Home Options SLVReports

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 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.1% from MP; +0.5 VIX 18

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

Net premium is meaningfully bullish with large concentrated call demand into 4/24 (notably $72) that dominates flow. However, intraday expirations (4/15) show notable put buying (SLV260415P00071500 vol=13,527; SLV260415P00072000 vol=7,896) indicating tactical short-term hedging against near-term moves. The overall read: durable institutional call accumulation into the $72 area (4/24) with opportunistic short-dated put hedges that temper, but do not reverse, the bullish tilt.

Notable Prints

SLV260424C00072000

Vol: 130,286

OI: 9,963

Vol/OI: 13.1x

IV: 50.4%

Notional: ~$30,877,782

Intent: Large directional call buying into 4/24 $72 6 primary fresh long call exposure increasing upside convexity.

Dual read: Could be delta-seeking accumulation by an institution or conversion activity, but size and net call premium favor opening buy-side demand.

Read-through: Materially increases dealer positive gamma at $72 and supports a near-term pin/magnet at $70 72.

SLV260424P00072000

Vol: 21,209

OI: 267

Vol/OI: 79.4x

IV: 51.9%

Notional: ~$5,449,513

Intent: Substantial put buy at 4/24 $72 6 likely selective protection or leg of a structured collar against the enlarged call exposure.

Dual read: Given much larger call flow at the same strike, this looks like an intentional hedge rather than broad bearish positioning.

Read-through: Notional is meaningful but smaller than call notional; suggests the buyer wants limited downside insurance while maintaining net upside exposure.

SLV260415P00071500

Vol: 13,527

OI: 1,152

Vol/OI: 11.7x

IV: 6.6%

Notional: ~$27,054

Intent: Significant intraday put demand at 4/15 $71.50 expiring today 6 likely short-term protective hedging or expiration-week positioning adjustments.

Dual read: Low last price ($0.02) implies small absolute notional but high contract count; could be retail/structural roll activity or hedges being bought into close.

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.

SLV260415P00072000

Vol: 7,896

OI: 1,133

Vol/OI: 7.0x

IV: 18.8%

Notional: ~$228,984

Intent: Meaningful same-day put purchases at 4/15 $72 6 clear short-dated protective demand into the expiry.

Dual read: Could be genuine protection or part of delta-hedge activity tied to other expirations; size and last=$0.29 suggest deliberate protection rather than tiny gamma scalps.

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.

SLV260415C00072500

Vol: 22,936

OI: 1,322

Vol/OI: 17.4x

IV: 10.9%

Notional: ~$22,936

Intent: High-volume expiring calls at $72.50 on 4/15 6 likely expiration-day gamma trades, rolls, or short-term squeezes rather than durable positioning.

Dual read: Large contract counts but negligible last price imply transient activity; can amplify intraday moves but should not be treated as lasting allocation.

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

~Expiring-week tiny-bid calls (SLV260415C00072000 and SLV260415C00072500) show massive contract counts but negligible notional (last ~$0.01) — likely expiration gamma trading or option conversion activity; treat as ephemeral.

~Large same-strike opposite-side prints (big 4/24 $72 call print paired with smaller 4/24 $72 put print) suggest a structured position or partial hedge rather than pure directional offset — interpret the net as call-dominant.

~High-frequency small-volume far-OTM long puts/calls (e.g., single-digit OI strikes with tiny trades) appear to be market-maker inventory adjustments or speculative gamma and should not be overweighted for directional bias.

~Expirations on 4/15 with outsized volume are consistent with expiration rolls and short-term gamma — these amplify intraday moves but are not durable directional signals.

Key Conclusions

🐂Net flow is bullish and concentrated at the $72 area — large 4/24 call buying (Vol=130,286) materially increases upside gamma and supports a $70–$72 pin in the near term.

🛡️Institutions are adding selective downside protection ($65 puts) but not enough to offset the call-heavy posture; hedges look tactical, not wholesale.

⚠️Watch exp-day/near-term prints: large nominal contract counts at near-zero prices (4/15 calls) are noisy — expect amplified intraday moves but treat them as transient.

Read the Flow analysis for SLV for 2026-04-15. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.