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SLV

iShares Silver TrustClose $72.04EOD only

Max Pain

$67.50

Next expiry Apr 15, 2026

Expected Move

±$1.83

2.5% from close

Price Gap

-4.54

Distance to max pain

IV Rank

100

High premium

P/C OI

0.58

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 14, 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 14, 2026 close

SLV Flow Report

Analysis based on market close April 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.7% from MP; +0.5 VIX 18.36

Watch next session: Follow any follow-through call buying at $71-$74 (OI + volume on $71/$72 strikes); Track changes at the $70 gamma flip — see if dealers hedge by buying underlying (supports) or unwind (weakens pin)

Flow Summary

Net premium: +$124.7M bullish

P/C volume ratio: 0.49 — call-dominant (strong)

P/C OI ratio: 0.58 — moderate call positioning advantage

Large, concentrated call buying is the dominant flow: net premium of +$124.7M with P/C volume 0.49 and heavy premium at $71, $70, $72 and $80 strikes. Dealers sit with positive GEX ($+274.5M) and DEX (+316.7M shares), which supports pinning around the $70-$74 zone and creates a bullish structural backdrop unless large put selling or unwind shows up.

Notable Prints

SLV 2026-04-24 $71.00 Call

Vol: 88,314

OI: 1,142

Vol/OI: 77.3x

IV: 58.1%

Notional: ~$30.46M

Intent: Fresh directional call buying (bullish exposure) concentrated into the April 24 expiry.

Dual read: Aggressive buy to open (bullish) OR large sell-to-open/overwrite by an institutional seller monetizing premium (less likely given net premium flows).

Read-through: Most significant single print today — aligns with net premium and GEX positivity; likely a large directional bullish position pushing short-delta onto dealers who will hedge by buying underlying into bumps, which supports near-term upside and reinforces the $70-$74 pin range.

SLV 2026-05-22 $80.00 Call

Vol: 10,602

OI: 176

Vol/OI: 60.2x

IV: 60.8%

Notional: ~$3.00M

Intent: Long-dated upside directional exposure or calendar/synthetic leg for higher targets.

Dual read: Bought for directional upside (bullish) OR sold as part of a diagonal spread (neutral-to-bullish).

Read-through: Signal that institutions are not only buying near-term calls but are adding longer-dated upside exposure in the $80 area — consistent with a bullish view and with the structural $80-$105 call OI wall noted in Key Levels.

SLV 2026-05-01 $67.00 Put

Vol: 8,195

OI: 225

Vol/OI: 36.4x

IV: 56.4%

Notional: ~$1.25M

Intent: Protective put purchases or put spreads (hedge) against existing long positions.

Dual read: Bought protective puts (risk-limiting) OR sold as part of a structured trade (collar leg).

Read-through: Smaller put flow vs heavy call flow — represents tactical downside protection rather than a directional bearish bet. Supports the idea institutions are managing long exposure rather than initiating large net shorts.

SLV 2026-05-08 $90.00 Call

Vol: 5,031

OI: 242

Vol/OI: 20.8x

IV: 68.1%

Notional: ~$0.36M

Intent: Long-dated upside exposure — speculative or part of a wider bullish structure.

Dual read: Long call (bullish) OR vertical/diagonal component (neutral-to-bullish).

Read-through: Smaller notional but part of a theme: dealers face call-driven net exposures further out the curve, keeping GEX positive and supporting longer-term upside skew.

Institutional Positioning

Call additions: $70-$80 strikes concentrated across near-term and longer expirations (notably heavy net premium at $71, $70, $72 and meaningful OI at $80-$105).

Put additions: Smaller protective put flow centered around $67-$70 (examples: $67.00 5/01 and $67.50 4/24), consistent with hedging rather than directional shorting.

GEX/DEX consistency: Yes — positive Total GEX $274.5M and DEX +316.7M shares align with the bullish flow regime and pinning behavior near the gamma flip (~$70).

OI clusters: Major call OI concentrations at $70.00 (70,160 OI), $80.00 (50,108 OI), $75.00 (26,262 OI) and larger long-dated call walls at $80-$105; put OI clusters present at $60.00 (39,552 OI) and $70.00 (38,057 OI) but net premium is call-dominant.

Hedging evidence: Evidence of protective hedging — puts at $67-$70 appear sized for protection, not accumulation. Limited collar signals; overall activity reads as buy-call + buy-protective-put (risk-managed bullish).

Max pain context: Max pain pins around $68 (and lower near-dated MPs $67.50/$65) but MP trend is rising. Spot $72.04 sits above MP and dealers' positive GEX suggests pinning pressure toward the $70 gamma flip while call flows push upside tension toward the $74-$76 EM bounds.

Signal vs Noise

~Several near-dated expiries (4/15, 4/24) — prints close to those expiries can include expiration-related rolls; check for contemporaneous opening further-dated positions before reading as fresh direction.

~High notional at $71 call is directional, but smaller long-dated calls (e.g., $86, $90) could be part of spread structures — treat isolated low-notional prints as potential spread legs until confirmed.

~Dealer inventory adjustments/gamma hedging around the $70 gamma flip will produce two-way flows; delta-hedge buying by dealers is reactive, not necessarily fresh bullish conviction from buyers.

Key Conclusions

🐂Net premium +$124.7M and P/C volume 0.49 point to a clear institutional bullish tilt concentrated at $70-$74 and longer-dated $80s.

📌Gamma pinning around ~$70 (gamma flip ~ $70; GEX +$274.5M) makes $70-$74 a likely magnet; dealer hedging will create support into dips.

🔍The SLV 4/24 $71 call print (~88.3k vol, notional ~$30.5M) is the highest-confidence signal of fresh bullish directional size today.

🛡️Put flow is present but smaller and concentrated as protection ($67-$70); reads as hedging against long exposure rather than a bearish accumulation.

⚖️Watch for follow-through: if additional large call buys appear at $71-$74 or dealers continue to buy underlying into volatility, the bullish thesis is confirmed; a switch to heavy put accumulation near $68-$70 would invalidate it.

Read the Flow analysis for SLV for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.