SLV’s 2,002-Contract Call Spread Signals Bullish Stance as Stock Surges 159% Year-Over-Year
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Large Volume Call Spread: $432K Bet Exposes Silver Optimism
A striking 2,002-contract call spread trade in iShares Silver Trust (SLV) options lit up the tape on January 5, 2026. With a trade price of $4.31 and contracts spanning $60-$70 strikes for the September 18, 2026, expiration, this move cost buyers over $432,000 for an opportunity to net approximately $569,000 if SLV closes above $70 at expiration. As of 11:25 AM the very same day, the spread had already gained to $4.40—an instant 2% pick-up—as SLV’s price jumped from $68.81 to $69.79, reflecting a $0.99 move higher.
| Trade Detail | Value |
|---|---|
| Number of Contracts | 2,002 |
| Expiration Date | 18-Sep-26 |
| Strikes (Call Spread) | 60-70 |
| VWAP Trade Price | $4.31 |
| VWAP Bid / Ask | $4.12 / $4.55 |
| Stock Price at Trade | $68.81 |
| Stock Price After | $69.79 |
| Days to Expiration | 256 |
| Max Potential Profit | ~$569,000 |
| Premium Paid | ~$432,000 |
For those interested in deep-diving further, you can examine this trade using the multi-leg trade analyzer.
Technical Indicators Support Bullish Momentum: 1-Year Return at +159%
SLV’s technical posture matches the bullish outlook reflected in options sentiment. The stock’s current price of $69.79 marks a 6.14% gain on the day, including a 5.7% opening jump. Over the last year, SLV soared 159.1%, vastly outperforming the SPY’s 19.1% return. The strength continues over shorter periods: up 64.1% in three months and 14.5% over just two weeks—both trouncing the S&P 500 ETF’s performance for the same periods.
| Duration | SLV Return | Low | High | SPY Return |
|---|---|---|---|---|
| Today | +6.1% | 68.66 | 70.00 | +0.8% |
| 2 Week | +14.5% | 61.74 | 71.23 | +1.2% |
| 1 Month | +31.3% | 51.14 | 71.23 | +1.4% |
| 3 Month | +64.1% | 41.70 | 71.23 | +3.2% |
| 6 Month | +109.9% | 32.96 | 71.23 | +11.6% |
| 1 Year | +159.1% | 26.57 | 71.23 | +19.1% |
| YTD | +8.3% | 64.75 | 70.00 | +1.0% |
| 3 Year | +216.9% | 18.38 | 71.23 | +85.6% |
| 5 Year | +184.0% | 16.19 | 71.23 | +93.1% |
On top of those gains, the 20-, 50-, and 250-day moving averages all point sharply upward, with price surging 90.1% above its 250-day average. The technical moving average indicator confirms a sustained uptrend: SLV is now at a 15.6% premium to its 20-day and a 34.8% premium to its 50-day.
Option Skew Measures Also Lean Bullish
Options market data further reinforces the positive sentiment. The proprietary 30-day option skew indicator is at a 95% rank—near its most bullish reading in the past 52 weeks. This skew suggests that traders see little downside risk and are leaning heavily toward further gains, consistent with both the call spread’s construct and recent momentum.
Key Takeaway: Large Call Spread Trade Aligns With Robust Technical and Options Indicators
The takeaway? This 2,002-contract call spread, representing a sizable $432,000 bet, isn’t an isolated move—it’s showing confidence that SLV’s ongoing uptrend can extend enough for the spread to reach max profit status at expiration. Technically, SLV continues to outperform broad market benchmarks, and the options market is signaling bullishness with a 95% positive skew rank. While there’s always risk in any directional bet, the synergy between SLV’s chart, options data, and this big-volume trade suggests that some traders see meaningful upside potential—at least through September 2026.
Curious about more multi-leg trades, or want to analyze similar call spreads? Visit the multi-leg trade screener for more ideas and data-driven insights.
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