As of the October 22, 2026 close, SLV Max Pain: $50 for Oct 26 expiry (+2.94% from spot recorded with the chain at 2026-10-23 15:59 ET). From settled open interest. The full SLV expiration table, with the pain curve and the call and put open interest, is at squawkflow.com/max-pain/SLV and normally changes once per session, after open interest is published.
SLV pain curve, 2026-10-26 expiration
Calls payPuts payMax pain 50Spot
Total intrinsic value the open SLV calls and puts in the strikes read would pay at the 2026-10-26 expiration if SLV settled at each strike, from open interest as of the 2026-10-22 close. Lowest total: 50, the max pain strike, at $447.6K (calls $174.3K, puts $273.3K). Shown: the 30 settlement prices nearest the minimum, 41 to 57.5. Each total counts the 43 strikes with open interest in the chain read, 41 to 70. Dashed line: spot 48.57 at 15:59 ET Oct 23.squawkflow.com · Oct 22, 2026
Vs last session: unchanged for the 2026-10-26 expiration, compared with open interest at the 2026-10-21 close. Same expiration and contract coverage from comparable readings.
Nearest three listed expirations
Expiry
Max pain
Vs spot
2026-10-26
$50.00
+2.94%
2026-10-28
$50.00
+2.94%
2026-10-30
$52.50
+8.09%
SLV MAX PAINOpen interest as of the 2026-10-22 close
$50.00SLV max pain, 2026-10-26 expiration
+2.94%Versus spot 48.57 recorded with the chain
$53.50Monthly OPEX max pain, 2026-11-20
11,954 / 12,145Call / put open interest, 2026-10-26
Max pain is computed from open interest as of the prior close. It is a positioning reference, not a price target and not a forecast. How max pain is calculated.
Max pain by expiration for SLV: the nearest expirations, this week and the monthly OPEX, from open interest as of the prior close. For dealer gamma by strike and key levels, see the SLV ticker page. SPX has its own page: SPX max pain.
SLV max pain by expiration
Expiration
Max pain
Vs spot
Call OI
Put OI
Strikes
2026-10-26
$50.00
+2.94%
11,954
12,145
43
2026-10-28
$50.00
+2.94%
8,860
8,238
43
2026-10-30
$52.50
+8.09%
48,136
29,151
40
2026-11-02
$50.00
+2.94%
1,303
887
35
2026-11-04
$50.00
+2.94%
3,718
499
35
2026-11-06
$52.50
+8.09%
41,124
25,360
40
2026-11-20Monthly
$53.50
+10.15%
157,323
143,061
40
Pain curve, 2026-11-20 (monthly OPEX)
Calls payPuts payMax pain 53.5Spot
Total intrinsic value the open SLV calls and puts in the strikes read would pay at the 2026-11-20 expiration if SLV settled at each strike, from open interest as of the 2026-10-22 close. Lowest total: 53.5, the max pain strike, at $11.0M (calls $5.0M, puts $6.0M). Shown: the 26 settlement prices nearest the minimum, 46 to 59. Each total counts only the 40 strikes with open interest in the strikes we track, 32 to 59, a window around spot rather than the full chain. Dashed line: spot 48.57 at 15:59 ET Oct 23.squawkflow.com · Oct 22, 2026
Open interest as of the 2026-10-22 close. Chain read 2026-10-23 15:59 ET from the delayed option chain and the broker option chain.
iShares Silver Trust (SLV) is listed here under Silver ETF, in the ETFs/Indices sector. Across the 7 expirations read, SLV open interest as of the 2026-10-22 close totals 272,418 calls and 219,341 puts, a put to call ratio of 0.81. The 2026-11-20 expiration, the monthly OPEX, holds the most, 61% of the contracts read. Put open interest exceeds call open interest on 1 of the 7 expirations and call exceeds put on 6.
Max pain ranges from $50.00 for 2026-10-26 to $53.50 for 2026-11-20 across the expirations read. The $48.57 spot recorded with the chain sits below max pain on every one of them.
Other ETFs/Indices names with a max pain page: SPY, QQQ, IWM, TLT and XLF.
How SLV max pain is calculated
For each expiration, every strike is tried as a settlement price. At each one, the intrinsic value of every call below it and every put above it is multiplied by its open interest and the 100-share multiplier, and the strike where that total payout is lowest is max pain. The pain curve plots that total at each strike.
Open interest is the count of contracts outstanding, published once per day after the close, so every figure here is as of the prior close and does not move with the price during the session. Open interest does not show whether a position is hedged or part of a spread. Where a chain carries only the strikes nearest spot, a minimum on the first or last strike read is flagged. Max pain is not a price target and not a forecast.
COMMON QUESTIONS
What is SLV max pain today?
For the 2026-10-26 expiration, SLV max pain is $50.00, computed from open interest as of the 2026-10-22 close. The table on this page lists the next expirations and the monthly OPEX.
What is SLV max pain for monthly OPEX?
For the 2026-11-20 monthly expiration, SLV max pain is $53.50, from the same open interest as of the 2026-10-22 close.
How much SLV open interest is behind the 2026-10-26 max pain?
11,954 call contracts and 12,145 put contracts were open at the 2026-10-22 close for the 2026-10-26 expiration, across 43 strikes.
Is SLV max pain a price target?
No. Max pain is the settlement price at which outstanding options would pay their holders the least, a positioning reference from open interest. Stocks often settle away from it; news, flow and changing open interest can matter more.
When does SLV max pain change?
Open interest is published once per day, after each close, so max pain normally changes once per session. Spot moves during the day do not change it.
How did SLV max pain change since the last session?
Vs last session: unchanged for the 2026-10-26 expiration, compared with open interest at the 2026-10-21 close. Same expiration and contract coverage from comparable readings.