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SLV

iShares Silver TrustClose $69.08EOD only

Max Pain

$67.50

Next expiry Apr 13, 2026

Expected Move

±$1.95

2.8% from close

Price Gap

-1.58

Distance to max pain

IV Rank

Low premium

P/C OI

0.58

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Apr 10, 2026 close

End-of-day snapshot

This page reflects SLV options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Apr 10, 2026 close

SLV Theta Report

Analysis based on market close April 8, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 8, 2026. A newer theta report is available for April 10, 2026.

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Theta Verdict

Confidence:

5.5 / 10

base 4.5; +1 high IV (Avg IV 69.1%); +1 pinning (GEX +$207.3M); -1 flow mixed / unusual concentrated call walls

IV Environment

IV Regime

High

IV vs VIX

IV ATM 69.1% (avg) vs VIX unknown — absolute IV is high for an ETF (ATM 60–70% across near terms)

Favorable?

Yes

Term structure: Front-end very rich: 2d ATM 67.7% then 5–44d ATM ~55–61% — elevated near-term vol creates roll/weekly opportunities but also larger expected moves

💰Avg IV 69.1% — rich premium to sell across 30–44 DTE (May expirations ATM ~60.6%)

📈Term structure: very high 2–9d vols (67–62%), then slightly lower at 30–44d (~60.6%) — favor defined risk spreads at front and medium DTE wings for consistent theta

Pin Risk Assessment

Spot vs MP: Above max pain (spot $67.47 vs near-term MP $65-$66) — spot is 3.8% above nearest MP levels

GEX regime: Pinning (GEX +$207.3M) — dealers are net long gamma and will push spot toward short strikes

OI concentrations: Call OI walls concentrated at $66 (12,016), $67 (10,455), $68 (9,204) and larger distant call OI $75-$100; put OI concentrated at $64 (10,150) and $65 (9,099) — near-spot cluster supports pinning around $66-$68

Verdict: Favorable — pinning and near-term GEX magnets (66/67/68) support selling downside premium (put spreads) and 2-way wings, but watch call-wall upside and structural call OI at $75+

Premium Opportunities

put spread

Sell 68/65 put spread exp 2026-05-08 (30 DTE)

30 DTE ATM vols remain rich (~60.6%). GEX pinning at $68 (+$9.3M concentration) and strong put OI at $64/$65 makes the 68 short strike a magnet; defined-risk 3-point wide spread gives attractive credit with limited loss.

Credit: $1.60-$2.20

Max loss: $2.40

BE: $66.40

Mgmt: Take profits at 50–65% of max credit; roll down 1–2 strikes and out 2–4 weeks if tested; close/width-buy if SLV closes below $63.98 (1-week EM lower guardrail)

put spread (cash-secured)

Sell 67/64 put spread exp 2026-05-15 (37 DTE)

Slightly longer DTE (37) picks up extra theta vs front weeks; short 67 sits at a big GEX/ OI cluster (10,455 OI at $67) and MP trend is toward mid-$60s, improving edge for put-selling while capping downside risk.

Credit: $1.75-$2.40

Max loss: $2.25

BE: $65.25

Mgmt: Close at 60% of max profit; if short 67 is tested intraday, consider rolling down one strike and out 2–3 weeks or converting to a calendar if IV front-end spikes; cut losses if SLV < $63.98 or if spread midpoint >50% of width

iron condor

Sell 66/64P x 74/76C exp 2026-04-24 (16 DTE)

Short-dated defined-risk condor using a 16 DTE that captures high front-end IV (2–9d ATM 62–68%). Short put 66 sits on a pin magnet (12k OI at $66); short call wing (74/76) is comfortably above near-term EM. Good time-limited theta capture with defined risk.

Credit: $0.90-$1.40

Max loss: $1.10

BE: 64.10 / 75.10

Mgmt: Take profits at 40–50% of maximum credit by day 7–10; tighten or buy back if either short strike is touched; avoid holding through major liquidity/flow events

covered call

Buy SLV stock and sell 70 call exp 2026-05-08 (30 DTE)

If you're comfortable owning SLV, selling the 70 call (~$1.10–1.40 premium according to near-term chain for $70 strikes) collects rich call premium while being above several near-term pin levels; good yield with upside capped at 70.

Credit: $1.10-$1.40

Max loss: Stock downside (uncapped) minus credit

BE: $66.37

Mgmt: Close at 50–75% of premium captured; buy back if stock drops below $66 or if delta of short call >0.45; avoid assignment ahead of ex-dividend (none provided)

calendar (buy front-dated, sell back-dated call)

Long 2026-04-15 68 call, short 2026-05-08 68 call (calendar at 68)

Front IV is very elevated (2–9d ATM 67–62%); sell longer-dated call and buy near-week call to collect calendar premium as front-week decays faster. Use at-the-money 68 where GEX magnet exists.

Debit: $0.35-$0.75

Max loss: $0.75

Mgmt: Target 40–60% of max debit as profit; close if underlying moves >±3.5% from 68 or if front-week IV collapses; avoid if you need to hold through large flow events

Risk Alerts

!High IV environment (Avg IV 69.1%) — while favorable for sellers, rapid directional moves can make short naked positions painful; prefer defined-risk spreads.

!GEX regime is strongly pinning (GEX +$207.3M) — dealers may try to hold SLV near 66–68; this favors short puts but can flip quickly if large flow exhausts.

!Max pain cluster sits at $65–$66 in the next several expirations — short strikes near those levels have elevated assignment/pinch risk around expirations (2026-04-08/10/13). Avoid naked short puts through expiry.

!Large distant call OI wall at $75–$100 (structural) — asymmetric upside call demand could create one-way risk; avoid naked short calls far OTM if you can’t manage assignment.

!Unusual activity: concentrated put buys at $68.50 (4/10 exp) and $66.50 (4/10 exp) indicate short-term directional interest — if frontier weeks see heavy flow, be ready to adjust short-dated positions.

Read the Theta analysis for SLV for 2026-04-08. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.