SLV Options History — December 2025

In December 2025, SLV traded between $51.67 and $71.03. ATM implied volatility averaged 49.9%, placing in the 80.7% IV rank vs the trailing year. The 30-day expected move averaged 14.7%. IV traded above realized volatility by 8.6% (HV 20d: 41.3%). Max pain ranged from $39.00 to $50.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 0.58.

Notable Days

2025-12-26: Highest Volume — 3,070,051 contracts
2025-12-26: Largest IV spike — 33.3% change
2025-12-23: Highest IV Rank — 100.0%
2025-12-26: Largest Expected Move — 22.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$59.10	$51.67	$71.03	$52.81	$64.60
Max Pain	$44.30	$39.00	$50.00	$43.00	$50.00
ATM IV	49.9%	38.3%	74.0%	50.7%	65.2%
Expected Move	14.7%	11.1%	22.5%	15.7%	19.8%
HV 20d	41.3%	36.3%	61.3%	40.2%	61.3%
HV 60d	40.5%	37.6%	49.6%	37.7%	49.6%
IV Rank	80.7%	54.8%	100.0%	96.1%	83.2%
IV Percentile	97.3%	92.5%	100.0%	99.6%	99.2%
Term Structure	-0.2%	-1.8%	0.6%	-0.1%	-1.2%
VWIV	51.9%	38.3%	77.9%	54.1%	70.1%
Skew 25d	-6.4%	-9.5%	-3.7%	-9.3%	-8.6%
Skew 10d	-10.2%	-16.4%	-4.8%	-10.8%	-13.8%
Call IV 25d	54.6%	41.9%	79.0%	57.1%	71.9%
Put IV 25d	48.2%	36.6%	72.9%	47.8%	63.3%
Bid-Ask Spread %	3.08	2.08	5.46	3.22	5.46
Gamma HHI	0.06	0.04	0.12	0.06	0.04
Net GEX	249.9M	124.3M	357.5M	241.1M	124.3M
Net DEX	-20.35B	-28.89B	-14.14B	-15.80B	-20.88B
Net VEX	-48.4M	-58.4M	-41.2M	-43.8M	-58.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.58	0.35	0.92	0.40	0.71
Total Volume	1,257,641.5	446,274	3,070,051	1,423,706	2,051,986
Total OI	8,684,167.409	7,512,810	9,757,777	7,512,810	9,757,777

