SLV
iShares Silver TrustClose $67.99EOD onlyThis page reflects SLV options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 15, 2026. A newer flow report is available for May 26, 2026.
View latest reportFlow Verdict
Watch next session: Follow-through in call premium at the 4/24 $72/$75 strikes (volume and price action vs today's baseline); Price reaction around the gamma flip ~ $70 / deterministic support $70.00 69.00 65.29, including whether 4/15 put demand is rolling or being held
Flow Summary
Net premium: +$39.2M bullish
P/C volume ratio: 0.52
P/C OI ratio: 0.58
Notable Prints
Read-through: Materially increases dealer positive gamma at $72 and supports a near-term pin/magnet at $70 72.
Read-through: Notional is meaningful but smaller than call notional; suggests the buyer wants limited downside insurance while maintaining net upside exposure.
Read-through: Adds to near-term put flow into expiries and can amplify intraday downside; economical as protection but not enough to offset larger 4/24 call accumulation.
Read-through: Contributes meaningful near-term put pressure into 4/15 expiry; expect amplified intraday gamma and potential short-term drag but not a structural bearish shift given larger 4/24 call flows.
Read-through: Expect short-lived intraday delta/gamma effects around the expiry; do not interpret as large directional opening.
Institutional Positioning
Call additions: Heavy fresh call premium at $72 (largest premium flow: $72 net call $25,150,590) and OI concentration at $70/$75/$80; call accumulation is both near-term (4/24 $72) and structural up the chain toward the $80 105 wall.
Put additions: Near-term put demand is larger than first reported: meaningful intraday 4/15 put volume at $71.50 (vol=13,527) and $72 (vol=7,896) shows tactical same-day hedging; multi-day protection also appears at $65 (5/08 vol=3,021). Overall put activity reads as targeted short-term insurance rather than a macro shift to net bearish positioning.
GEX/DEX consistency: Flow remains consistent with positive dealer gamma (Total GEX = +$313.1M) and concentrated GEX at $72 (+$30.5M) and $70 (+$28.6M). Short-dated put demand will increase intraday gamma but does not overturn the dealer long-gamma posture created by call accumulation.
OI clusters: Largest OI clusters remain call-heavy (70: 71,718 OI; 80: 51,111 OI; 100: 86,247 OI) creating a near-term pin/magnet around $70 72 and a structural resistance band at $80+. Put OI clusters exist (60, 70, 80) but are smaller; the added 4/15 put flow increases short-term put concentration at the 71.50/72 strikes but not long-dated put walls.
Hedging evidence: Clear evidence of tactical hedging: same-day puts at $71.50 and $72 (4/15) and medium-dated $65 puts indicate institutions are buying protection around current levels. These hedges look like risk-management around existing bullish call exposure rather than a shift to net bearish allocations.
Max pain context: Max pain short-term pins are in the $69–$70 area, but the MP trend is rising. Current flow and GEX concentration are effectively re-centering dealer risk toward the $70–$72 pin band rather than forcing price down to $65.
Signal vs Noise
Key Conclusions
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