This chart plots the live at-the-money straddle on MCX Silver options: the combined premium of the ATM Call and ATM Put at the same strike and expiry, sampled through the commodity session. It is the market's live price for silver movement, with direction stripped out.
MCX runs far longer than the equity market — the session extends to roughly 23:30 IST — so this chart stays live through the entire US trading day, when silver does most of its moving. Free and public, no login required.
Silver carries two identities at once: a monetary metal that trades with gold on real rates, the dollar and safe-haven demand, and an industrial metal exposed to solar, electronics and manufacturing cycles. Its implied volatility is structurally higher than gold's because both channels can move it — sometimes in the same direction at once.
That shows up on this chart as a straddle that runs richer and repricing that comes harder than the gold line under identical macro conditions. When the gold-silver ratio is moving fast, the silver straddle is usually where the action is concentrated.
Like gold, MCX silver embeds USD/INR: the contract is rupee-quoted while silver trades globally in dollars. Currency can reprice the straddle even on a day when international silver is unchanged.
The grammar is the same as any straddle line: falling premium is theta decay winning through a quiet session, rising premium is implied volatility expanding faster than decay removes it. The difference with silver is how fast the switch happens — silver moves in bursts, and the straddle line shows the repricing within minutes.
The catalysts are largely on the US clock: real yields, the dollar index, Fed communication, and industrial-demand data. That is why the most active stretch of this chart is often the Indian evening, after the equity indices have closed.
Watch the line against the plotted silver future. Premium expanding while the future is flat is a genuine volatility event; premium expanding while the future runs is mostly gamma and tends to unwind when the move settles.
MCX Silver options are options on the silver futures contract, so the reference level on this chart is the traded future rather than a spot fix — which is why the chart plots the future for MCX symbols instead of a synthetic cash level.
The main SILVER contract is quoted in rupees per kilogram with options on a ₹1,000 strike grid. The grid is wide relative to normal intraday movement, so the ATM strike rolls less often than on crude, and the straddle stays on one contract pair for long stretches.
MCX also lists smaller silver contracts. This chart tracks the main SILVER contract, which carries the best at-the-money quotes.
Free, no login · Symbols covered: NIFTY, BankNifty, FinNifty, MidcpNifty, Sensex, Bankex, Gold, Silver, Crude Oil, Natural Gas · Content last reviewed August 2026