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SLV

iShares Silver TrustClose $71.84EOD only

Max Pain

$65.00

Next expiry Apr 17, 2026

Expected Move

±$2.29

3.2% from close

Price Gap

-6.84

Distance to max pain

IV Rank

High premium

P/C OI

0.58

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 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

Apr 15, 2026 close

SLV Flow Report

Analysis based on market close April 10, 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 10, 2026. A newer flow report is available for April 15, 2026.

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Flow Verdict

Confidence:

5 / 10

base 4.5; +0.5 positive GEX/gamma pinning + strong call volume; -0.0 net premium small negative

Watch next session: Follow if $69.00-70.50 call flow continues (adds to pin at $70); Any large put prints or net premium swings toward -$5M, especially at $65.50 or $68-$70 strikes

Flow Summary

Net premium: -$1.2M (slightly put-biased by dollar premium, but marginal)

P/C volume ratio: 0.59 — call-dominant by volume

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

Intraday and near-term volume is call-heavy (P/C volume 0.59) while net premium is only slightly negative (-$1.2M), producing a mixed read. Dealers sit with meaningful positive GEX (+$209.1M) concentrated around $68-$70, which supports a pinning/persistent magnet in that band. Watch for continued call flow at the $69-$71 strikes to resolve the mixed signal into a bullish tilt; conversely sizable put demand at $65.50 or renewed buying of $68-$70 puts would push bias bearish.

Notable Prints

SLV 2026-04-20 $69.00 Call

Vol: 3,248

OI: 644

Vol/OI: 5.0x

IV: 50.7%

Notional: ~$801,000

Intent: Directional call buying or dealer facilitation of long call exposure into the 4/20 expiry

Dual read: Aggressive buy (bullish) or block of existing position being rolled/covered (neutral)

Read-through: Largest notional print in the unusual list; consistent with participants taking near-term upside exposure into the 4/20 window and adds to dealer GEX concentration around $69-$70, increasing pinning risk.

SLV 2026-05-15 $65.50 Put

Vol: 1,508

OI: 126

Vol/OI: 12.0x

IV: 55.0%

Notional: ~$467,000

Intent: Protective put purchases or speculative downside exposure into mid-May

Dual read: Bought puts (bearish/insurance) or sellers layering short puts into volatility (neutral/collecting premium)

Read-through: Significant relative flow for a May strike 5% below spot — institutional-sized protection or a directional hedge that would limit upside conviction if more of this shows up.

SLV 2026-04-13 $69.00 Put

Vol: 2,434

OI: 252

Vol/OI: 9.7x

IV: 39.6%

Notional: ~$219,000

Intent: Near-term downside hedge into the Apr13 expiry or closing of short-dated short put exposure

Dual read: Bought for protection ahead of expiry (bearish/hedge) or dealers/market-makers squaring positions into expiry (neutral)

Read-through: High activity at the current spot strike for the imminent expiry — this is expiry-sensitive flow that could push gamma-driven pinning around $69 today.

SLV 2026-04-13 $71.50 Call

Vol: 2,176

OI: 231

Vol/OI: 9.4x

IV: 39.2%

Notional: ~$39,000

Intent: Short-dated speculative call buys or hedges for underlying exposures

Dual read: Directional call buys (bullish) or box/spread leg into expiry (neutral)

Read-through: Adds to the short-dated call interest slightly above spot — supports two-way pinning pressure in the $69-$72 band for Apr13 expiry.

SLV 2026-04-13 $65.50 Put

Vol: 6,435

OI: 730

Vol/OI: 8.8x

IV: 50.8%

Notional: ~$109,395

Intent: Expiry-cycle put buying/rolling or structured flow (protective puts for longs)

Dual read: Protective purchases (bearish hedge) or option-writing counterparties being exercised/closed (neutral)

Read-through: Very large volume into an OTM put for the imminent expiry — likely expiry-driven hedging activity that increases gamma sensitivity on the downside if exercised or rolled.

Institutional Positioning

Call additions: $68.00-$71.50 short-term concentration (heavy volume at $69-$70 calls, OI clusters at $70.00/69.00/68.00); structural long-call OI exists $75-$100

Put additions: Notable protective/hedge flow at $65.50 (May) and activity in Apr13 $69 and $65.50 puts; smaller near-term put OI at $68.00 and $64.00

GEX/DEX consistency: Yes — positive Total GEX $+209.1M and DEX +301.357K shares align with pinning behavior in $68-$70; call-heavy volume and call-lean OI support that dealer gamma profile

OI clusters: Call walls concentrated at $70.00 (multiple OI entries: 69/70/70.5; large structural calls at $75-$100); put clusters at $68.00 and $64.00 create limited downside floors

Hedging evidence: Evidence of protective puts (Apr 13 and May 15 $65.50) and short-dated put buying near spot — some institutional hedging but not a wholesale collar regime

Max pain context: Max pain is trending higher across expiries (MPs cluster $66→$71); near-term MPs ($66 on 4/10 then $68-$68.5 on later expiries) plus GEX concentration at $69-$70 suggests dealers will try to pin within the $68-$71 band.

Signal vs Noise

~Large volume clustered on Apr13 expiries (multiple prints at $69, $71.50, $65.50) — likely expiry-driven hedging/rolling rather than fresh long-term directional bets.

~High-volume $70/$69 calls with multiple expiries may be part of spreads or dealer inventory adjustments; treat isolated single-leg prints with caution.

~Net premium of -$1.2M is small relative to overall daily flow and may reflect mix of expiry activity rather than a sustained put-buying campaign.

~Structural long-call OI at $75-$100 is long-dated positioning, not immediate directional pressure within the next week.

Key Conclusions

🟢Near-term pinning centered $68–$70: positive GEX (+$209.1M) and concentrated call flow at $69-$70 increase the likelihood of dealers supporting price in that band.

⚖️Flow is mixed: call-dominant by volume (P/C 0.59) and call-lean in OI (0.58), but net premium is slightly negative (-$1.2M) making the read neutral-to-bullish rather than outright bullish.

🛡️Buyers are taking protection at $65.50 (May) and near-term $69 puts — evidence of selective hedging that would blunt upside if it accelerates.

📌Max pain and GEX concentrations are aligning upward (MP trending toward $70 across expiries) — a sustained run of call flow at $69-$71 would confirm a dealer-driven pin toward that zone.

👂Watch expiry-specific prints (Apr13/Apr15) closely — high volume there is likely expiry-roll/hedge activity and can cause short-term volatility without changing longer-term positioning.

Read the Flow analysis for SLV for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.