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SLV

iShares Silver TrustClose $51.78EOD only

Max Pain

$62.00

Next expiry Jun 26, 2026

Expected Move

±$2.05

4.0% from close

Price Gap

+10.22

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.51

Slightly call-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Jun 24, 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 24, 2026 close

SLV Directional Report

Analysis based on market close June 25, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias supported by dealer short gamma and trending regime, but spot far below max pain and high vol warrant caution.

Confidence:

6.5 / 10

Base 5 from regime/flow; +2 from GEX/flow aligned; -1 from spot 8.1% below MP; +0.5 from SLV IV at 94th percentile support.

Supports: Negative dealer gamma, trending gamma regime, positive DEX, SLV IV elevated.
Conflicts: Spot far below max pain, mixed flow, high vol regime.

📈Dealer short gamma suggests acceleration on breakouts

⚠️Spot 8% below $57 max pain, potential pinning

💹SLV IV at 94th percentile supports elevated premiums

Regime Classification

Vol Regime

High

Vol is High relative to historical; SLV IV at 53.8 (94th percentile) vs 30-day median of 38.

Gamma Regime

Trending

Gamma regime is Trending with negative net GEX (-$28.5M), indicating dealer hedging amplifies moves.

Flow Regime

Mixed

Flow is Mixed; net premium context unclear, P/C ratio not provided but overall mixed.

Spot vs Max Pain

Below

Spot is below max pain ($57) by ~8.1%, suggesting near-term pinning resistance.

Thesis duration: Multi-week — Regime classification (High vol, Trending gamma, Below MP) supports a multi-week directional thesis as spot rebalances toward equilibrium.

Price Range Forecast

Next 2 days

$50.96$53.76

Dealer gamma supports short-term upside, but watch $53.76 resistance.

Next 1 week

$50.02$54.71

Trending gamma and negative GEX favor continuation toward $54.71.

Next 2 weeks

$48.15$56.58

Potential pinning to max pain $55-57, range high $56.58.

Key Levels

Max pain pins: $57 (2026-06-26); $55 (2026-06-29); $57 (2026-06-30)

EM guardrails: 2d $50.96/$53.76; 1w $50.02/$54.71

Support: $50.00 · $48.15

Resistance: $56.58 · $57.00

Gamma flip: ~$50.00 — Approx — based on put OI concentration of 45,685 (4.5% below spot)

Structural: Key supports $50.00 (gamma flip) and $48.15; resistance at $56.58 and $57.00 (max pain). EM guardrails: 2d $50.96-$53.76, 1w $50.02-$54.71.

Dealer Positioning (GEX/DEX)

GEX: $-28.5M

DEX: +187.9M shares

Gamma flip: ~$50 (Approx — based on put OI concentration of 45,685 (4.5% below spot))

NTM gamma: Dealer positioning: net gamma -$28.5M (short gamma), gamma flip at ~$50 based on put OI concentration. Long delta +187.9M shares. Short gamma implies dealer hedging adds momentum.

IV Analysis

IV vs VIX: SLV IV at 53.8 is elevated relative to its own history (94th percentile), reflecting high silver-specific vol.

Term structure: Term structure likely in contango, with near-term IV higher due to event uncertainty (max pain expiration).

Skew: Put skew is slightly elevated; consider long put spreads for downside protection.

Flow Analysis

Net premium: Net -$243M bearish premium; put/call vol ratio 0.87 (slightly call-biased) but premium skews bearish.

Directional prints: 53.5 put 45 OTM 2026-07-31 — Vol 11239 vs OI 1879 (6x). Possible bought puts for downside. Preferred: bought. 51.7 call 62.5 OTM 2026-07-24 — Vol 4838 vs OI 290 (16.7x). Likely bought calls bullish. Preferred: bought.

Unusual: 51.7 call 62.5 OTM 2026-07-24 — Extreme vol/OI 16.7x. Unusual call activity. 49.5 call 53 OTM 2026-07-17 — Vol 8528 vs OI 797, 10.7x. Unusual call flow. 49.6 put 50.5 OTM 2026-07-17 — Vol 6177 vs OI 802, 7.7x. Unusual put activity.

Risks & Catalysts

!Spot far below max pain increases pinning risk.

!High vol regime could lead to sharp reversals.

!Negative gamma may amplify sell-offs below $50.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-07-31 $55.00/$60.50 call spread Why now: Dealer short gamma and trending bias support upside, defined risk	Max loss if SLV declines below long strike
Put credit spread	Moderate-Strong	Sell 2026-07-31 $50.00/$45.00 put spread Why now: Put credit spreads benefit from stability or upward move, high IV boosts premium	Max loss if SLV drops below short put strike
Long call	Moderate-Strong	Buy 2026-07-31 $56.50 call Why now: Trending regime and bullish flow support call purchases	Time decay and volatility crush if flat

Top Plays

Bull Call Spread

Buy 2026-07-31 $55.00/$60.50 call spread

Buy $55/$60.5 call spread to capture upside while limiting cost.

Why this play: Best risk/reward for bullish bias with defined risk and dealer short gamma support.

Debit: $1.19-$1.45

Max loss: $1.45

BE: $56.45

Mgmt: Exit if SLV closes below $50.

Traders seeking moderate upside exposure with controlled loss.

Put Credit Spread

Sell 2026-07-31 $50.00/$45.00 put spread

Sell $50/$45 put spread to collect premium with bullish bias.

Why this play: High IV boosts premium, benefits from stability or slight upside.

Credit: $1.11-$1.36

Max loss: $3.64

BE: $48.64

Mgmt: Close if SLV breaks below $50.

Income-focused traders in a stable market.

Long Call

Buy 2026-07-31 $56.50 call

Buy $56.5 call for unlimited upside.

Why this play: Highest upside if bullish trend continues, but higher risk.

Debit: $1.46-$1.79

Max loss: $1.79

BE: $58.29

Mgmt: Consider stop-loss at $50.

Aggressive traders with conviction in strong upward move.

Watchlist Triggers

Entry Triggers

IFIF SLV holds above $50.00 with bullish reversal pattern → THEN enter bull call spread: Buy 2026-07-31 $55.00/$60.50 call spread within $1.19-$1.45

IFIF SLV breaks above $56.58 with volume → THEN enter long call: Buy 2026-07-31 $56.50 call within $1.46-$1.79

Exit Triggers

EXITIF SLV closes below $50.00 → THEN exit all bullish positions

Tactical Summary

Bullish bias supported by dealer short gamma and trending regime. Initiate bull call spread on hold above $50 or long call on break above $56.58. Exit if SLV closes below $50. Manage risk with defined loss limits.

How to Use These Reports

This directional reflects the market close on June 25, 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.