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SLV

iShares Silver TrustClose $66.90EOD only

Max Pain

$71.00

Next expiry May 20, 2026

Expected Move

±$1.73

2.6% from close

Price Gap

+4.10

Distance to max pain

IV Rank

Low premium

P/C OI

0.53

Slightly call-heavy

Consensus

5.0/10

Range bias

Published snapshot: May 19, 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 19, 2026 close

SLV Directional Report

Analysis based on market close May 19, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

SLV high vol, pinning near $71 MP, spot -5.8%. Mixed flow, dealer long gamma. Neutral-bullish lean to $68-71, but SPY decline and high vol risk downside.

Confidence:

4.5 / 10

Base5 -1+1-1+0.5=4.5

Supports: Dealer +$123M GEX, max pain $71, support $60.88.
Conflicts: Spot -5.8% from MP, mixed flow, SPY down 0.67%.

📌Gamma pinning near $71 MP despite distant spot; dealer long gamma dampens moves.

⚠️Spot 5.8% below MP and VIX 18; tail risk to downside if support fails.

Regime Classification

Vol Regime

High

VIX 18; SLV IV high relative to historical.

Gamma Regime

Pinning

Dealer long gamma +$123M; pinning near $71 MP.

Flow Regime

Mixed

Mixed; no dominant sentiment.

Spot vs Max Pain

Below

Spot -5.8% below $71 MP; gravitational pull upward.

Thesis duration: Event-specific — Near-term expiries May20/22/27 with MP $71/$74; gamma high.

Price Range Forecast

Next 2 days

$65.18$68.63

Support $65.18; resistance $68.63; bias to upside.

Next 1 week

$62.89$70.92

Wider $62.89-$70.92; focus on $71 MP.

Next 2 weeks

$60.88$72.93

Range $60.88-$72.93; gamma flip if break.

Key Levels

Max pain pins: $71 (2026-05-20); $71 (2026-05-22); $74 (2026-05-27)

EM guardrails: 2d $65.18/$68.63; 1w $62.89/$70.92

Support: $60.88

Resistance: $70.00 · $71.00 · $72.93

Structural: Support $60.88; resistance $70/$71/$72.93; EM 2d $65.18-$68.63; 1w $62.89-$70.92; MP $71 May20/22, $74 May27.

Dealer Positioning (GEX/DEX)

GEX: $+123.4M

DEX: +248.0M shares

Gamma flip: N/A

NTM gamma: Dealer net long gamma $+123.4M, delta long +248M shares; supports pinning near $71.

IV Analysis

IV vs VIX: SLV IV elevated vs VIX 18; event premium.

Term structure: Short-term backwardation due to near-term expiry.

Skew: Put skew rich; consider call spreads for upside.

Flow Analysis

Net premium: Net premium -$2.6M suggests bearish flow despite call volume dominance; put/call volume ratio 0.53.

Directional prints: 43.2 call 67.5 OTM 2026-05-20 — Vol/OI 31.2, likely bought; bullish. 50 call 67 OTM 2026-05-29 — Vol/OI 17.9, likely bought; bullish. 50.2 put 67 ITM 2026-05-29 — Vol/OI 9.7, likely bought; bearish/hedge.

Unusual: 43.2 call 67.5 OTM 2026-05-20 — Vol/OI 31.2, aggressive call buying. 50 call 67 OTM 2026-05-29 — Vol/OI 17.9, strong call activity. 50.8 call 67.5 OTM 2026-05-22 — Vol/OI 10.7, significant call volume.

Risks & Catalysts

!Broad market selloff

!Support break below $65

!Gamma flip if rally above $71

!Vol crush post-expiry

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate	Sell 2026-06-05 $63.50/$60.00 put spread Why now: High vol inflates premiums; dealer long gamma supports. Define risk.	SPY decline could push SLV below $68; max loss limited to width.
Call diagonal	Moderate	Sell 2026-06-05 $71.50 call / buy 2026-06-18 $70.50 call Why now: Vol skew steep; near-term rich. Profits from time decay if SLV stays range.	SLV spikes above strike erodes short; long call caps loss.
Iron condor	Moderate-Weak	Sell 2026-06-05 $63.50/$60.00 put wing and $71.50/$76.50 call wing Why now: SLV pinning near $71, high vol boosts premiums. Profit if stays in range.	Breakout beyond $70 or $72 causes loss; wings define risk.
Bull call spread	Moderate	Buy 2026-06-05 $69.50/$74.50 call spread Why now: Neutral-bullish lean from low spot and dealer gamma support.	SLV fails to rally; max loss is debit paid.

Top Plays

Bull Call Spread

Buy 2026-06-05 $69.50/$74.50 call spread

Limited-risk bullish bet targeting $69.50-$74.50.

Why this play: Aligns with neutral-bullish lean and bullish flow print.

Debit: $1.03-$1.26

Max loss: $1.26

BE: $70.76

Mgmt: Exit near $74.50 or if SLV breaks below $65.

Traders expecting modest upside.

Iron Condor

Sell 2026-06-05 $63.50/$60.00 put wing and $71.50/$76.50 call wing

Sell wings at $63.50/$60 put and $71.50/$76.50 call.

Why this play: Capitalizes on high vol and pinning near $71 for range profit.

Credit: $1.47-$1.80

Max loss: $3.20

BE: 61.70 / 73.30

Mgmt: Close if SLV nears either short strike.

Range-bound traders comfortable with high vol.

Call Diagonal

Sell 2026-06-05 $71.50 call / buy 2026-06-18 $70.50 call

Sell near-term $71.50 call, buy later $70.50 call.

Why this play: Exploits steep vol skew and time decay if SLV stays range.

Debit: $1.07-$1.31

Max loss: $1.31

BE: Path-dependent

Mgmt: Manage delta; roll if SLV moves sharply.

Traders expecting neutral price action with vol decay.

Watchlist Triggers

Entry Triggers

IFIF SLV holds above $68 and bounces from $65 support → THEN buy 2026-06-05 $69.50/$74.50 call spread (bull_call_spread_1)

IFIF SLV trades between $65 and $70 for 1-2 days → THEN sell 2026-06-05 $63.50/$60 put wing and $71.50/$76.50 call wing (iron_condor_1)

Exit Triggers

EXITIF SLV breaks below $65 or reaches $74.50 → THEN close bull call spread

EXITIF SLV nears $63.50 or $71.50 → THEN close iron condor

Tactical Summary

Neutral-bullish bias with downside risk. Key support $60.88, resistance $70-71. High vol favors defined-risk plays. Top plays: bull call spread if bounce; iron condor if range; call diagonal if neutral. Manage stops at $65 and $60.88.

How to Use These Reports

This directional reflects the market close on May 19, 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.