SLV · expected move and max pain by expiry
iShares Silver Trust is priced to move 2.2% by 2026-Oct-09, with max pain at 55.00.
Options price a ±2.16% move (about $1.15) by 2026-Oct-09 (Fri), a range of 52.30 to 54.60 from the last price of 53.45. Max pain for that expiry is 55.00.
SLV
iShares Silver Trust
Last
53.45 -0.37 (-0.7%)
Next expiry move
±2.16% 1 day
Implied vol
33.3% 8 days
Put / call
0.71
After hours
Fetched 2026-10-08, 06:00:49 PM ET
Fetched 2026-10-08, 06:00:49 PM ET
expected range last price 53.45 max painAxis 50 to 58, shared by every row
Expiry
Expected range (1 SD)
Expected move
Max pain
Odds inside
2026-Oct-09Fri, 1 day
52.30
54.60
Expected move±2.16%±$1.15
Max pain55.002.9% above last price
Odds of closing inside69%put/call 0.71
2026-Oct-12Mon, 4 days
51.85
55.05
Expected move±2.99%±$1.60
Max pain55.503.8% above last price
Odds of closing inside69%put/call 0.35
2026-Oct-14Wed, 6 days
51.21
55.69
Expected move±4.19%±$2.24
Max pain55.503.8% above last price
Odds of closing inside69%put/call 1.08
2026-Oct-16Fri, 8 days
50.81
56.09
Expected move±4.94%±$2.64
Max pain56.004.8% above last price
Odds of closing inside68%put/call 0.56
2026-Oct-23Fri, 15 days
49.96
56.94
Expected move±6.53%±$3.49
Max pain57.507.6% above last price
Odds of closing inside68%put/call 0.76
Key levels from open interest
53.00 / 55.00
The heaviest put open interest near the price sits at 53.00 and the heaviest call open interest at 55.00, weighted toward strikes close to the last price. Price sometimes gravitates toward large open interest into expiry.
SLV max pain by expiry
iShares Silver Trust's max pain for 2026-Oct-09 is 55.00, 2.9% above the last price. It is the strike at which the calls and puts open for that expiry would pay out the least in total, computed from open interest. Price sometimes drifts toward it in the final session because of dealer hedging; treat it as a reference level, not a target. How max pain is calculated.
| Expiry | Max pain | From last price | Put/call |
|---|---|---|---|
| 2026-Oct-09 Fri | 55.00 | +2.9% | 0.71 |
| 2026-Oct-12 Mon | 55.50 | +3.8% | 0.35 |
| 2026-Oct-14 Wed | 55.50 | +3.8% | 1.08 |
| 2026-Oct-16 Fri | 56.00 | +4.8% | 0.56 |
| 2026-Oct-23 Fri | 57.50 | +7.6% | 0.76 |
SLV put/call ratio
The put/call ratio for the 2026-Oct-09 expiry is 0.71: close to even between puts and calls. Readings well below 0.7 are often read as complacent and above 1.2 as fearful, and extremes are sometimes taken as contrarian signals, but on index products like SPY a high ratio is normal because puts are bought as insurance. It is a sentiment gauge, not a direction call. What the ratio measures and what it does not, or compare it with every tracked stock's put/call ratio today.
Reading the SLV expected move table
Each row is one expiry. The shaded band is the one-standard-deviation range the option chain implies for SLV on that date: the market gives roughly a two-in-three chance that SLV closes inside it and a one-in-three chance it closes outside. The black tick is the last traded price, 53.45. The diamond is max pain, the strike where option holders would collect the least if the stock settled there.
The range widens with time because uncertainty compounds with the square root of time: the 2026-Oct-23 range (±6.53%) is wider than the 2026-Oct-09 range (±2.16%) even though the daily volatility behind both is the same. Read the methodology for the formulas, or the guide to what the expected move means in practice.
Figures are derived from delayed public option data and recalculated through the trading day. Nothing on this page is investment advice. Machine-readable version: /api/expected-move/SLV. Every ticker the site tracks is listed at /stocks.
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