 13.5% change
  • 2025-09-29: Highest IV Rank — 55.4%
  • 2025-09-29: Largest Expected Move — 9.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$38.87$36.95$42.53$37.14$42.31
Max Pain$32.76$32.00$34.00$32.00$34.00
ATM IV26.6%23.3%31.5%27.5%29.9%
Expected Move7.6%6.7%9.2%7.8%8.7%
HV 20d20.5%18.7%22.8%20.3%21.9%
HV 60d21.1%20.2%22.2%21.0%22.2%
IV Rank27.2%8.4%55.4%32.5%46.3%
IV Percentile45.6%6.3%84.5%59.5%81.0%
Term Structure0.1%-0.1%0.4%-0.0%-0.1%
VWIV27.1%23.0%32.3%27.8%30.9%
Skew 25d-3.3%-4.7%-2.2%-3.1%-3.7%
Skew 10d-6.1%-10.7%-4.2%-6.3%-5.5%
Call IV 25d28.8%25.2%34.4%30.3%32.4%
Put IV 25d25.5%22.3%30.5%27.2%28.7%
Bid-Ask Spread %2.391.747.052.132.52
Gamma HHI0.100.060.380.080.06
Net GEX295.0M250.6M523.6M272.4M259.7M
Net DEX-10.37B-13.47B-8.77B-9.41B-13.13B
Net VEX-23.9M-27.0M-22.0M-23.1M-27.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.320.160.920.240.37
Total Volume646,736.429251,4591,133,504608,7441,070,018
Total OI6,144,402.1435,685,2216,693,8015,685,2216,693,801

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$37.14$32.0027.5%7.8%20.3%32.5%27.8%-3.1%-0.0%272.4M-9.41B-23.1M0.242.13491,177117,5674,118,3641,566,857
2025-09-03$37.31$32.0027.9%7.9%20.2%34.9%27.8%-3.0%0.0%275.2M-9.63B-23.4M0.212.50472,294101,0374,202,9831,621,512
2025-09-04$36.95$32.0025.4%7.4%20.8%20.9%26.5%-2.2%0.1%281.9M-8.81B-23.1M0.277.05670,870184,4134,199,7751,626,263
2025-09-05$37.20$32.0024.8%7.2%20.6%17.4%26.1%-2.6%-0.0%273.4M-8.97B-22.8M0.212.31367,61078,4304,183,1371,719,480
2025-09-08$37.48$32.0025.7%7.4%20.7%22.3%26.7%-2.7%0.1%293.9M-9.10B-22.0M0.192.15409,48079,0824,127,8441,726,914
2025-09-09$37.16$32.0024.2%7.0%19.7%13.6%25.8%-2.8%0.3%270.4M-8.77B-22.2M0.302.15304,76292,2464,221,9321,763,973
2025-09-10$37.33$32.0023.9%6.9%19.7%12.3%23.0%-2.7%0.1%288.4M-9.09B-22.3M0.372.03251,78093,9444,297,7231,819,781
2025-09-11$37.80$32.0024.6%7.1%19.4%16.3%25.3%-2.5%0.2%277.5M-9.71B-22.2M0.181.85337,21661,3284,323,0871,849,875
2025-09-12$38.31$32.0025.5%7.4%18.7%21.1%24.7%-3.5%0.1%315.7M-10.49B-22.5M0.261.99453,232119,8124,410,0871,870,293
2025-09-15$38.78$32.0026.8%7.7%18.7%28.7%26.6%-3.9%0.0%287.8M-10.89B-22.4M0.381.79457,535175,2544,368,2071,814,346
2025-09-16$38.64$32.0025.2%7.2%18.9%19.3%25.4%-3.4%0.2%292.2M-10.63B-22.6M0.301.82465,378138,4304,423,8991,906,351
2025-09-17$37.72$33.0024.3%7.0%19.8%14.7%25.0%-3.5%-0.0%250.6M-9.18B-22.9M0.472.77330,395155,7634,437,5721,993,336
2025-09-18$37.94$33.0023.3%6.7%19.3%8.4%23.3%-2.9%0.1%273.0M-9.63B-22.6M0.921.97130,792120,6674,471,7722,011,470
2025-09-19$39.00$33.0025.1%7.2%20.9%18.7%25.6%-3.5%0.0%523.6M-11.19B-22.5M0.163.12950,752150,1274,484,3492,101,221
2025-09-22$40.02$33.5028.5%8.1%21.4%38.0%29.8%-4.7%0.3%316.8M-10.48B-25.3M0.171.99757,994127,2644,085,6991,606,998
2025-09-23$39.95$34.0027.4%7.8%21.0%32.1%28.0%-4.0%0.3%279.7M-10.49B-26.6M0.251.74383,17895,7594,265,4931,652,803
2025-09-24$39.80$34.0026.9%7.6%21.1%28.9%27.9%-3.6%0.4%271.8M-10.24B-27.0M0.361.86358,053130,3834,344,5281,713,473
2025-09-25$41.00$34.0029.4%8.5%22.4%43.6%29.6%-3.9%0.2%272.7M-11.60B-26.7M0.432.56542,932233,7104,346,4551,749,581
2025-09-26$41.84$33.5029.6%8.5%22.8%44.8%30.2%-3.5%0.3%277.3M-12.95B-26.3M0.401.93812,479321,0254,507,3241,888,904
2025-09-29$42.53$34.0031.5%9.2%22.6%55.4%32.3%-3.9%0.1%340.9M-13.47B-26.8M0.281.86768,587218,7104,596,5171,918,466
2025-09-30$42.31$34.0029.9%8.7%21.9%46.3%30.9%-3.7%-0.1%259.7M-13.13B-27.0M0.372.52779,630290,3884,683,7732,010,028