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SLV

iShares Silver TrustClose $69.45EOD only

Max Pain

$70.00

Next expiry May 22, 2026

Expected Move

±$1.68

2.4% from close

Price Gap

+0.55

Distance to max pain

IV Rank

Low premium

P/C OI

0.52

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

SLV Flow Report

Analysis based on market close May 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 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 VIX 17

Watch next session: $68.5; $69; $70.5

Flow Summary

Net premium: -$5.2M bearish

P/C volume ratio: 0.45

P/C OI ratio: 0.52

Heavy call volume in near-term expirations signals bullish sentiment, but net negative premium and mixed flow warrant caution. Positive GEX suggests pinning, with gamma flip at $50 as key support.

Notable Prints

SLV 2026-05-27 $115.00 Call

Vol: 4,318

OI: 300

Vol/OI: 14.4x

IV: 131.3%

Notional: ~$4K

Intent: speculative

Read-through: far OTM

SLV 2026-05-29 $69.00 Call

Vol: 45,288

OI: 3,660

Vol/OI: 12.4x

IV: 41.5%

Notional: ~$6.2M

Intent: bullish

Read-through: near money

SLV 2026-08-21 $61.00 Put

Vol: 3,085

OI: 501

Vol/OI: 6.2x

IV: 45.4%

Notional: ~$858K

Intent: bearish

Dual read: hedge

Read-through: protective

SLV 2026-05-27 $83.00 Call

Vol: 2,042

OI: 396

Vol/OI: 5.2x

IV: 66.4%

Notional: ~$6K

Intent: speculative

Read-through: OTM

SLV 2026-05-27 $81.50 Call

Vol: 1,278

OI: 265

Vol/OI: 4.8x

IV: 60.9%

Notional: ~$4K

Intent: speculative

Read-through: OTM

Institutional Positioning

Call additions: Near-the-money $68-70 calls and a large $69 strike added heavily for May expiry.

Put additions: Long-dated $61 put (Aug) and a smaller $63 put (May) added, likely hedging.

GEX/DEX consistency: Consistent: GEX positive $168.5M, DEX positive 248M shares, gamma flip at $50 supports pinning.

OI clusters: Highest OI in $68-70 calls; put OI concentrated below spot ($63).

Hedging evidence: Long-dated puts and near-term puts indicate downside hedging.

Max pain context: Spot ($63.36) below MP (~$68-70); gamma pinning expected to pull spot up.

Signal vs Noise

~Signal: High volume in near-term $68-70 calls with moderate IV.

~Noise: Low-priced OTM calls (e.g., $115, $81.5, $83) with high IV are speculative.

~Signal: Put additions in Aug $61 and May $63 reflect real hedging.

~Noise: Expiration-day $68.5 call volume is likely noise.

Key Conclusions

📈Institutions added near-term calls while hedging with puts, indicating cautious bullish bias.

⚠️Despite net premium negative, positive GEX and pinning regime suggest limited downside near-term.

How to Use These Reports

This flow reflects the market close on May 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.