SLV GEX Today — Gamma Flip & Key Levels
As of Fri 18 Sep 2026 close · all expirations
- Spot
- 59.94
- Gamma flip
- 52.1113.1% below spot
- Regime
- Positive gamma
- Positive peak (P1)
- 70.00
- Negative peak (N1)
- 58.00
- Max pain
- 59.0023 Sep 2026 expiry
- Net GEX
- +106.5M
SLV is in positive gamma: the gamma flip at 52.11 is 13.1% below spot (59.94). Above the flip, dealers are long gamma and tend to dampen moves. The top positive gamma peak (P1) is at 70.00 (+16.8% from spot), where dealer hedging tends to stabilize price. The top negative gamma peak (N1) is at 58.00 (-3.2% from spot), a volatility trigger rather than support. The flip moved -3.8% since the previous snapshot (54.19 → 52.11).
SLV GEX levels — last 14 snapshots
| Snapshot | Spot | Gamma flip | P1 | N1 | Regime |
|---|---|---|---|---|---|
| 18 Sep 16:01 ET | 59.94 | 52.11 | 70.00 | 58.00 | Positive |
| 17 Sep 16:04 ET | 58.96 | 54.19 | 60.00 | 58.00 | Positive |
| 16 Sep 16:07 ET | 57.01 | 53.93 | 70.00 | 55.00 | Positive |
| 15 Sep 16:09 ET | 57.51 | 53.35 | 70.00 | 58.00 | Positive |
| 14 Sep 16:14 ET | 57.01 | 53.31 | 70.00 | 58.00 | Positive |
| 11 Sep 16:00 ET | 58.12 | 52.75 | 70.00 | 58.00 | Positive |
| 10 Sep 16:00 ET | 57.50 | 51.26 | 70.00 | 58.00 | Positive |
| 9 Sep 16:00 ET | 60.73 | 51.60 | 70.00 | 58.00 | Positive |
| 8 Sep 16:00 ET | 59.38 | 51.78 | 70.00 | 59.00 | Positive |
| 4 Sep 16:00 ET | 59.82 | 50.53 | 70.00 | 58.00 | Positive |
| 3 Sep 16:00 ET | 60.54 | 50.48 | 70.00 | 58.00 | Positive |
| 2 Sep 16:00 ET | 59.06 | 51.05 | 70.00 | 45.00 | Positive |
| 1 Sep 16:00 ET | 57.91 | 50.45 | 70.00 | 58.00 | Positive |
| 31 Aug 16:00 ET | 60.13 | 50.21 | 70.00 | 58.00 | Positive |
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About SLV options GEX
The iShares Silver Trust holds physical silver and tracks the metal's price, less expenses; listed SLV contracts are American-style and are settled with fund shares. Silver has historically been more volatile than gold, partly because industrial demand makes it sensitive to the economic cycle.
The chart below merges all listed SLV expirations into one gamma exposure profile and shows the gamma flip, the dominant long-gamma strikes (P1, P2), the dominant short-gamma strikes (N1, N2) and max pain.
Compared with GLD, SLV levels are less settled. Call demand can pile into strikes above spot within a few sessions, so new peaks can appear quickly and the flip can shift with them. Treat a freshly formed peak above the price with caution until the GEX heatmap shows it holding for several days. Larger daily swings also mean price covers the distance to the flip faster than GLD would. When SLV sits in negative gamma, hedging can add to rallies and selloffs alike; in positive gamma, the nearest strong peak is more likely to slow it. Reading the two metal pages side by side helps separate a precious-metals move from one specific to silver.
SLV numbers use end-of-day open interest from the latest available report and are updated after the US close, not in real time.
FAQ
What does SLV track?
SLV is the iShares Silver Trust, an ETF backed by physical silver. Its share price follows the silver price minus fund expenses, and SLV options can be exercised early and are settled physically in fund shares.
How is SLV different from GLD?
Both ETFs hold physical metal, SLV silver and GLD gold. Silver is used heavily in industry as well as held as a store of value, so its price responds to economic activity in a way gold does less, and the two gamma profiles can diverge.
Why can SLV levels change quickly?
Any fresh cluster of option buying adds new positions to the profile, which can create a new peak and reduce the relative weight of older strikes. Checking the heatmap shows whether a recent peak has held for more than a few days.
How often does the SLV page update?
Every trading day, after US markets close, the page is regenerated from end-of-day open interest from the latest available report across all SLV expiries.
Levels are derived from end-of-period options open interest and are published once a day. Educational information, not investment advice.