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SLV

iShares Silver TrustClose $73.63EOD only

Max Pain

$70.00

Next expiry Apr 20, 2026

Expected Move

±$2.09

2.8% from close

Price Gap

-3.63

Distance to max pain

IV Rank

100

High premium

P/C OI

0.57

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 17, 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 17, 2026 close

SLV Flow Report

Analysis based on market close April 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.9% from MP; +0.5 VIX 19

Watch next session: Monitor notable call/put prints and their fills; Track spot vs MP around gamma-flip (~70); Watch net premium and dex flow updates; Watch VIX and broader SPY/QQQ direction

Flow Summary

Net premium: +$20.2M bullish

P/C volume ratio: 0.56

P/C OI ratio: 0.56

Bullish tilt: flow and GEX strongly aligned with call-heavy unusual prints and pinning gamma; risk if market volatility or concentrated put buying forces spot under the gamma-flip (~70).

Notable Prints

SLV 2026-05-01 $72.00 Call

Vol: 44,883

OI: 2,850

Vol/OI: 15.8x

IV: 52.1%

Notional: ~$12.6M

Intent: directional long call accumulation

Dual read: buying vs. block roll/hedge for delta

Read-through: bullish flow near money

SLV 2026-04-24 $130.00 Call

Vol: 6,118

OI: 483

Vol/OI: 12.7x

IV: 162.5%

Notional: ~$6K

Intent: speculative far OTM call gamble

Dual read: lottery ticket vs. client hedge

Read-through: limited directional conviction

SLV 2026-04-24 $125.00 Call

Vol: 4,918

OI: 406

Vol/OI: 12.1x

IV: 162.5%

Notional: ~$5K

Intent: speculative OTM call accumulation

Dual read: same as 130C

Read-through: tail risk buyback

SLV 2026-04-20 $72.50 Put

Vol: 4,579

OI: 448

Vol/OI: 10.2x

IV: 20.8%

Notional: ~$234K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SLV 2026-04-27 $78.00 Call

Vol: 1,343

OI: 148

Vol/OI: 9.1x

IV: 50.1%

Notional: ~$55K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Concentrated buying in near-term calls (72,77.5–81) plus OTM long calls at 125–130; skew toward upside exposure, though a single large May1 72 print could be confounding.

Put additions: Material put OI clustered 71.5–72.5 (short-dated), consistent with defensive downside protection.

GEX/DEX consistency: Flow appears bullish and broadly consistent with positive GEX/DEX readings, which may support pinning but not conclusively.

OI clusters: Largest clusters: put OI ~65,878 (~3% below spot); call OI bulge at 72 and strikes 77.5–81.

Hedging evidence: Short-dated protective puts alongside call buying — suggests hedged upside exposure and dealer delta activity near strikes.

Max pain context: Spot near reported clusters; concentrated short-dated put OI and positive GEX/DEX may support pinning to low-70s, but single-print risk creates uncertainty.

Signal vs Noise

~Signal: heavy short-dated put OI ~71–72 may indicate pin/hedging pressure.

~Signal: large May1 72 call print is meaningful but could be one-off/confounding.

~Noise: sparse, high-IV 125–130 calls likely speculative.

Key Conclusions

📌May support pinning to low-70s given concentrated short-dated puts and positive GEX/DEX, but single large call print introduces uncertainty.

📈Net flow skew leans bullish — active call buying at 72–81 with protective puts implies hedged upside exposure.

⚠️Treat far-OTM 125–130 prints as noise until matched by consistent flow.

How to Use These Reports

This flow reflects the market close on April 20, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.