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SLV

iShares Silver TrustClose $68.36EOD only

Max Pain

$71.00

Next expiry May 27, 2026

Expected Move

±$2.52

3.7% from close

Price Gap

+2.64

Distance to max pain

IV Rank

Low premium

P/C OI

0.52

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 22, 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 22, 2026 close

SLV Directional Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias with strong dealer gamma pinning near $70 MP. High vol caps upside, but flow confirms direction. Break above $70 opens path to $75 resistance.

Confidence:

9 / 10

Base 5; +2 GEX/flow aligned; +1 positive GEX pinning; +1 spot near MP; +1 low VIX.

Supports: Strong dealer gamma (+$224.6M GEX), bullish flow, spot at MP $70.
Conflicts: High vol regime, resistance at $70, gamma flip far at $50.

🟢Spot at MP $70 with strong gamma pinning — expect tight range near strike.

⚠️High vol regime limits upside; breakout above $70 needed for trend.

Regime Classification

Vol Regime

High

Elevated IV consistent with high vol regime — above typical range.

Gamma Regime

Pinning

Strong positive GEX (+$224.6M) creates pinning; gamma flip far at ~$50.

Flow Regime

Bullish

Bullish net premium flow aligns with dealer positioning.

Spot vs Max Pain

Spot at MP $70, pinning forces into expiration.

Thesis duration: Multi-week — Two-week range with structural support/resistance levels; but also event-specific expiries.

Price Range Forecast

Next 2 days

$68.23$71.22

Pinned near $70 MP; range $68.23-$71.22.

Next 1 week

$66.69$72.75

Break above $70 targets resistance $72.75.

Next 2 weeks

$64.06$75.38

Structural resistance at $75; support $64.06.

Key Levels

Max pain pins: $70 (2026-05-27); $69 (2026-05-29); $68 (2026-06-01)

EM guardrails: 2d $68.23/$71.22; 1w $66.69/$72.75

Support: $64.06

Resistance: $70.00 · $75.00 · $75.38

Gamma flip: ~$50.00 — Approx — based on put OI concentration of 46,378 (28.3% below spot)

Structural: Support: $64.06 (2w low). Resistance: $70 (max pain), $75 (structural). Guardrails: 2d $68.23/$71.22; 1w $66.69/$72.75.

Dealer Positioning (GEX/DEX)

GEX: $+224.6M

DEX: +248.1M shares

Gamma flip: ~$50 (Approx — based on put OI concentration of 46,378 (28.3% below spot))

NTM gamma: GEX +$224.6M, strongly positive. Gamma flip near $50 based on put OI concentration (28.3% below spot).

IV Analysis

IV vs VIX: SLV IV is elevated relative to VIX 17, reflecting high vol regime — may compress if spot action stabilizes.

Term structure: Contango expected; event kinks near weekly expiries (May 27, 29, Jun 1). Front-end IV elevated.

Skew: Put skew elevated; consider selling puts below support for theta decay.

Flow Analysis

Net premium: Net +$21.3M, P/C vol ratio 0.36: strong bullish flow.

Directional prints: 46.2 call 69 ITM 2026-06-05 — Vol/OI 11.8x; likely bought as bullish directional bet; preferred read: bought. 35.8 call 69 ITM 2026-05-27 — Vol/OI 11.1x; heavy buying suggests bullish sentiment; preferred read: bought. 37.1 call 70.5 OTM 2026-05-27 — Vol/OI 3.6x; moderate buying as bullish speculation; preferred read: bought.

Unusual: 85.9 call 96 OTM 2026-06-01 — Vol/OI 6.7x, far OTM with high IV; likely sold for premium; preferred read: sold. 88.3 call 105 OTM 2026-06-05 — Vol/OI 6.3x, ultra far OTM; likely sold as premium harvest; preferred read: sold. 44.5 put 61 OTM 2026-12-31 — Vol/OI 4.3x, long-dated put; possibly hedging downside; preferred read: bought.

Risks & Catalysts

!Break below $68.23 guardrail could trigger dealer hedging.

!High vol regime may persist, expanding divergence from VIX.

!Gamma flip at $50 far away, but if spot drops sharply, dealer reactions change.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-26 $70.50/$76.50 call spread Why now: Strong bullish flow and dealer gamma pinning near $70, high vol premium reasonable for debit spread.	Max loss if SLV stays below short strike, time decay negative but mitigated by longer DTE.
Bullish risk reversal	Moderate-Weak	Buy 2026-06-26 $73.50 call / sell 2026-06-26 $63.00 put Why now: Net bullish flow and unusual call buying suggest strong directional conviction, risk reversal captures upside with lower cost.	Unlimited upside risk on long call, but short put exposes to downside if SLV drops sharply; protect with stop on put side. Liquidity constraints: long_call: Volume below 5.
Put credit spread	Moderate	Sell 2026-06-26 $64.50/$59.00 put spread Why now: Bullish flow and dealer gamma near $70 suggest downside limited, premium collection with defined risk.	Max loss if spot drops below short strike, but high vol inflates premium making it attractive.

Top Plays

Bull Call Spread

Buy 2026-06-26 $70.50/$76.50 call spread

Buy $70.50/$76.50 call spread to capture upside with high vol premium making entry reasonable.

Why this play: Strong bullish flow and dealer gamma pinning near $70 make this debit spread cost-efficient with defined risk.

Debit: $1.60-$1.96

Max loss: $1.96

BE: $72.46

Mgmt: Close if spot breaks below $68.23; target $76.50.

Traders seeking directional upside with limited risk.

Bullish Risk Reversal

Buy 2026-06-26 $73.50 call / sell 2026-06-26 $63.00 put

Buy $73.50 call, sell $63.00 put to finance upside with defined downside risk.

Why this play: Unusual call buying suggests strong conviction; risk reversal captures unlimited upside at lower cost.

Debit: $1.15-$1.41

Max loss: $63.00

BE: $63.00

Mgmt: Monitor closely; liquidity fail so adjust if needed. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Aggressive traders expecting a sustained rally.

Put Credit Spread

Sell 2026-06-26 $64.50/$59.00 put spread

Sell $64.50/$59.00 put spread to collect premium while maintaining bullish view.

Why this play: Bullish flow and gamma near $70 limit downside; premium collection with defined risk.

Credit: $0.95-$1.16

Max loss: $4.34

BE: $63.34

Mgmt: Roll if spot approaches $64.50; holds well above $70.

Income-focused traders with moderate bullish outlook.

Watchlist Triggers

Entry Triggers

IFSLV spot breaks and holds above $70 → Buy 2026-06-26 $70.50/$76.50 call spread ($1.60-$1.96)

IFSLV spot pulls back to $68.23 and holds → Sell 2026-06-26 $64.50/$59.00 put spread ($0.95-$1.16)

IFSLV spot climbs above $72.75 (aggressive) → Buy 2026-06-26 $73.50 call and sell $63.00 put

Exit Triggers

EXITSLV spot closes below $68.23 → Close all bullish positions

Tactical Summary

Bullish bias, dealer gamma pins $70; breakout opens $75. Guardrail $68.23, invalidation $64.06. Prefer bull call on breakout or put credit on pullback. Risk reversal for aggressive above $72.75.

How to Use These Reports

This directional reflects the market close on May 26, 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.