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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 8, 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 8, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

4.5 / 10

base 4.5; +1 pinning GEX concentration around $66-$68; -1 net premium slightly negative (-$5.7M); -0.0 high IV already priced

Watch next session: Unusual put activity around $66-$68 (Apr expirations) — see Apr10/Apr15 prints; Call OI build / heavy buy flow near $70-$75 that would shift dealer gamma and create resistance

Flow Summary

Net premium: -$5.7M bearish (small magnitude)

P/C volume ratio: 0.60 — call-dominant in today's traded flow

P/C OI ratio: 0.58 — OI shows a moderate call lean (positioning skewed to calls)

Intraday traded flow is call-heavy (P/C vol 0.60) while aggregate premium is slightly negative (-$5.7M), creating a mixed read. Dealers sit with positive GEX (+$207.3M) concentrated around $66–$68 which favors pinning in that band; simultanous put buying into short-dated expirations looks like protective/near-term hedging rather than a broad directional assault.

Notable Prints

SLV 2026-04-10 $68.50 Put (ITM)

Vol: 1,307

OI: 128

Vol/OI: 10.2x

IV: 68.8%

Notional: ~$251,000

Intent: Protective/short-dated put buying (near-expiration hedge or directional bearish expressed into weeklies)

Dual read: Bought puts (directional bearish/protection) or market maker sells opening to take on short risk and hedge delta

Read-through: Concentrated short-dated put flow 2% from spot increases short-term downside sensitivity; dealers will be sellers of underlying on delta hedges, which can amplify moves down toward the $66-$68 pin band.

SLV 2026-04-10 $66.50 Put (OTM)

Vol: 1,788

OI: 213

Vol/OI: 8.4x

IV: 70.6%

Notional: ~$177,000

Intent: Short-dated protective puts or speculative bearish bets ahead of expiry

Dual read: Initiation of directional put buys (bearish) or opening of cheap put spreads where legs are traded separately

Read-through: Heavy volume into the Apr10 $66.50 strikes suggests traders want protection slightly below current spot; given proximity to max pain ($65) and GEX concentration, this creates a localized pin risk but also momentary downside pressure if dealers sell underlying to hedge.

SLV 2026-05-01 $68.00 Put (ITM)

Vol: 1,721

OI: 263

Vol/OI: 6.5x

IV: 60.6%

Notional: ~$783,000

Intent: Longer-dated protective puts (portfolio hedging) or accumulation of downside exposure into May

Dual read: Protective positioning (institutional insurance) or directional put accumulation

Read-through: Larger notional and longer tenor than the Apr expirations — this is meaningful sized protection that indicates some institutional appetite to hedge below the $68 level beyond immediate expiries.

SLV 2026-04-15 $69.00 Put (ITM)

Vol: 825

OI: 100

Vol/OI: 8.2x

IV: 59.8%

Notional: ~$251,000

Intent: Short-dated protective puts or tactical directional bets into the mid-April expiry

Dual read: Bought protection vs sold/overwritten puts being taken by others

Read-through: Reinforces concentrated put demand across nearby expirations in the $66–$69 area; cumulative effect favors dealer hedging that can press spot toward existing pin concentrations.

Institutional Positioning

Call additions: Call OI concentration sits at $70.00 (11,496 OI) and large structures across $75-$100 (structural call wall), with traded call premium skewed toward $70 and $75 strikes — indicates institutions are maintaining/adding call exposure in the $70+ band.

Put additions: Notable bought put activity clustered at $66.00-$69.00 across very short and short-dated expirations (Apr10, Apr15, May01) and sizable OI at $64.00/$65.00 puts — suggests protective hedging concentrated just below spot.

GEX/DEX consistency: Yes — positive total GEX (+$207.3M) concentrated at $66–$68 aligns with observed pinning; dealer positioning (DEX +305.8M shares) supports a magnet in the $66–$68 band despite mixed premium flow.

OI clusters: Near-term OI clusters: calls at $66.00 (12,016), $70.00 (11,496), $67.00 (10,455), $68.00 (9,204); puts at $64.00 (10,150), $65.00 (9,099), $66.00 (4,909). These clusters create bid support in the mid-60s (puts) and a call-resistance band starting near $70.

Hedging evidence: Clear protective put accumulation across nearest expiries and into May (notable $68.00 May put), limited evidence of widespread collaring but meaningful one-way protection demand is present.

Max pain context: Max Pain sits at $65–$66 for the nearest expirations while MP trend is rising over longer expirations; dealers' positive GEX centered at $66–$68 implies price is likely to be pinned or gravitate toward that band in the short run.

Signal vs Noise

~Concentrated Apr10 activity: several large vol/OI ratios at Apr10 strikes reflect expiry-related hedging/expiration plays — treat Apr10 prints as time-sensitive (expiration roll or protective puts) not necessarily new multi-week directional conviction.

~Large structural call OI at $75–$100 is a longer-term wall and not a trade signal for immediate directional bias — it's structural positioning that creates asymmetrical resistance.

~Some high vol/OI ratios (e.g., small OI with high volume) are likely active opening/closing of short-dated hedges or market-maker inventory trades rather than true directional accumulation.

Key Conclusions

📌Pinning risk in $66–$68 band — GEX concentrations (+$6.8M at $66, +$8.5M at $67, +$9.3M at $68) create a short-term magnet while max pain for near expiries sits at $65–$66.

🛡️Put buying clustered into Apr expiries and May (notably May01 $68 put) looks like protective hedging by institutions rather than broad bearish accumulation.

📈Traded flow is call-dominant (P/C vol 0.60) and OI is also call-lean (P/C OI 0.58); combined with positive GEX this supports resilience around spot and a bias to the upside if selling pressure eases.

🧭Net premium is modestly negative (-$5.7M) — keep an eye for a directional shift if net premium moves materially more negative or flips positive.

🚨Expirations matter: Apr10 expiries carry concentrated activity; short-term positioning and dealer hedging around these expiries can create outsized intraday moves.

How to Use These Reports

This flow reflects the market close on April 8, 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.

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If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.