# SLV Max Pain Today URL: https://squawkflow.com/max-pain/SLV Retrieved: 2026-10-24 00:34 ET 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 https://squawkflow.com/max-pain/SLV and normally changes once per session, after open interest is published. 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. 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. - SLV max pain, 2026-10-26 expiration: $50.00 - Versus spot 48.57 recorded with the chain: +2.94% - Monthly OPEX max pain, 2026-11-20: $53.50 - Call / put open interest, 2026-10-26: 11,954 / 12,145 ## Nearest three listed expirations | Expiration | 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 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 | | 2026-11-20 (monthly) | $53.50 | +10.15% | 157,323 | 143,061 | 40 | 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. ## SLV pain curve, 2026-10-26 expiration 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). The curve on the page shows: 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. Spot 48.57 at 15:59 ET Oct 23, inside that range. The minimum and up to 4 settlements either side of it: | Settlement | Calls pay | Puts pay | Total | | --- | --- | --- | --- | | 48 | $73.5K | $1.1M | $1.2M | | 48.5 | $86.5K | $795.7K | $882.2K | | 49 | $104.7K | $562.7K | $667.4K | | 49.5 | $129.1K | $409.4K | $538.5K | | 50 (max pain) | $174.3K | $273.3K | $447.6K | | 50.5 | $270.1K | $203.4K | $473.4K | | 51 | $479.9K | $147.3K | $627.1K | | 51.5 | $721.4K | $101.9K | $823.3K | | 52 | $981.5K | $69.0K | $1.1M | ## What the SLV open interest shows 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](https://squawkflow.com/max-pain/SPY), [QQQ](https://squawkflow.com/max-pain/QQQ), [IWM](https://squawkflow.com/max-pain/IWM), [TLT](https://squawkflow.com/max-pain/TLT) and [XLF](https://squawkflow.com/max-pain/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. ## 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. Max pain for other tickers: https://squawkflow.com/max-pain. SPX has its own page: https://squawkflow.com/spx-max-pain. Dealer gamma by strike for SLV: https://squawkflow.com/ticker/SLV.