SLV’s 2,000 Contract Call Spread at 54.5–63 Signals Bullish Sentiment: Trade Rises 3.9% as Stock Climbs
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Large Volume Call Spread at 54.5–63 Shows Strategic Bullish Position
On December 9, 2025, at 10:41:53, options activity in iShares Silver Trust (SLV) lit up with a single trade: a 2,000-contract call spread, buying the 54.5 strike and selling the 63 strike expiring February 20, 2026. The spread went off at a VWAP (volume-weighted average price) of $2.29 per contract. Less than an hour later, as SLV rallied $0.45 to $54.85, the spread’s value ticked up to $2.38, a gain of $0.09 or 3.9% for early buyers.
Key Trade Details
| Expiration | Strikes | Contracts | VWAP Price | VWAP Bid | VWAP Ask | Reference Stock Price | Current Stock Price |
|---|---|---|---|---|---|---|---|
| 20-Feb-26 | 54.5–63 Call Spread | 2,000 | 2.29 | 2.22 | 2.34 | 54.40 | 54.85 |
Each spread cost $229 (excluding commissions) for a total trade value over $458,000, with a potential maximum payoff around $621,000 if SLV exceeds $63 at expiration. This setup highlights both bullish expectations and disciplined risk, limiting downside to the premium paid. You can analyze the details on the multi-leg trade analyzer.
Potential Reward: $621K If SLV Surges Above $63 by Expiry
Buyers are betting $229,000 to potentially make a maximum profit of $621,000 if SLV’s price climbs past $63 before February 20, 2026. That requires a further move of $8.15, or about 14.9% from the current $54.85—no small feat, but not implausible considering recent momentum and technical readings.
Technical Indicators: SLV Strongly Outperforms Market and Shows Clear Uptrend
How do SLV’s current technical signals align with this aggressive call spread?
- Stock Price: $54.85 (+2.14 on the day, +4.06%)
- Change From Open: +2.7%
- From 52 Week Low: +109.4%
- From 52 Week High: +1.9%
- From 20-Day MA: +12.9% (Current 20d MA: $48.60)
- From 50-Day MA: +19.0% (50d MA: $46.09)
- From 250-Day MA: +59.5% (250d MA: $34.39)
| Moving Averages | Current Price | % vs. MA |
|---|---|---|
| 20-Day | 48.60 | +12.9% |
| 50-Day | 46.09 | +19.0% |
| 250-Day | 34.39 | +59.5% |
Short-term, intermediate, and long-term technical indicators all register bullish. The price sits just 1.9% above its 52-week high and well above every major moving average, underscoring powerful upward momentum.
SLV Consistently Outpaces SPY Across All Time Frames
SLV hasn’t just kept pace with the broad market—it has trounced it. Here’s how SLV stacks up against the S&P 500 ETF (SPY):
| Duration | SLV Return | SPY Return | SLV Range (Low–High) |
|---|---|---|---|
| Today | +4.0% | +0.2% | 53.36–54.94 |
| 2 Weeks | +17.6% | +2.5% | 45.97–54.94 |
| 1 Month | +24.9% | +2.1% | 44.76–54.94 |
| 3 Months | +46.2% | +5.9% | 37.01–54.94 |
| 6 Months | +67.8% | +15.0% | 32.06–54.94 |
| 1 Year | +94.1% | +13.9% | 26.19–54.94 |
| YTD | +108.3% | +17.8% | 26.57–54.94 |
| 3 Years | +158.6% | +78.2% | 18.38–54.94 |
| 5 Years | +140.3% | +93.9% | 16.19–54.94 |
SLV’s price action tells the story of a clear, persistent uptrend—aligning well with the intent behind the bullish call spread trade.
Option Skew Indicator Flashes Bullish at 98% Rank
Options market sentiment corroborates the positive outlook. The 30-day implied volatility skew, a proprietary indicator from Market Chameleon, clocks in at a 98% bullish rank—its most positive posture over the past year. A high skew rank typically signals that traders are willing to pay up for upside calls, expecting bigger moves higher in the near-term.
Takeaway: Trade Aligns with Technicals and Option Signals
With the stock outpacing the market and option skew strongly bullish, this 2,000-contract call spread looks less like a random gamble and more like a calculated move taking advantage of favorable conditions. Will SLV sustain this pace and reach $63 by expiration? The numbers show the odds may be improving, but there’s still ground to cover—and time for volatility to play its part.
For those looking to further research multi-leg option trades like this, visit the multi-leg trade screener for real-time call spread ideas and advanced analytics.
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