Core Viewpoint - The article discusses the recent explosive rise in silver prices and the implications for silver options trading, highlighting the extreme volatility and potential signals for market peaks. Group 1: Silver Market Overview - The Shanghai Futures Exchange silver futures have seen a significant increase of over 53% in the past month, indicating a strong bullish trend in the silver market [4]. - The implied volatility (IV) of the main silver options contract has reached over 80%, marking the highest level observed in recent trading history [6]. Group 2: Peak Signals in Silver Trading - The article identifies two key signals that may indicate a peak in the current silver price surge: 1. A "limit-up" scenario in silver futures without a corresponding price correction in domestic and international markets could signal the end of the current bullish phase [10]. 2. A scenario where long positions begin to liquidate, leading to a "limit-down" in silver prices, would suggest a shift in market sentiment and the potential end of the bullish trend [11]. Group 3: Implications for Options Trading - The first peak signal is likely to correspond with an implied volatility exceeding 100%, driven by forced liquidations leading to extreme price movements [12]. - The second peak signal would likely result in a significant drop in implied volatility as the bullish sentiment dissipates, indicating a potential shift to a range-bound market [12].