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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 Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 7, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.4% from MP

Watch next session: Flow into $66-$68 strikes (near-term GEX concentration at $66/$67/$68); Any further heavy put buys at $64-$65 (exp 2026-04-08 / 04-10)

Flow Summary

Net premium: +$15.3M bullish

P/C volume ratio: 0.54 — call-dominant today

P/C OI ratio: 0.58 — moderate call lean in positioning

Strong call-biased order flow concentrated at and just above spot (notably $65-$70 strikes) with positive dealer GEX ($+164.9M) creating a pinning environment. Net premium and P/C ratios point to fresh bullish exposure rather than a pure hedging day; however notable put flow exists at short-dated strikes so watch expiration-driven dynamics into 2026-04-08/04-10.

Notable Prints

SLV 2026-04-08 $65.00 Call

Vol: 6,269

OI: 1,402

Vol/OI: 4.5x

IV: 91.0%

Notional: ~$1,103,000

Intent: Fresh directional call buying or short-call close (bullish skew)

Dual read: Aggressive buy to establish bullish exposure OR market makers selling (overwriting) into aggressive flow; context (net premium positive and P/C <1) favors buyer-initiated calls.

Read-through: Large short-dated ITM call activity at $65 concentrates bullish gamma ahead of 04/08 expiry and supports pin toward $65-$66 while dealers hedge by buying underlying (positive GEX).

SLV 2026-04-08 $64.00 Call (ITM)

Vol: 2,184

OI: 148

Vol/OI: 14.8x

IV: 97.3%

Notional: ~$531,000

Intent: Aggressive near-term directional call buying / rollover into ITM exposure

Dual read: Could be fresh buyers levering immediate upside or cover/rolls by previously short sellers; very high vol/oi ratio indicates new positions.

Read-through: High vol/oi at ITM strikes amplifies dealer hedging sensitivity — increases buying pressure into the close and supports pin action around $65-$66.

SLV 2026-04-17 $74.50 Call

Vol: 5,524

OI: 792

Vol/OI: 7.0x

IV: 66.9%

Notional: ~$281,000

Intent: Directional longer-dated call accumulation or call spread leg

Dual read: Outright bullish call buys vs part of verticals (selling closer strikes) to express convexity — but sizeable vol/oi points to fresh demand.

Read-through: Shows conviction for further upside beyond near-term pinning; supports structured bullish positioning layered beyond the April expiries and contributes to structural call OI wall ($70-$83).

SLV 2026-04-08 $64.00 Put

Vol: 4,160

OI: 1,271

Vol/OI: 3.3x

IV: 87.9%

Notional: ~$195,000

Intent: Protective hedging (short-dated put buys) or contrarian selling vs the call flow

Dual read: Could be clients buying protection into expiry (bearish insurance) OR market makers laying off risk after selling calls; coexistence with heavy call buying suggests mixed flows ahead of expiration.

Read-through: Meaningful short-dated put flow increases two-way gamma but given net premium and GEX positive, this looks like selective hedging rather than wholesale directional shift.

SLV 2026-04-08 $62.00 Put

Vol: 4,339

OI: 1,096

Vol/OI: 4.0x

IV: 99.6%

Notional: ~$82,000

Intent: Tail protection or cheap speculative downside betting into short-dated expiry

Dual read: Bought as protective downside or purchased as vol play given IV 99.6%; could also be part of bearish structure with far calls sold, but less likely given overall net premium positive.

Read-through: Adds short-dated downside sensitivity; dealers will need to sell underlying if these puts accelerate, but current net flow makes that a smaller force compared with call-driven dealer buying.

Institutional Positioning

Call additions: $65.00-$70.00 strikes (notably $65.00, $66.00, $70.00) and further accumulation out to $74.50/$83.00 — concentrated short-term and structural call OI in $70-$83 band

Put additions: Short-dated puts at $62.00-$64.00 and some activity at $57.00 for tail protection; puts are present but smaller than call premium flow (Top Premium Flow shows $65 call net $26,020,730 and $66 call net $4,687,358).

GEX/DEX consistency: Yes — positive Total GEX $164.9M and DEX +304.9M shares align with bullish flow and pinning regime; dealers are net long gamma and will buy into dips, supporting spot above MP.

OI clusters: Largest OI clusters: $70.00 call OI 12,614 (near-term cluster), $66.00 call OI 11,846, $67.00 call OI 10,285; put clusters at $64.00 OI 9,985 and $65.00 OI 8,881. Structural call OI wall $70-$83 (Top Open Interest Strikes). These create a short-term magnet in mid-$60s and a resistance band near $70 where call sellers may re-emerge.

Hedging evidence: Yes — evidence of protective short-dated put buying ($62-$64, $57) and high IV on those puts (e.g., $62 put IV 99.6%). However hedges are smaller in premium than the call flow, suggesting institutions are layering limited downside protection while pushing for upside exposure.

Max pain context: Max pain near-term pins at $65 (04-08) and $66 (04-10/04-13); MP trend is rising ($65 → $71 across expirations), consistent with the bullish call accumulation and dealer pinning behavior.

Signal vs Noise

~Lots of activity concentrated on 2026-04-08 and 2026-04-10 expiries — expect expiration hedging and roll/close dynamics that can mask directional intent.

~High IV on very short-dated puts (e.g., $62 put IV 99.6%, $57 put IV 134.4%) — likely option sellers/market-maker gamma adjustments and vol plays rather than pure directional positioning.

~Large structural OI at $70-$83 is long-standing and can look like new selling when traded; single-day prints into that band may be part of spreads or dealer inventory management, not fresh bearish conviction.

~Multiple ITM call prints (e.g., $64/$65 ITM 04-08) likely include closing/rolling activity into expiry and gamma-driven flows — interpret with expiry context.

Key Conclusions

🐂Net premium +$15.3M and P/C vol 0.54 indicate clear buy-side call pressure concentrated at $65-$70.

📌Short-term pin risk to $65-$66 (MP) is reinforced by GEX concentrations at $66/$67/$68 and positive Total GEX $164.9M.

🛡️Protective short-dated puts at $62-$64 show selective hedging — not large enough to offset bullish flow but raise two-way gamma into expiry.

🔁Expect expiration-driven noise into 2026-04-08/04-10; heavy ITM call flows likely to trigger dealer hedging (buying underlying) that supports spot.

🧭Key levels to watch: support band mid-$60s ($65 MP / $66 near-term); resistance around $70 (call OI wall) and structural call cluster $70-$83.

How to Use These Reports

This flow reflects the market close on April 7, 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.