Expected moves and what they imply

Based on current option pricing:

• SLV is expected to move ±2.18 points (4.62%) by 17 October, placing an implied range of 45.08 to 49.44.
• For 21 November, the expected move is ±4.81 points (10.18%), projecting a wider range of 41.34 to 50.96.

These expected moves encapsulate the volatility premium currently baked into the chain and offer a roadmap for traders looking to structure short-term or medium-term views.

Takeaways for options traders

There are a few key implications for options traders:

1. High put skew creates opportunities for structured protection: Traders looking to hedge SLV exposure may find that debit put spreads remain expensive, but collars (selling a call to fund the hedge) are priced attractively given the rich skew.
2. Defined-risk bullish structures are more attractive than naked longs: Call spreads or diagonals allow upside participation while limiting exposure to elevated implied vols. With the 45–47 range acting as the gravitational zone, upside breakouts need to be sharp to justify long premium.
3. Be cautious with synthetics or deep ITM calls: Borrow costs and skew distort parity. Anyone trading synthetics or managing covered positions should be aware of early assignment or tracking errors.

Silver in focus, but more volatility lies ahead

Silver's options landscape is now being driven not just by price direction, but by stress in the underlying physical market. Tight supply, elevated borrow fees, and defensive positioning have reshaped the volatility surface and altered how traders should think about structure. Into Friday's expiry, the 45–47 zone remains the pivot, but eyes are also turning to November, where medium-term bets appear more constructive.

As always, be mindful of risk. With implied volatility already elevated, both premium buyers and sellers must carefully evaluate potential outcomes. The physical tightness may persist, but options prices already reflect a market on alert.

What’s driving open interest shifts this week?

With the silver deep dive complete, we now turn our attention to the broader market. Below is our weekly scan of the top 20 names by 1-month open interest growth, filtered for those with at least 100,000 in options volume.

These are the tickers where traders are most aggressively positioning, rolling, or hedging—and the shifts can offer early clues about narrative changes, speculative flows, or hedging intensity. From critical minerals and crypto miners to automation and AI, these OI movers often reflect more than just price action.

Top 20 names by open interest growth

Note: Table now ranks US-listed underlyings by highest one‑month OI change, filtered to daily options volume > 100,000.

Column explainer (see glossary below)

• IV Rank (%): Position of current IV within its 1Y range
• Total OI: Aggregate open contracts (calls + puts)
• 1M OI % Chg: One-month percentage change in OI
• Options Vol: Most recent trading day total options volume
• P/C Vol: Put-to-call volume ratio (1-day snapshot)

What the data shows

Several interesting themes emerge from this list. At the top, we see a surge in open interest for smaller-cap, resource-linked names such as Poet Technologies (POET), Northern Dynasty (NAK), and Lithium Americas (LAC). These companies may be drawing attention due to geopolitical tensions—especially the escalating U.S.–China tariff war—which are heightening focus on domestic sourcing of critical minerals and strategic supply chains.

Another standout is UiPath (PATH), where a 41.7% increase in OI accompanies an IV rank of 82.4%—suggesting not just interest, but also rising uncertainty. The high implied volatility may reflect event risk, such as earnings or product developments.

Among ETFs and large caps, GLD (gold) continues to attract attention. With a 17.8% increase in OI, high volume, and a P/C ratio of 0.71 (meaning more puts than calls traded), it may indicate portfolio hedging activity in a volatile macro backdrop.

Crypto-linked assets also feature prominently: IBIT, Cipher Mining (CIFR), Terawulf (WULF), and Bitfarms (BITF) all show OI momentum, possibly reflecting continued institutional interest in digital asset proxies as Bitcoin trades above $110k.

Deeper takeaways

Volatility levels vary widely within this cohort. While UUUU, CIFR, and KVUE have implied volatility near the top of their annual range (IV ranks >90%), others like Ondas (ONDS) and WULF still sit at the lower end. This suggests that not all high-flow names come with expensive options—offering potential relative value for premium sellers.

Put/call ratios help differentiate between speculative upside positioning and hedging behavior. For instance, GLD and USAR show relatively high put/call volume ratios (>0.4), which may suggest more defensive activity, whereas most of the crypto and tech names remain call-heavy.

Unusual names like Webull Corp (BULL) and Bitmine Immersion Tech (BMNR) appear in the top 20, reinforcing the importance of screening by momentum rather than just market cap or headline exposure.

Final thoughts

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Glossary

• Ticker: the exchange-listed symbol for the underlying stock, ETF, or index. Indices are noted with a $ prefix in general use, but we map them to specific exchange codes in the ticker string.
• Name: the company or ETF name associated with the ticker. ETFs typically describe their focus, such as “S&P 500” or “20+ Year Treasury Bonds.”
• Last: The last traded price of the underlying asset (stock, ETF, or index). This gives a reference point for where the asset currently trades and helps identify how close it is to key strike levels in the option chain.
• IV Rank (%): Implied Volatility Rank (IV Rank) shows where current implied volatility sits relative to the past 12 months. A reading of 0% means IV is at its lowest point of the year; 100% means it's at the highest. Higher IV Rank suggests options are more expensive compared to recent history, which may favour premium-selling strategies.
• Total Open Interest (Total OI): This is the total number of open option contracts across both calls and puts for the underlying. It represents outstanding positions that have not yet been closed or exercised. High OI is often associated with deep liquidity and significant institutional interest.
• 1M OI % Change: Shows how much total open interest has changed over the past month. A rising figure can point to fresh positioning or increased speculation, while a falling number may indicate closed-out trades or reduced interest in the underlying.
• Options Volume: The number of option contracts traded during the most recent session. High volume relative to open interest may suggest new trades are being initiated. Sudden spikes often coincide with market-moving news or upcoming events.
• Put/Call Volume Ratio (P/C Vol): This ratio compares the volume of puts traded to calls on the same day. A ratio above 1.0 implies more puts were traded (often for downside protection), while a value below 1.0 shows call-heavy flow (often speculative or bullish). Extreme readings can highlight skewed sentiment or potential contrarian signals.