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SLV

iShares Silver TrustClose $59.01EOD only
Max Pain
$64.00
Next expiry Jun 10, 2026
Expected Move
±$1.69
2.9% from close
Price Gap
+4.99
Distance to max pain
IV Rank
42
Middle-high premium
P/C OI
0.54
Slightly call-heavy
Consensus
5.0/10
Bearish tilt
Published snapshot: Jun 9, 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
Jun 9, 2026 close
SLV Directional Report
Analysis based on market close June 9, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bearish bias short gamma + spot below MP; mixed flow + support limit downside. Event-driven OPEX this week.

Confidence:
6.5 / 10
Base5 +2 GEX/flow alignment -1 spot 7.8% below MP +0.5 VIX20 =6.5
Supports: Short gamma, spot below MP, trending gamma
Conflicts: Mixed flow, positive DEX, support at 54.76
📉Short gamma amplifies selloffs, watch 57.31
📍Max pain at $64 this week
🔄Mixed flow + VIX20 = uncertainty

Regime Classification

Vol Regime
High
IV high vs history; VIX20 supports
Gamma Regime
Trending
Short gamma -21.4M, trending regime
Flow Regime
Mixed
Net premium mixed, puts OI heavy
Spot vs Max Pain
Below
Spot 7.8% below $64 max pain
Thesis duration: Event-specific — Near-term OPEX 6/10-6/15 drives action

Price Range Forecast

Next 2 days
$57.31$60.70
OPEX pin risk
Next 1 week
$55.94$62.07
Wider range
Next 2 weeks
$54.76$63.26
Support/resistance

Key Levels

Max pain pins: $64 (2026-06-10); $68 (2026-06-12); $64 (2026-06-15)
EM guardrails: 2d $57.31/$60.70; 1w $55.94/$62.07
Support: $54.76
Resistance: $63.26 · $64.00
Gamma flip: ~$50.00 — Approx — based on put OI concentration of 46,422 (15.3% below spot)
Structural: Support 54.76; resistance 63.26,64.0; flip ~$50

Dealer Positioning (GEX/DEX)

GEX: $-21.4M

DEX: +229.0M shares

Gamma flip: ~$50 (Approx — based on put OI concentration of 46,422 (15.3% below spot))

NTM gamma: GEX -21.4M, DEX +229M, gamma flip ~$50

IV Analysis

IV vs VIX: SLV IV rich vs VIX due to OPEX

Term structure: Backwardation near OPEX

Skew: Put skew high; sell strangles

Flow Analysis

Net premium: Net premium -$120.8M, put/call vol ratio 0.86, net negative implies bearish flow.

Directional prints: 69.9 put 53 OTM 2026-06-12 — Vol/OI 96.8, IV 69.9%, extreme volume vs OI, likely bought puts for downside hedge or bearish speculation. 50.9 put 58 OTM 2026-06-10 — Vol/OI 23.8, IV 50.9%, elevated put volume near ATM, suggests protective buying or bearish positioning.

Unusual: 69.9 put 53 OTM 2026-06-12 — Vol/OI 96.8, IV 69.9%, extreme volume vs OI, likely bought puts for downside hedge or bearish speculation. 49.6 call 70 OTM 2026-07-10 — Vol/OI 35.2, IV 49.6%, low premium OTM call, unusual volume may indicate bullish bets or short gamma hedging.

Risks & Catalysts

!Pin to MP
!DEX buffer
!Mixed flow
!VIX drop

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadModerate-Weak
Buy 2026-06-26 $56.00/$54.00 put spread
Why now: Utilizes high put OI at 55-60 strikes; bearish flow supports downside.
Capped profit; support zone limits follow-through. Liquidity constraints: long_put: Open interest below 25.; short_put: Open interest below 25.
Long putWeak
Buy 2026-06-26 $56.00 put
Why now: Unusual put flow and bearish bias suggest downside continuation.
Time decay if spot holds; support at MP could stall decline. Liquidity constraints: long_put: Open interest below 25.

Top Plays

#1
Bear Put Spread
Buy 2026-06-26 $56.00/$54.00 put spread
Buy $56/$54 put spread to profit from downside with limited risk.
Why this play: Lower cost with defined risk suits event-driven OPEX week; bearish flow supports.
Debit: $0.42-$0.51
Max loss: $0.51
BE: $55.49
Mgmt: Exit at expiry or on target; stop loss if SLV > $63.26. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.; short_put: Open interest below 25.
Traders seeking defined risk bearish play.
#2
Long Put
Buy 2026-06-26 $56.00 put
Buy $56 put for leveraged bearish bet.
Why this play: Higher reward but unlimited risk; less suitable near OPEX due to gamma risk.
Debit: $1.17-$1.42
Max loss: $1.42
BE: $54.58
Mgmt: Monitor closely; consider rolling or taking profit early. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
Aggressive traders expecting sharp drop.

Watchlist Triggers

Entry Triggers
IFSLV spot price breaks below 54.76 support with volume → Buy SLV 2026-06-26 $56/$54 put spread at $0.42-$0.51
IFSLV spot price breaks below 54.76 support with strong momentum → Buy SLV 2026-06-26 $56 put at $1.17-$1.42
Exit Triggers
EXITSLV spot price rises above 63.26 resistance → Exit all SLV bearish positions

Tactical Summary

Bearish bias on SLV with OPEX week. Key support 54.76; invalidation at 63.26. Enter bear put spread or long put on breakdown; exit if resistance reclaimed.
How to Use These Reports
This directional reflects the market close on June 9, 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.