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SLV

iShares Silver TrustClose $66.90EOD only

Max Pain

$71.00

Next expiry May 20, 2026

Expected Move

±$1.73

2.6% from close

Price Gap

+4.10

Distance to max pain

IV Rank

Low premium

P/C OI

0.53

Slightly call-heavy

Consensus

5.0/10

Range bias

Published snapshot: May 19, 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

May 19, 2026 close

SLV Flow Report

Analysis based on market close May 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); +0.5 spot 1.8% from MP; +1 VIX 17

Watch next session: $68; $69; $64.5

Flow Summary

Net premium: +$32.2M bullish

P/C volume ratio: 0.38

P/C OI ratio: 0.53

Strong bullish flow with net premium $32M, PC ratio 0.38, and positive GEX $155M. Unusual call volume at $68 and $69 suggests sentiment for higher silver prices. Spot below max pain but gamma pinning supports upside. VIX elevated but stable.

Notable Prints

SLV 2026-05-29 $68.00 Call

Vol: 10,085

OI: 924

Vol/OI: 10.9x

IV: 51.1%

Notional: ~$2.6M

Intent: Bullish call

Dual read: Hedge/Spec

Read-through: High vol/oi

SLV 2026-05-20 $69.00 Call

Vol: 21,764

OI: 2,617

Vol/OI: 8.3x

IV: 7.2%

Notional: ~$44K

Intent: Bullish call

Dual read: Buying pressure

Read-through: Volume spike

SLV 2026-05-20 $64.50 Put

Vol: 1,908

OI: 254

Vol/OI: 7.5x

IV: 50.0%

Notional: ~$2K

Intent: Bearish put

Dual read: Hedge/Spec

Read-through: High vol/oi

SLV 2026-06-05 $66.50 Put

Vol: 1,606

OI: 221

Vol/OI: 7.3x

IV: 48.4%

Notional: ~$312K

Intent: Bearish put

Dual read: Hedge

Read-through: High vol/oi

SLV 2026-05-20 $68.00 Call

Vol: 5,213

OI: 867

Vol/OI: 6.0x

IV: 26.6%

Notional: ~$401K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Heavy call buying at $68, $69, $70 strikes on weekly and 5/29 expiries; net premium +$32M.

Put additions: Light put activity; some at $64.5, $66.5, $67.5 but OI low.

GEX/DEX consistency: Consistent: GEX +$155M, DEX +252M shares; regime bullish/pinning.

OI clusters: Largest OI: $69C (2617), $68C (924), $68.5C (994); notable put OI absent.

Hedging evidence: Minimal hedging; put OI thin below spot.

Max pain context: Spot below MP; gamma pinning likely pulls price toward MP.

Signal vs Noise

~High volume call sweeps at $69/$68 are real bullish signal.

~Low put volume confirms lack of hedging.

~High IV on cheap OTM calls like $86C is noise due to low probability.

~No gamma flip; put OI thin suggests low downside probability.

Key Conclusions

📈Call volume ratio 0.38 and net premium +$32M signal aggressive institutional call accumulation.

🛡️Put OI thin below spot; no hedging indicates institutions not protecting downside.

🎯Spot below max pain with positive gamma; pinning toward MP likely near $68.

How to Use These Reports

This flow reflects the market close on May 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.