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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 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +0.5 VIX 19

Watch next session: Price behavior vs max pain/68–70 strikes; Execution/route details and fills on May‑1 $70 and Apr expiries; GEX movement and dealer hedging flows; Net premium/flow direction intraday

Flow Summary

Net premium: -$7.7M bearish

P/C volume ratio: 0.55

P/C OI ratio: 0.55

Pinning, mixed flow with dominant bullish signals from heavy short‑dated call buying and large positive GEX; downside credibility remains from negative premium and spot below MP.

Notable Prints

SLV 2026-04-27 $69.00 Call

Vol: 2,486

OI: 114

Vol/OI: 21.8x

IV: 41.1%

Notional: ~$229K

Intent: short-dated call buy (pinning)

Dual read: speculative gamma play

Read-through: upside targeting near 69

SLV 2026-05-01 $68.00 Call

Vol: 16,546

OI: 914

Vol/OI: 18.1x

IV: 50.1%

Notional: ~$4.0M

Intent: large directional call buildup

Dual read: spread/hedge vs stock

Read-through: pressure toward 68–70

SLV 2026-04-29 $73.00 Call

Vol: 6,168

OI: 440

Vol/OI: 14.0x

IV: 48.7%

Notional: ~$259K

Intent: outsized call demand

Dual read: lottery ticket

Read-through: bets on rally to 73

SLV 2026-04-24 $68.50 Call

Vol: 2,301

OI: 170

Vol/OI: 13.5x

IV: 42.0%

Notional: ~$184K

Intent: very short-term call buying

Dual read: pin risk/close gamma

Read-through: near‑term upside focus

SLV 2026-04-29 $68.00 Put

Vol: 2,748

OI: 379

Vol/OI: 7.2x

IV: 51.4%

Notional: ~$440K

Intent: protective puts/hedge

Dual read: directional bearish

Read-through: some downside hedging

Institutional Positioning

Call additions: Concentrated buying in near-term 68–70–73 calls (May01 70 call OI ~3,635); could be directional or structured exposure.

Put additions: Notable puts at 68 (Apr29) and long-dated 59 (Dec); aggregate put/call OI ≈0.55, so puts materially present vs calls.

GEX/DEX consistency: Mixed: positive GEX (+$148M) and DEX accumulation align with call activity but some flow contradicts pure bullish inference.

OI clusters: Largest OI clusters short-term around 68–70; lighter long-dated call interest around 89–91 strikes.

Hedging evidence: Evidence consistent with collars/spreaded structures (puts + concentrated calls); recommend testing for spreads/legging before assuming directional bets.

Max pain context: Spot sits below calculated MP; concentrated near-term call OI could produce possible pinning into expiries, though hedges and structure ambiguity temper certainty.

Signal vs Noise

~Signal: Very large May01 70 call OI likely institutional/structured activity but may be hedged—not automatically directional.

~Signal: Positive GEX/DEX accumulation supports elevated gamma sensitivity and possible pin influence into near expiries.

~Noise: High IV and many small unusual prints can exaggerate headlines; single-session spikes may be legging.

~Noise: Put/call OI ~0.55 signals nontrivial downside protection that could limit upside moves if exercised.

Key Conclusions

📌Near-term concentrated call OI around 68–70 could cause possible pinning into early May, but hedging and structures reduce certainty.

⚠️Large call flow may be spreaded/hedged; verify for collars/spreads and quantify put OI (~0.55) before treating as pure directional buy.

How to Use These Reports

This flow reflects the market close on April 23, 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.