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SLV

iShares Silver TrustClose $63.47EOD only

Max Pain

$63.00

Next expiry Jun 17, 2026

Expected Move

±$1.97

3.1% from close

Price Gap

-0.47

Distance to max pain

IV Rank

High premium

P/C OI

0.51

Slightly call-heavy

Consensus

5.5/10

Bullish tilt

Published snapshot: Jun 15, 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 15, 2026 close

SLV Directional Report

Analysis based on market close June 16, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

SLV is range-bound with a bullish pinning bias to $64 near-term, supported by positive dealer gamma and spot at max pain. High vol and mixed flow add choppiness, but gamma flip at $50 caps downside.

Confidence:

7 / 10

Base 5 adjusted: -1 GEX/flow contradict, +1 GEX positive, +1 spot near MP, +1 VIX 16 → 7/10.

Supports: Positive dealer gamma (+$115.2M), spot at max pain, VIX 16.
Conflicts: Mixed flow, high vol, conflicting max pain pins $64/$61.

📌Spot ~$63.4 near max pain $64 (6/17); strong pinning setup.

⚠️Mixed flow and high vol create choppiness; range likely holds.

Regime Classification

Vol Regime

High

High vol with VIX at 16.4; above-average IV for SLV driven by macro and expiration.

Gamma Regime

Pinning

Positive gamma +$115.2M, pinning near $50 flip and max pain $64/$61.

Flow Regime

Mixed

Mixed flow with neither strong bullish nor bearish premium; slight GEX/flow contradiction.

Spot vs Max Pain

Spot ~$63.4 at max pain for 6/17 and 6/18 expiries, reinforcing pinning.

Thesis duration: Event-specific — Near-term expiration on 6/17 and 6/18 with high gamma and dealer positivity favor pinning to strikes; mixed flow and high vol suggest range-bound choppiness.

Price Range Forecast

Next 2 days

$61.92$64.86

Pinning to $64 max pain, dealer gamma supports.

Next 1 week

$60.79$65.99

Mixed flow and high vol keep range; pinning $61-$64 zone.

Next 2 weeks

$59.54$67.24

Resistance at $67.24 and gamma flip $50 suggest downside if 2d range breaks.

Key Levels

Max pain pins: $64 (2026-06-17); $61 (2026-06-18); $64 (2026-06-22)

EM guardrails: 2d $61.92/$64.86; 1w $60.79/$65.99

Support: $59.54

Resistance: $63.50 · $65.50 · $67.24

Gamma flip: ~$50.00 — Approx — based on put OI concentration of 45,037 (21.1% below spot)

Structural: Max pain pins: $64 (6/17), $61 (6/18), $64 (6/22). EM guardrails: 2d $61.92/$64.86; 1w $60.79/$65.99. Support $59.54, resistance $63.5, $65.5, $67.24. Gamma flip ~$50.

Dealer Positioning (GEX/DEX)

GEX: $+115.2M

DEX: +228.2M shares

Gamma flip: ~$50 (Approx — based on put OI concentration of 45,037 (21.1% below spot))

NTM gamma: Dealer gamma +$115.2M, DEX +228.2M shares; gamma flip near $50 based on put OI concentration.

IV Analysis

IV vs VIX: SLV IV rich vs VIX 16.4, indicating ticker-specific vol premium.

Term structure: Term structure likely backwardated with expiration kinks on 6/17 and 6/18.

Skew: Put skew elevated due to put OI concentration; opportunity to sell puts if pinning holds.

Flow Analysis

Net premium: Net premium -$115M indicates net selling; put/call vol ratio 0.64 suggests call volume dominates.

Directional prints: 168.8 put 95 ITM 2026-06-18 — Vol/OI 147.9; aggressive put buying, bearish speculation. 42.6 call 64 OTM 2026-06-26 — Vol/OI 4.6; heavy call buying, bullish. 40.6 put 63 OTM 2026-06-17 — Vol/OI 5.1; OTM put buying, slight bearish hedge.

Unusual: 168.8 put 95 ITM 2026-06-18 — Extreme vol/OI 147.9, highly unusual. 196.9 put 97 ITM 2026-06-18 — Vol/OI 3.0, high IV, deep ITM put activity. 42.6 call 64 OTM 2026-06-26 — Vol/OI 4.6, significant call volume.

Risks & Catalysts

!Break below 2d range $61.92 triggers downside to $50 gamma flip.

!Unexpected macro spike increases already high vol.

!Failure to pin to $64 leads to reversion to $61 or lower.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate	Sell 2026-07-02 $61.00/$57.50 put spread Why now: High IV, net premium selling, call volume dominance. Put credit spread harvests premium with defined downside risk above $60 gamma flip.	Break below $61.92 triggers downside to $50 gamma flip.
Call diagonal	Moderate	Sell 2026-07-02 $67.00 call / buy 2026-07-17 $64.00 call Why now: High front-end vol (IV ~42%), back-month lower decay. Calendar profits if short-dated vol falls faster than long-dated vol.	Unexpected vol spike hurts long calendar; time decay works against back-month leg.

Top Plays

Premium Harvest with Bullish Bias

Sell 2026-07-02 $61.00/$57.50 put spread

Sell 61/57.5 put spread to collect premium, expecting SLV to stay above 60.00.

Why this play: Aligns with bullish pinning and net selling flow; defined risk above gamma flip.

Credit: $0.66-$0.80

Max loss: $2.70

BE: $60.20

Mgmt: Exit if SLV breaks below 59.54; take profit at 50% of credit.

Traders seeking high-probability income with clear invalidation.

Volatility Decay Play

Sell 2026-07-02 $67.00 call / buy 2026-07-17 $64.00 call

Sell front-month 67 call, buy back-month 64 call to profit from vol collapse.

Why this play: Captures high short-dated IV crush vs longer-dated; directionally neutral-bullish.

Debit: $1.68-$2.05

Max loss: $2.05

BE: Path-dependent

Mgmt: Monitor vol closely; adjust if front-month IV rises above back-month.

Traders expecting low near-term realized vol and slow drift higher.

Watchlist Triggers

Entry Triggers

IFIF SLV holds above $61.92 (2d low) and IV > 40% → THEN sell the 2026-07-02 61/57.5 put spread for 0.66-0.80 credit.

IFIF SLV trades between $63.50 and $64.86 and front-month IV > back-month IV → THEN enter the 2026-07-02 67 call / 2026-07-17 64 call diagonal for 1.68-2.05 debit.

Exit Triggers

EXITIF SLV breaks below $59.54 → THEN exit both put credit spread and call diagonal.

Tactical Summary

SLV range-bound with bullish pinning to $64. High IV favors premium selling. Deploy put credit spread (61/57.5) above $61.92 and call diagonal (sell 67C/buy 64C) near resistance. Invalidation at $59.54.

How to Use These Reports

This directional reflects the market close on June 16, 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.