SLV Call Spread Sees Nearly 5,000 Contracts Trade: Stock Jumps 4.3%, Bullish Technicals and Option Skew Signal Momentum
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Large Volume SLV Call Spread Trade: What the Data Shows
On November 28, 2025, an options trade in the iShares Silver Trust (SLV) caught attention for its sheer size and strategic approach: a 4,970-contract call spread changed hands, capitalizing on the ETF's sharp move higher. SLV surged 4.3% during the session, far outpacing the S&P 500’s 0.4% gain for the day. Let’s dig into the trade details and the broader technical and sentiment context shaping this market.
Key Trade Details: SLV 49.5–50.5 Call Spread Swaps Hands as Stock Moves Higher
| Expiration | Strikes | Contracts | Trade Price (VWAP) | Bid (VWAP) | Ask (VWAP) | Ref Price |
|---|---|---|---|---|---|---|
| 28-Nov-25 | 49.5-50.5 | 4,970 | 0.78 | 0.74 | 0.78 | 49.62 |
By 11:35 AM, the value of the spread had increased to 0.82, handing early buyers an average gain of $0.04 per contract, or about 4.9% in less than two hours. This was supported by the stock rising from $49.62 at the trade reference point to $50.46.
Trade Insights: Defined Risk, Capped Reward
Buyers of the call spread spent over $193,000 in total, with the structure giving them a chance to make up to $55,000 if SLV finishes above $50.50 on expiration. With only a $1 difference between strikes and defined maximum gain, this play suggests a calculated bullish bet—aiming to benefit from continued upside, but within a risk-capped range. See the trade analysis here.
Technical Indicators Are Bullish: SLV Outperforms SPY Across All Time Frames
The data overwhelmingly paints a bullish technical picture for SLV. The ETF has soared 81.5% over the past year (versus 14.9% for SPY), and remains above all major moving averages by double digits. Here’s how SLV compares to SPY across different periods:
| Duration | SLV Return | Low | High | SPY Return |
|---|---|---|---|---|
| Today | +4.3% | 49.58 | 50.50 | +0.4% |
| 2 Week | +4.4% | 44.76 | 50.50 | -0.1% |
| 1 Month | +14.7% | 41.70 | 50.50 | +0.8% |
| 3 Month | +44.1% | 34.61 | 50.50 | +6.1% |
| 6 Month | +65.7% | 29.78 | 50.50 | +18.5% |
| 1 Year | +81.5% | 26.19 | 50.50 | +14.9% |
| YTD | +91.6% | 26.57 | 50.50 | +17.4% |
| 3 Year | +155.9% | 18.38 | 50.50 | +74.8% |
| 5 Year | +132.3% | 16.19 | 50.50 | +97.2% |
Key technical stats at a glance:
- Current price: $50.46 (just 2.5% from the 52-week high)
- Price above 20-day moving average by 10.8%
- Price above 50-day moving average by 13.8%
- Price above 250-day moving average by 49.7%
- 20-Day MA is 2.7% above the 50-Day MA; 20-Day is 35.1% above 250-Day
- SLV has outperformed SPY in every recent timeframe measured
The moving averages confirm a clear uptrend, adding conviction to the bullish narrative behind this large call spread bet.
Option Skew Indicators Are Strongly Bullish: 99% Rank Signals Optimistic Outlook
Market sentiment among option traders is aligning with technicals. SLV’s 30-day implied volatility skew ranks at the 99th percentile versus its past 52 weeks—placing it near the most bullish posture on record. This indicator, calculated by Market Chameleon’s proprietary model, suggests that options markets see a strong probability of additional upside over the coming month. This sentiment directly supports why a trader might initiate a large call spread now.
What Does This Mean for Traders? Key Takeaways and Resources
While this call spread features capped profit and defined risk, its size and timing—combined with bullish technical and sentiment signals—suggest traders are looking for more upside, albeit with discipline on risk. Those curious to analyze or find more trades like this can visit the Multi-Leg Option Trade Screener for further exploration.
Bottom line: Both price action and the options market appear to be signaling confidence in SLV’s continued strength. With strong outperformance versus the broader market and options sentiment sitting at a bullish extreme, this trade might just be a reflection of where traders expect silver prices to head next. Are you watching SLV’s next move?
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Disclosure: This article was generated with the assistance of AI