SLV Options History — November 2025

In November 2025, SLV traded between $42.78 and $51.00. ATM implied volatility averaged 35.5%, placing in the 45.8% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded below realized volatility by 6.3% (HV 20d: 41.9%). Max pain ranged from $43.00 to $45.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 0.54.

Notable Days

  • 2025-11-12: Highest Volume — 1,347,203 contracts
  • 2025-11-28: Largest IV spike — 18.0% change
  • 2025-11-28: Highest IV Rank — 81.1%
  • 2025-11-28: Largest Expected Move — 13.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$45.97$42.78$51.00$43.75$51.00
Max Pain$43.32$43.00$45.00$45.00$43.00
ATM IV35.5%29.4%46.2%31.4%46.2%
Expected Move10.3%8.5%13.9%9.2%13.9%
HV 20d41.9%34.3%47.6%46.2%39.3%
HV 60d34.3%32.1%37.2%32.1%37.2%
IV Rank45.8%25.2%81.1%32.0%81.1%
IV Percentile91.1%79.8%98.0%85.7%98.0%
Term Structure-0.4%-1.3%0.5%0.2%-0.7%
VWIV37.4%30.9%48.2%33.6%48.2%
Skew 25d-4.7%-8.3%-2.8%-3.8%-8.3%
Skew 10d-9.0%-15.0%-5.3%-7.4%-15.0%
Call IV 25d39.1%31.6%52.5%34.5%52.5%
Put IV 25d34.4%28.6%44.2%30.7%44.2%
Bid-Ask Spread %5.883.5913.3313.334.64
Gamma HHI0.060.050.070.060.06
Net GEX208.4M124.1M268.6M161.0M253.8M
Net DEX-7.76B-14.24B-3.22B-4.60B-14.24B
Net VEX-39.5M-44.3M-34.5M-35.8M-44.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.540.300.890.460.31
Total Volume577,965.947303,1781,347,203386,487890,459
Total OI7,657,194.1587,210,1248,339,9027,210,1247,561,326

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$43.75$45.0031.4%9.2%46.2%32.0%33.6%-3.8%0.2%161.0M-4.60B-35.8M0.4613.33263,845122,6424,404,8012,805,323
2025-11-04$42.78$45.0030.4%9.0%46.4%28.8%32.3%-2.8%0.1%124.1M-3.22B-34.5M0.4913.08313,998155,2354,430,6202,788,195
2025-11-05$43.70$45.0030.0%8.8%45.8%27.2%31.4%-3.0%0.4%149.9M-4.48B-34.8M0.5813.16261,473150,6664,472,5702,853,367
2025-11-06$43.56$43.0029.4%8.5%45.8%25.2%31.9%-2.9%0.5%147.1M-4.28B-34.6M0.496.22202,795100,3834,469,2722,875,676
2025-11-07$43.86$43.0029.4%8.5%45.6%25.4%30.9%-3.2%0.2%180.4M-4.68B-35.0M0.745.97228,352167,9164,544,6952,917,442
2025-11-10$45.81$43.0034.1%9.8%45.8%41.0%35.6%-4.6%-0.0%216.7M-7.43B-36.5M0.344.75424,581146,0714,512,0452,876,749
2025-11-11$46.41$43.0034.1%9.8%46.0%41.0%35.6%-5.1%-0.1%247.6M-8.15B-36.3M0.494.04330,759163,4504,539,9692,894,109
2025-11-12$48.53$43.0039.6%11.3%47.1%59.3%39.9%-7.0%-0.3%248.8M-11.12B-37.7M0.303.591,032,758314,4454,610,7142,993,356
2025-11-13$47.53$43.0038.1%10.8%47.6%54.3%39.2%-4.9%-0.3%255.7M-10.10B-41.2M0.393.86518,136199,8764,863,6153,064,890
2025-11-14$46.03$43.0036.4%10.4%46.6%48.4%39.0%-5.5%-0.4%233.1M-7.99B-41.6M0.514.39493,212251,9484,989,0063,095,755
2025-11-17$45.39$43.0036.4%10.4%46.3%48.4%38.4%-4.4%-1.2%192.5M-6.95B-40.8M0.893.99268,428238,8284,992,4933,037,420
2025-11-18$46.11$43.0037.4%10.7%35.2%51.7%39.1%-5.1%-1.2%204.9M-8.11B-41.6M0.424.21271,712114,5404,964,9293,098,968
2025-11-19$46.39$43.0038.8%11.1%35.2%56.7%39.8%-5.7%-1.3%221.1M-8.67B-42.5M0.524.45422,582219,9825,059,4153,127,959
2025-11-20$45.84$43.0036.6%10.6%35.5%49.4%38.5%-4.7%-1.2%203.1M-7.84B-42.3M0.604.93331,869197,9505,085,0223,110,439
2025-11-21$45.20$43.0035.1%10.1%35.8%44.1%37.3%-3.8%-1.0%171.4M-7.21B-42.2M0.744.32321,524238,7725,180,6563,159,246
2025-11-24$46.63$43.0036.4%10.7%34.3%48.6%38.4%-4.7%-0.5%243.3M-8.61B-42.5M0.724.11344,284249,0624,648,2442,586,610
2025-11-25$46.59$43.0036.5%10.8%34.4%48.9%40.3%-4.5%-0.4%236.2M-8.62B-43.1M0.764.60196,395149,1424,755,2422,624,525
2025-11-26$48.39$43.0039.2%11.6%36.4%57.7%40.7%-5.6%-0.4%268.6M-11.07B-43.8M0.414.05486,117197,1664,800,2472,691,779
2025-11-28$51.00$43.0046.2%13.9%39.3%81.1%48.2%-8.3%-0.7%253.8M-14.24B-44.3M0.314.64682,283208,1764,854,0392,707,287