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SLV

iShares Silver TrustClose $70.37EOD only

Max Pain

$71.00

Next expiry Apr 24, 2026

Expected Move

±$2.24

3.2% from close

Price Gap

+0.63

Distance to max pain

IV Rank

Low premium

P/C OI

0.56

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

SLV Flow Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

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

Watch next session: Spot relative to MP and hold above 70; New large prints at 70–73 strikes; Net premium/flow direction and GEX changes; VIX/IV spikes or sustained put dominance

Flow Summary

Net premium: -$3.3M bearish

P/C volume ratio: 0.62

P/C OI ratio: 0.56

Mixed flow: gamma pinning around 70 with sizable call activity and positive GEX; regime high vol so quick invalidation possible if downside prints or VIX jump.

Notable Prints

SLV 2026-04-22 $70.50 Call

Vol: 8,985

OI: 606

Vol/OI: 14.8x

IV: 3.5%

Notional: ~$9K

Intent: short-dated call buy to push/hedge into close

Dual read: aggressive long vs. marking/flow trading

Read-through: increases pin risk at ~70.5 same-day

SLV 2026-04-29 $72.00 Call

Vol: 2,059

OI: 151

Vol/OI: 13.6x

IV: 47.1%

Notional: ~$253K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SLV 2026-05-01 $71.00 Call

Vol: 13,100

OI: 1,660

Vol/OI: 7.9x

IV: 50.2%

Notional: ~$2.6M

Intent: near-term bullish/leverage position

Dual read: directional buy vs. spread leg

Read-through: material longer-dated call flow adding upward pressure

SLV 2026-05-22 $77.00 Call

Vol: 1,198

OI: 209

Vol/OI: 5.7x

IV: 53.9%

Notional: ~$242K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SLV 2026-04-22 $70.00 Put

Vol: 13,357

OI: 2,695

Vol/OI: 5.0x

IV: 7.4%

Notional: ~$13K

Intent: large same-day put activity (hedge or sell)

Dual read: protective hedge vs. speculative short

Read-through: concentrates pain near 70; supports noted gamma flip

Institutional Positioning

Call additions: Concentrated buy prints in Apr–May calls (70.5–77 strikes, large volumes e.g. 13k @May1 71).

Put additions: Heavy same‑day and short‑dated puts at 70.0–70.5 (13k Apr22, 2.7k OI), plus pockets near 68–70.5.

GEX/DEX consistency: Positive GEX (+$222M) and DEX inflows (+270.6M shares) align with net call flow but mixed short‑dated put pressure creates tension.

OI clusters: Largest OI cluster ~70 strike (put OI 66,014 ~0.5% below spot); call OI concentrations 71–73 in May.

Hedging evidence: Evidence of put‑heavy collars/short‑dated protection around 70; IV skew higher on short dated calls may reflect large directional trades or term‑structure differences (trade sizes/replication vs. realised vol) rather than pure hedging.

Max pain context: Spot ~0.9% from MP; gamma flip ~70 implies potential pin risk into nearby expiries but expiries, time decay and conflicting same‑day put prints reduce certainty.

Signal vs Noise

~Signal: large May 71 call prints with high IV and OI growth.

~Signal: concentrated put OI at 70 -> potential gamma flip/pinning level.

~Noise: isolated low‑IV same‑day last trades (penny fills) likely prints, not directional conviction.

~Noise: single small expiries with high vol/oi ratio but low absolute OI.

Key Conclusions

📌Pinning pressure may cluster near ~70 given put OI and gamma flip, but spot distance, expiries and conflicting same‑day prints lower confidence.

💡Institutions adding longer‑dated bullish calls while keeping short‑dated put protection—flow is mixed but GEX/DEX tilt is net positive.

How to Use These Reports

This flow reflects the market close on April 22, 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.