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SLV

iShares Silver TrustClose $69.45EOD only
Max Pain
$70.00
Next expiry May 22, 2026
Expected Move
±$1.68
2.4% from close
Price Gap
+0.55
Distance to max pain
IV Rank
8
Low premium
P/C OI
0.52
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: May 21, 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 21, 2026 close
SLV Directional Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bullish SLV 2 weeks: flow/GEX/MP aligned, upside to $75.

Confidence:
9 / 10
Base5, +2 GEX/flow, +1 pin, +1 MP, +1 VIX=9
Supports: Flow, GEX, MP, VIX
Conflicts: High vol, far flip
🟢Bullish flow and GEX
⚠️High vol caution

Regime Classification

Vol Regime
High
High from macro/gamma pin.
Gamma Regime
Pinning
Positive, pinning $70 near-term; structural resistance above.
Flow Regime
Bullish
Bullish flow, low P/C.
Spot vs Max Pain
At
Spot at MP, stable.
Thesis duration: Event-specific — OPEX-driven within 2 weeks.

Price Range Forecast

Next 2 days
$67.77$71.12
Bias up to $71.12
Next 1 week
$66.10$72.79
Bias up to $72.79
Next 2 weeks
$63.82$75.08
Bias up to $75.08

Key Levels

Max pain pins: $70 (2026-05-22); $72 (2026-05-27); $70 (2026-05-29)
EM guardrails: 2d $67.77/$71.12; 1w $66.10/$72.79
Support: $63.82
Resistance: $70.00 · $75.00 · $75.08
Gamma flip: ~$50.00 — Approx — based on put OI concentration of 46,371 (28.0% below spot)
Structural: S $63.82, R $75/$75.08 (structural), $70 near-term pin (gamma), flip $50.

Dealer Positioning (GEX/DEX)

GEX: $+191.3M

DEX: +253.3M shares

Gamma flip: ~$50 (Approx — based on put OI concentration of 46,371 (28.0% below spot))

NTM gamma: Net +$191M GEX, +253M DEX, flip ~$50.

IV Analysis

IV vs VIX: IV high vs VIX.

Term structure: Front contango.

Skew: Skew favors calls.

Flow Analysis

Net premium: Net +35.8M, P/C vol 0.32 (bullish).

Directional prints: 47.5 call 69 ITM 2026-05-29 — 24.7x OI (46.4k vol vs 1.9k OI). Aggressive call buying. 47 call 68 ITM 2026-05-29 — 11.4x OI (44.9k vol vs 3.9k OI). Strong bullish.

Unusual: 47.5 call 69 ITM 2026-05-29 — Top vol/oi 24.7; call sweep. 47 call 68 ITM 2026-05-29 — Second vol/oi 11.4; heavy volume. 79.7 call 92 OTM 2026-05-27 — Vol/oi 7.6 at 79.7 IV; speculative OTM.

Risks & Catalysts

!Break $67.77
!VIX spike
!$70 failure

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Strong
Buy 2026-06-05 $70.00/$74.00 call spread
Why now: Flow bullish (P/C vol 0.32, large call buying). GEX positive near 70/72. Buy 70/74 call spread for ~$1.75 debit, max profit $2.25.
SLV fails to break $70; max loss limited to debit.
Put credit spreadModerate
Sell 2026-06-05 $67.00/$65.00 put spread
Why now: Put premiums elevated; IV ~50%. Sell 67 put, buy 65 put for ~$0.80 credit, max profit $0.80.
SLV drops below $67; max loss $1.20.
Bullish risk reversalModerate-Weak
Buy 2026-06-05 $72.00 call / sell 2026-06-05 $67.00 put
Why now: Low put premium; buy 72 call (ask 1.87), sell 67 put (bid 1.69) for net debit 0.18. Upside convexity.
Downside risk if SLV drops below 67, put assignment. Upside uncapped but cost small.

Top Plays

#1
Bull call spread 70/74
Buy 2026-06-05 $70.00/$74.00 call spread
Buy 70 call, sell 74 call, debit ~$1.75. Profits if SLV rises above $71.75.
Why this play: Directly aligns with bullish thesis and flow, capped upside at $74, defined risk.
Debit: $1.17-$1.42
Max loss: $1.42
BE: $71.42
Mgmt: Exit at 50% profit or at $74. Stop if SLV breaks $67.77.
Traders seeking leveraged upside with capped risk.
#2
Bullish risk reversal 72/67
Buy 2026-06-05 $72.00 call / sell 2026-06-05 $67.00 put
Buy 72 call, sell 67 put, net debit ~$0.18. Gains if SLV rallies above $72.18.
Why this play: Upside convexity with low cost, suits aggressive bullish view.
Debit: $0.07-$0.09
Max loss: $67.00
BE: $67.00
Mgmt: Manage put short if SLV falls below $67. Roll or close.
Aggressive traders expecting strong upward move.
#3
Put credit spread 67/65
Sell 2026-06-05 $67.00/$65.00 put spread
Sell 67 put, buy 65 put, credit ~$0.80. Max profit if SLV stays above $67.
Why this play: Collects premium with bullish bias, but limited upside; less aligned with thesis.
Credit: $0.58-$0.70
Max loss: $1.30
BE: $66.30
Mgmt: Close at 50% profit. Defend if SLV nears $67.
Defensive bulls preferring income over convexity.

Watchlist Triggers

Entry Triggers
IFSLV holds above $70 for 30 min → Buy 70/74 call spread (slv_bull_call_1) $1.30 debit
IFSLV breaks $70.50 with high call volume → Enter risk reversal (slv_rr_1) buy 72 call, sell 67 put $0.18 debit
IFSLV stays above $68 after dip → Sell 67/65 put spread (slv_put_credit_1) $0.65 credit
Exit Triggers
EXITSLV closes below $67.77 → Exit all bullish positions
EXITSLV reaches $75 and stalls → Take partial profits on bull call spread

Tactical Summary

Bullish SLV to $75 using flow/GEX alignment. Risk below $67.77. Prefer 70/74 call spread for defined upside; consider risk reversal for convexity or put credit spread for income. Manage stops at invalidation.
How to Use These Reports
This directional reflects the market close on May 21, 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.