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
2025-12-01	$52.81	$43.00	50.7%	15.7%	40.2%	96.1%	54.1%	-9.3%	-0.1%	241.1M	-15.80B	-43.8M	0.40	3.22	1,018,272	405,434	4,801,069	2,711,741
2025-12-02	$53.15	$44.00	46.2%	14.2%	39.7%	81.0%	49.1%	-7.2%	-0.3%	252.8M	-16.09B	-43.7M	0.57	3.80	465,487	264,787	4,911,849	2,854,014
2025-12-03	$53.02	$44.00	42.3%	12.9%	38.2%	68.0%	45.9%	-5.9%	0.2%	357.5M	-16.09B	-43.9M	0.53	3.62	477,775	251,328	5,034,636	2,966,678
2025-12-04	$51.67	$39.00	38.3%	11.1%	40.0%	54.8%	38.8%	-5.3%	0.4%	247.0M	-14.14B	-43.5M	0.40	2.87	735,029	295,665	5,054,985	2,994,954
2025-12-05	$52.91	$40.00	38.8%	11.3%	40.1%	56.4%	40.1%	-5.5%	0.6%	285.0M	-15.19B	-41.2M	0.44	2.85	725,031	318,392	4,957,825	3,136,736
2025-12-08	$52.70	$40.00	38.6%	11.2%	40.4%	55.9%	38.3%	-6.5%	0.2%	232.5M	-14.32B	-41.3M	0.88	2.57	297,669	261,135	4,853,030	3,078,887
2025-12-09	$55.00	$40.00	43.6%	12.7%	40.3%	72.5%	43.8%	-7.3%	0.3%	240.8M	-16.99B	-42.2M	0.35	2.60	1,178,703	415,288	4,871,827	3,152,696
2025-12-10	$56.08	$42.00	44.0%	12.7%	40.5%	73.7%	44.3%	-6.6%	0.4%	298.3M	-19.51B	-47.7M	0.50	2.61	632,853	314,462	5,370,903	3,386,742
2025-12-11	$57.52	$42.00	44.0%	12.7%	38.8%	73.9%	45.2%	-5.6%	0.0%	296.0M	-21.12B	-47.7M	0.47	2.62	935,599	443,051	5,424,119	3,419,526
2025-12-12	$56.05	$43.00	43.9%	12.6%	39.4%	73.3%	44.7%	-6.2%	0.3%	227.3M	-18.96B	-50.0M	0.65	2.79	864,129	558,860	5,563,424	3,655,920
2025-12-15	$57.91	$43.50	46.8%	13.4%	37.2%	83.0%	48.8%	-6.5%	-0.5%	268.4M	-20.72B	-49.5M	0.60	2.40	494,274	299,043	5,521,871	3,614,482
2025-12-16	$57.84	$43.50	44.8%	12.9%	36.3%	76.6%	47.1%	-5.6%	-0.2%	250.6M	-20.55B	-49.5M	0.53	2.84	291,485	154,789	5,541,745	3,636,051
2025-12-17	$60.25	$44.00	49.5%	14.2%	37.7%	92.0%	50.3%	-6.9%	-0.7%	290.7M	-23.58B	-49.5M	0.46	2.89	1,015,220	470,794	5,626,093	3,694,732
2025-12-18	$59.34	$45.00	47.9%	13.7%	39.0%	86.7%	49.0%	-5.6%	-0.1%	251.3M	-22.07B	-50.6M	0.48	2.08	457,695	221,963	5,682,342	3,769,261
2025-12-19	$60.91	$45.00	47.0%	13.5%	38.2%	83.7%	48.0%	-4.5%	0.0%	315.2M	-24.49B	-50.3M	0.57	2.41	603,659	341,694	5,816,346	3,843,559
2025-12-22	$62.36	$46.00	49.7%	14.3%	36.8%	92.7%	50.5%	-5.3%	0.2%	267.1M	-21.55B	-49.7M	0.51	2.09	622,419	318,208	5,061,382	3,184,292
2025-12-23	$64.63	$46.00	54.0%	15.6%	37.1%	100.0%	55.0%	-3.7%	-0.0%	247.4M	-23.53B	-50.3M	0.71	2.37	673,054	476,499	5,108,754	3,225,191
2025-12-24	$65.30	$47.00	55.5%	16.1%	36.6%	100.0%	57.0%	-4.1%	0.2%	255.5M	-24.04B	-51.8M	0.92	3.44	467,613	429,278	5,218,085	3,446,880
2025-12-26	$71.03	$47.50	74.0%	22.5%	43.2%	100.0%	77.9%	-6.2%	-1.8%	183.3M	-28.89B	-51.0M	0.83	2.94	1,681,389	1,388,662	5,228,207	3,459,342
2025-12-29	$65.94	$50.00	64.4%	19.9%	52.7%	81.6%	70.5%	-9.1%	-1.0%	136.3M	-22.45B	-54.0M	0.72	5.29	1,413,255	1,022,178	5,335,077	3,718,838
2025-12-30	$69.27	$50.00	68.8%	20.7%	53.7%	90.1%	73.0%	-9.5%	-1.5%	229.6M	-26.75B	-54.5M	0.54	4.09	1,245,780	668,227	5,581,777	3,778,038
2025-12-31	$64.60	$50.00	65.2%	19.8%	61.3%	83.2%	70.1%	-8.6%	-1.2%	124.3M	-20.88B	-58.4M	0.71	5.46	1,196,662	855,324	5,771,858	3,985,919