thetaOwl
HomeOptionsSLVReports

SLV

iShares Silver TrustClose $58.91EOD only
Max Pain
$61.00
Next expiry Jun 24, 2026
Expected Move
±$1.60
2.7% from close
Price Gap
+2.09
Distance to max pain
IV Rank
4
Low premium
P/C OI
0.52
Slightly call-heavy
Consensus
4.5/10
Downside lean
Published snapshot: Jun 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
Jun 22, 2026 close
SLV Directional Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bearish. Spot below MP ($60) and gamma flip (~$50). High vol, trending gamma, GEX/flow aligned.

Confidence:
6.5 / 10
Base 5; +2 GEX/flow align; -1 spot-MP dist; +0.5 VIX.
Supports: GEX/flow align, trending gamma, high vol.
Conflicts: Spot far from MP, flow mixed, DEX long.
💎GEX/flow align supports bearish.
⚠️Spot below MP; pin risk.

Regime Classification

Vol Regime
High
IV high; VIX 19.5.
Gamma Regime
Trending
GEX -$54.5M negative gamma; trending.
Flow Regime
Mixed
Mixed but GEX/flow aligned.
Spot vs Max Pain
Below
Below MP ($60) and gamma flip ($50).
Thesis duration: Multi-week — Trending gamma, high vol; multi-week.

Price Range Forecast

Next 2 days
$54.41$57.04
Resistance $57, support $55.5; bias lower.
Next 1 week
$52.98$58.47
Approaching gamma flip $50.
Next 2 weeks
$51.29$60.17
Potential retest $50.

Key Levels

Max pain pins: $60 (2026-06-24); $63 (2026-06-26); $62 (2026-06-29)
EM guardrails: 2d $54.41/$57.04; 1w $52.98/$58.47
Support: $51.29
Resistance: $60.00 · $60.17
Gamma flip: ~$50.00 — Approx — based on put OI concentration of 45,282 (10.3% below spot)
Structural: Support $51.29 (gamma flip). Resistance $60 (MP), $60.17. Pins $60 (6/24), $63 (6/26), $62 (6/29).

Dealer Positioning (GEX/DEX)

GEX: $-54.5M

DEX: +178.7M shares

Gamma flip: ~$50 (Approx — based on put OI concentration of 45,282 (10.3% below spot))

NTM gamma: GEX -$54.5M, DEX +178.7M; gamma flip ~$50. Dealers negative gamma, long delta.

IV Analysis

IV vs VIX: SLV IV elevated vs VIX.

Term structure: Not available; assume backwardated.

Skew: Put skew up; bear put spreads.

Flow Analysis

Net premium: Net premium negative $66.4M with put/call volume ratio 0.72, indicating bearish bias from put buying and/or call selling.

Directional prints: 44.2 put 55.5 OTM 2026-07-17 — Vol 8979 vs OI 1016 (8.8x), suggests new bearish put positions. Likely bought for downside protection or speculation; preferred read: bearish flow. 44.1 put 48 OTM 2026-09-30 — Vol 2949 vs OI 372 (7.9x), long-dated put buying. Could be hedging or bearish bet; preferred read: bearish positioning. 45.2 call 57 OTM 2026-07-17 — Vol 2013 vs OI 417 (4.8x), likely call selling given net negative premium. Preferred read: bearish call sell flow.

Unusual: 53.5 put 53 OTM 2026-06-24 — Vol 2734 vs OI 180 (15.2x) – extreme volume relative to OI. Possibly opening put trade; could be bought or sold, but high vol suggests new bearish interest. 61.1 put 52 OTM 2026-06-26 — Vol 4980 vs OI 444 (11.2x) – very high volume for OTM put. Likely opening, indicating bearish short-term view. 47.7 call 58 OTM 2026-06-26 — Vol 1232 vs OI 131 (9.4x) – high vol OTM call. Could be call selling (bearish) or buying; premium received suggests sold.

Risks & Catalysts

!Spot may revert to MP.
!VIX spike risk.
!DEX long dampens downside.
!Gamma flip approximate.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadModerate
Buy 2026-07-24 $53.50/$50.00 put spread
Why now: Bearish flow + gamma flip downside. Spread limits cost and risk, aligns with multi-week duration.
If spot reverses above short strike, max loss limited to debit paid. Liquidity constraints: long_put: Wide spread (53%).
Long putModerate
Buy 2026-07-24 $53.00 put
Why now: High vol supports put premium capture. Downside momentum likely.
Time decay and vol crush if spot stays flat. Max loss is premium paid.

Top Plays

#1
Bear Put Spread on SLV
Buy 2026-07-24 $53.50/$50.00 put spread
Bearish view via put spread, cost-effective, targets $50.
Why this play: Highest probability with limited risk, aligns with bearish flow and gamma flip.
Debit: $0.59-$0.72
Max loss: $0.72
BE: $52.78
Mgmt: Exit if spot above $60 or near expiration. Liquidity warning: Liquidity constraints: long_put: Wide spread (53%).
Traders seeking capped risk with defined reward.
#2
Long Put on SLV
Buy 2026-07-24 $53.00 put
Downside speculation with unlimited profit potential.
Why this play: Direct bearish exposure with high vol, though higher premium cost.
Debit: $1.63-$1.99
Max loss: $1.99
BE: $51.01
Mgmt: Set stop-loss at premium loss threshold.
Aggressive traders expecting sharp drop.

Watchlist Triggers

Entry Triggers
IFSLV breaks below $51.29 → Buy $53.50/$50 bear put spread (debit 0.59-0.72)
IFSLV breaks below $51.29 → Buy $53 put (debit 1.63-1.99)
Exit Triggers
EXITSLV closes above $60 → Close bearish positions

Tactical Summary

Bearish bias, spot below MP ($60). Support $51.29, gamma flip $50. Prefer bear put spread ($53.50/$50) for limited risk; long put ($53) for aggressive. Invalidation above $60.
How to Use These Reports
This directional reflects the market close on June 23, 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.