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SLV

iShares Silver TrustClose $68.36EOD only
Max Pain
$69.00
Next expiry May 29, 2026
Expected Move
±$1.49
2.2% from close
Price Gap
+0.64
Distance to max pain
IV Rank
4
Low premium
P/C OI
0.53
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: May 28, 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 28, 2026 close
SLV Flow Report
Analysis based on market close April 13, 2026
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You are viewing an older report from April 13, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

BiasBullish
Confirmation: Continuation of net premium inflow (net premium stays >$10M) with further call-heavy volume concentrated at $70–$75 and rising GEX concentration (e.g., >+$5M at $68.50–$70.00)
Invalidation: Net premium flips negative or P/C volume ratio rises above ~1.1 and GEX materially drops from +$214.0M toward neutral
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.4% from MP; +0.5 VIX 19.1

Watch next session: Any sustained call buying or OI build at $72.50 (dec-2026) and near-term $70/$71 strikes; Put flow at $66.00–$66.50 — large defensive buying would soften bullish thesis

Flow Summary

Net premium: +$18.5M bullish

P/C volume ratio: 0.56 — call-dominant (healthy, not extreme)

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

Flow is clearly call-biased: net premium is positive $18.5M and P/C metrics (volume and OI) show a consistent call lean. Dealers are long gamma (GEX +$214.0M), creating pinning dynamics around current spot and concentrating hedging flows into the $68–$70 area while structural call walls sit out at $75–$100.

Notable Prints

#1
SLV 2026-12-31 $72.50 Call
Vol: 14,761
OI: 893
Vol/OI: 16.5x
IV: 54.5%
Notional: ~$16.0M
Intent: Directional call accumulation (long-dated bullish exposure)
Dual read: Likely bought (institutional bullish LEAP exposure) but could be part of a diagonal or roll from nearer-dated calls

Read-through: Material long-dated bullish commitment; large notional relative to other prints — indicates institution(s) adding convex bullish exposure to SLV beyond near-term pin zone.

#2
SLV 2026-04-22 $66.00 Put
Vol: 1,969
OI: 121
Vol/OI: 16.3x
IV: 50.6%
Notional: ~$246k
Intent: Protective put buying or short-dated speculative downside
Dual read: Could be buys for downside insurance or new short-dated puts sold to collect premium (dealer/intermediary flow)

Read-through: Size is meaningful for a single near-dated put strike — suggests some players are hedging downside into the upcoming expirations, but not enough to overturn overall call bias.

#3
SLV 2026-04-13 $66.50 Put
Vol: 9,246
OI: 573
Vol/OI: 16.1x
IV: 26.6%
Notional: ~$9k
Intent: Rolling/expiration activity / automated hedging
Dual read: Could be rapid expiry activity (close-to-zero last price) — either aggressive delta hedges closing or automated expiry pin-related volume

Read-through: Extremely low premium ($0.01 last) makes this likely non-directional expiry churn rather than a fresh large directional bet.

#4
SLV 2026-04-13 $68.50 Call
Vol: 17,800
OI: 1,179
Vol/OI: 15.1x
IV: 6.3%
Notional: ~$36k
Intent: Expiration/roll or market-maker hedging activity
Dual read: Could be buy-to-open call accumulation or closing/selling into intrinsic; extremely low last price ($0.02) suggests expiry-driven flow

Read-through: High volume but tiny premium — consistent with short-dated pin/expiry gamma activity rather than large directional conviction.

Institutional Positioning

Call additions: Notable long-dated call accumulation at $72.50 (2026-12-31) and concentrated premium flow into near-term $70–$71 and $68–$70 strikes (see $72.50, $70.00, $68.00–$69.00 clusters). Structural OI also heavy on calls $75–$100 indicating longer-term call interest.

Put additions: Some near-term protective put buying at $66.00 and clusters of put OI at $65.50 and $66.00, but put additions are modest relative to call flow.

GEX/DEX consistency: Yes — positive Total GEX $214.0M and DEX +300.2M shares align with bullish/pinning flow; dealer hedging will buy into dips around the pin zone ($68–$70).

OI clusters: Largest OI clusters: $80.00 call (88,891 OI), $75.00 call (86,858 OI), and concentrated near-spot calls/puts around $70.00 (multi-expiration OI entries: 71,353; 66k; 63k in broader list). These create a long-term call wall at $75–$100 and a near-term pin/magnet in the $68–$70 band.

Hedging evidence: Evidence of dealer/institutional hedging: near-term GEX concentration shows +$7.8M at $68.50 and +$3.8M at $70.00. Protective puts exist (notably $66.00 and $65.50) but no large-scale collar signatures; overall position tilts to bullish directional calls hedged by modest short-dated puts.

Max pain context: Max Pain is at $68 (immediate expirations) and trends slightly higher across expiries; spot ($68.28) sits essentially at MP and GEX pinning concentrations are clustered at $68.00–$70.00 — reinforcing a near-term magnet.

Signal vs Noise

~SLV 2026-04-13 strikes with last price ~$0.01–$0.02 (e.g., $66.50P, $68.50C) look like expiration/roll or automated gamma activity — likely non-directional.
~Very large long-dated $72.50 call block could be part of a diagonal or defined-structure (LEAP call + short nearer-term calls) — treat as directional unless you see offsetting short calls open.
~High call OI at $75–$100 is structural longer-term positioning and may act as a cap; that concentration is not immediate intraday directional flow but shapes medium-term dealer hedging.

Key Conclusions

🐂Overall flow is bullish: net premium +$18.5M with P/C volume 0.56 and positive GEX +$214.0M concentrates dealers' hedging into $68–$70.
📌Pinning dynamics: Spot $68.28 is at max pain ($68) and GEX concentrations (+$7.8M at $68.50, +$1.5M at $68.00) create a near-term magnet between $68–$70.
🗓️Large expiry churn in very short-dated strikes (multiple $0.01–$0.02 prints) is noise — treat big volumes on those strikes as gamma/roll activity, not fresh directional bets.
📈Meaningful institutional bullish signal: $72.50 dec-2026 call block (~$16.0M notional) — indicates structural long-dated bullish exposure that could underpin upside over months.
🛡️Watch defensives at $66.00–$66.50: near-term put flow there could indicate selective downside protection but currently not large enough to flip the bullish bias.
How to Use These Reports
This flow reflects the market close on April 13, 2026.
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