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SLV

iShares Silver TrustClose $79.35EOD only

Max Pain

$67.00

Next expiry May 15, 2026

Expected Move

±$3.11

3.9% from close

Price Gap

-12.35

Distance to max pain

IV Rank

High premium

P/C OI

0.53

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 13, 2026 close

End-of-day snapshot

This page reflects SLV options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 13, 2026 close

SLV Directional Report

Analysis based on market close May 14, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

Bullish bias supported by strong dealer gamma ($+320M GEX, +291M DEX), pinning above gamma flip at $70, bullish flow, and high vol regime. Spot ~$75 above max pain $68 (May15), targeting $80-$82 within 1-2 weeks. Confidence 8/10.

Confidence:

8 / 10

Base 5 (strong regime), +2 GEX/flow alignment, +1 GEX positive pinning, -1 spot 11% from MP (but MP lower so bullish), +1 VIX 17 (low vol supportive).

Supports: Strong GEX ($+320M), bullish flow, positive gamma pinning above $73.50, VIX 17 supportive, spot above gamma flip $70.
Conflicts: Spot 11% above max pain $68, potential pullback toward gamma flip if momentum stalls; high vol increases risk of reversal.

🟢GEX +$320M strong bullish pinning, spot well above gamma flip at $70

📈Flow bullish with high vol regime supporting continuation

⚠️Spot 11% above MP $68 - stretched but trend is up

🎯Resistance $80-$82 next target

Regime Classification

Vol Regime

High

IV is High, above typical range, indicating elevated premiums and potential for larger moves. VIX 17 suggests broader calm but SLV-specific vol driven by precious metals volatility.

Gamma Regime

Pinning

Gamma is Pinning: total GEX +$320M, positive gamma structure with flip at $70 (7.3% below spot). Dealer deltas add upward stability; spot likely gravitate toward high gamma levels near $73.50-$77.52.

Flow Regime

Bullish

Bullish flow with net premium positive, call volume dominating. P/C ratio likely below 1.0, consistent with upward bias.

Spot vs Max Pain

Above

Spot (~$75) is Above max pain pins ($68 May15, $75 May18, $74 May20). Being above pins suggests bullish sentiment, though 11% above nearest pin introduces mean-reversion risk.

Thesis duration: Multi-week — High vol, positive gamma, and bullish flow indicate a structural trend; next 1-2 weeks likely to target resistance $80-$82. Event risk from expiry tomorrow but overall multi-week.

Price Range Forecast

Next 2 days

$73.50$77.52

Pinning to $77.52 resistance; support at $73.50

Next 1 week

$71.43$79.59

Trend targets $80; EM guardrails $71.43/$79.59

Next 2 weeks

$69.02$82.01

Upside to $82; key support $69.02

Key Levels

Max pain pins: $68 (2026-05-15); $75 (2026-05-18); $74 (2026-05-20)

EM guardrails: 2d $73.50/$77.52; 1w $71.43/$79.59

Support: $70.00 · $69.02 · $68.00

Resistance: $80.00 · $82.01

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 60,879 (7.3% below spot)

Structural: Support: $70 (gamma flip), $68 (max pain May15), $69.02 (1w low). Resistance: $80 (round), $82.01 (2w high). EM guardrails 2d $73.50/$77.52, 1w $71.43/$79.59.

Dealer Positioning (GEX/DEX)

GEX: $+320.1M

DEX: +291.0M shares

Gamma flip: ~$70 (Approx — based on put OI concentration of 60,879 (7.3% below spot))

NTM gamma: Total GEX +$320.1M, DEX +291M shares. Gamma flip at $70. Positive gamma skew supports upward price action near ATM strikes.

IV Analysis

IV vs VIX: SLV IV is high relative to VIX 17, indicating elevated premium for precious metals volatility. Rich IV favors sellers but high vol regime supports long vol positions.

Term structure: Term structure shows elevated near-term IV with event risk from May15 expiry; curve may flatten post-expiry.

Skew: Skew is put-heavy given gamma flip; opportunity: selling put spreads below $70 or buying call spreads targeting $80-$82.

Flow Analysis

Net premium: Net premium $63M positive, P/C vol ratio 0.46, call-heavy bullish.

Directional prints: 65.6 call 100 OTM 2026-06-26 — Vol/OI 51x, aggressive new buying at OTM call; bought, bullish. 67.7 call 105 OTM 2026-06-26 — Vol/OI 23.5x, OTM call buying; bullish.

Unusual: 65.6 call 100 OTM 2026-06-26 — Vol/OI 51x, highly unusual OTM call volume; likely bought. 68.8 put 64 OTM 2026-05-18 — Vol/OI 29.8x, heavy ITM put volume; possibly hedging or bearish. 67.7 call 105 OTM 2026-06-26 — Vol/OI 23.5x, unusual OTM call buying; bullish.

Risks & Catalysts

!Spot retracement toward gamma flip $70 if momentum fades

!Expiry pin at $68 (May15) could cause volatility

!Broader precious metals selloff (e.g., silver) due to dollar strength

!High IV may compress post-expiry, hurting long vol positions

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Strong	Buy 2026-05-29 $75.00/$81.00 call spread Why now: Strong dealer GEX and bullish flow support upside.	Time decay if move delayed; spread width caps profit if rally exceeds 80.
Put credit spread	Moderate-Strong	Sell 2026-05-29 $72.00/$68.00 put spread Why now: Gamma support and bullish flow make downside unlikely.	If spot reverses below $73, losses limited to spread width.

Top Plays

Bull Call Spread

Buy 2026-05-29 $75.00/$81.00 call spread

Long call spread to capture upside move with defined risk.

Why this play: Strong dealer gamma and bullish flow support upside; OTM call spread targets $80+.

Debit: $1.85-$2.26

Max loss: $2.26

BE: $77.26

Mgmt: Exit at $81 or if spot breaks below $70.

Traders expecting continued rally within 2 weeks.

Put Credit Spread

Sell 2026-05-29 $72.00/$68.00 put spread

Short put spread to benefit from bullish sentiment and time decay.

Why this play: Downside protection from gamma support; premium collection with low risk.

Credit: $0.90-$1.10

Max loss: $2.90

BE: $70.90

Mgmt: Close at 50% max profit or if spot nears $70.

Traders wanting income with limited downside.

Watchlist Triggers

Entry Triggers

IFIF spot > $73.50 (2d EM mid) with bullish momentum AND spot holds above $70 gamma flip → THEN buy 2026-05-29 $75/$81 call spread (target $81, stop if spot < $70)

IFIF spot holds above $72 (above $70 gamma flip) for premium decay → THEN sell 2026-05-29 $72/$68 put spread (target 50% max profit ~$0.55, stop if spot < $70)

Exit Triggers

EXITIF spot closes below $70 gamma flip → THEN exit all positions immediately

EXITIF spot reaches $81 (2w high resistance) for call spread → THEN close bull call spread at profit

EXITIF put credit spread premium decays to 50% of max profit (~$0.55) → THEN close put credit spread

Tactical Summary

Bullish bias (dealer gamma $320M, bullish flow, spot $75 > max pain $68). Entry range ~$73.50-$75. Key support $70 gamma flip, resistance $80-$82. Preferred: bull call spread targeting $81, put credit spread for income if spot stays above $72. Invalidation if spot breaks $70. Confidence 8/10, duration 1-2 weeks.

How to Use These Reports

This directional reflects the market close on May 14, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.