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SLV

iShares Silver TrustClose $72.15EOD only

Max Pain

$72.00

Next expiry Apr 22, 2026

Expected Move

±$2.25

3.1% from close

Price Gap

-0.15

Distance to max pain

IV Rank

Low premium

P/C OI

0.56

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: Apr 20, 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 20, 2026 close

SLV Flow Report

Analysis based on market close April 21, 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 4.9% from MP; +0.5 VIX 20

Watch next session: monitor OI build/roll at 69–71 strikes; watch intraday spot vs MP and VIX moves

Flow Summary

Net premium: +$34.7M bullish

P/C volume ratio: 0.51

P/C OI ratio: 0.55

Flow is dominantly bullish: strong dealer short‑gamma positioning and concentrated call prints near 69–71 support pinning; downside risk remains while spot sits below mid‑price.

Notable Prints

SLV 2026-04-22 $69.50 Call

Vol: 3,502

OI: 164

Vol/OI: 21.4x

IV: 56.7%

Notional: ~$273K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SLV 2026-05-01 $71.00 Call

Vol: 14,719

OI: 810

Vol/OI: 18.2x

IV: 58.6%

Notional: ~$2.7M

Intent: directional long or call spread leg

Dual read: buy-to-open or large sell-to-close block

Read-through: significant bullish flow into May expiries

SLV 2026-04-22 $71.00 Call

Vol: 8,621

OI: 526

Vol/OI: 16.4x

IV: 54.0%

Notional: ~$190K

Intent: short-dated bullish squeeze

Dual read: speculative gamma chase vs dealer hedging

Read-through: upward pinning pressure into Friday

SLV 2026-04-22 $69.00 Put

Vol: 6,986

OI: 682

Vol/OI: 10.2x

IV: 38.9%

Notional: ~$566K

Intent: protective or sell-side liquidity

Dual read: buy-to-open hedge vs spread leg

Read-through: puts concentrated near money; increases pin risk

SLV 2026-04-22 $71.50 Call

Vol: 2,841

OI: 308

Vol/OI: 9.2x

IV: 53.9%

Notional: ~$60K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Notable near‑dated call buying clustered at $69–$71 (Apr22, May01) plus select longer‑dated calls (Oct) that may contribute to pinning pressure.

Put additions: Some near‑dated put activity at $67–$69 but smaller in size versus call flow; appears more hedging than directional.

GEX/DEX consistency: Positive GEX/DEX readings (+154.5M GEX, +265.7M DEX) align with call accumulation but are not dispositive.

OI clusters: Largest OI concentrations: May01 $71 (810), Apr22 $71 call (526), Apr22 $69 put (682).

Hedging evidence: Mixed — modest put hedges present; overall call accumulation suggests directional exposure but hedges and other structures exist.

Max pain context: Max‑pain near low $70s; flows may contribute to anchoring toward that zone, though high IV and isolated/speculative prints could counteract this effect.

Signal vs Noise

~Signal: Concentrated near‑dated $71 call flow plus supportive GEX/DEX may contribute to pinning.

~Signal: Put OI appears primarily hedging and smaller versus call exposure.

~Noise: High IV trades and isolated/low‑OI long‑dated prints are likely speculative and can offset anchoring signals.

Key Conclusions

📈Call accumulation near $69–$71 may exert bullish/pinning pressure into Apr/May, but outcome is uncertain.

⚠️High IV and isolated/speculative prints could counteract institutional flows; hedges limit directional certainty.

How to Use These Reports

This flow reflects the market close on April 21, 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.