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SLV

iShares Silver TrustClose $68.28EOD only

Max Pain

$68.50

Next expiry Apr 15, 2026

Expected Move

±$2.16

3.2% from close

Price Gap

+0.22

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.58

Slightly call-heavy

Consensus

7.0/10

Neutral tilt

Published snapshot: Apr 13, 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 13, 2026 close

SLV Theta Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.4% from MP; +0.5 VIX 19 (use Pre-Computed Score 9.0)

IV Environment

IV Regime

High

IV vs VIX

Avg IV 66.3% vs VIX 19.12 — SLV IV is very elevated relative to equity vol

Favorable?

Yes

Term structure: Front-week IV crash to near-zero for same-day (3.1%) then steeply higher across 2–12d (45.8% → ~52–53% at 18–32 DTE) — good for selling into the 18–46 DTE bucket

💰Avg IV 66.3% (rich) gives wide edge to premium sellers in 18–46 DTE

⚠️Same‑day IV (3.1%) is an artifact — avoid attempting ultra‑short naked sells into weird 0d prints

Pin Risk Assessment

Spot vs MP: At (spot $68.28 ≈ max pain $68 / $68.50 in near expirations)

GEX regime: Pinning (Total GEX +$214.0M; strong positive gamma magnet around spot strikes)

OI concentrations: Call walls heavy $75–$100 (structural); near-term call OI clusters at $70.00/$69.00 and put clusters at $65.50/$66.00/$68.00; GEX concentration strongest at $68.50 (+$7.8M) and $70.00 (+$3.8M)

Verdict: Favorable — pinning environment supports short put exposure and defined-risk credit sells near current spot; call-selling is riskier because structural call OI wall is farther out and flow is bullish

Premium Opportunities

put spread

Sell 66.00 / 61.00 put spread 2026-05-15 (32 DTE)

High IV (32d ATM ~53.1%) + pinning around $68 supports selling puts; short strike 66 is inside the 1‑week/2‑week EM bounds but offers a cushion to the $64.53 1w guardrail; defined‑risk 5‑point width limits tail exposure

Credit: $1.00-$1.50

Max loss: $3.50

BE: $65.00

Mgmt: Take 60–75% of max credit if available; roll down-and-out (debit roll) if SLV closes below $64.53 for two sessions; buy back if price trades below $63.00 or if position hits 80% of max loss

cash-secured put (CSP)

Sell 65.00 put 2026-05-01 (18 DTE) cash-secured

18 DTE front-month IV ~52.7% — rich premium to collect while GEX pinning and bullish flow make assignment less likely near current spot; 65 put sits inside the 1‑week EM but gives reasonable premium for a conservative owner willing to be assigned physical silver ETF

Credit: $0.90-$1.40

Max loss: 64.10 per contract (if assigned, net basis = strike - credit ≈ $64.10)

BE: $64.10

Mgmt: Close for 50–70% of premium within first 7–12 DTE if premium decays quickly; roll down and out if SLV closes below $64.53 for two sessions; cut if SLV moves below $63.00 or if implied vol collapses and position becomes expensive to roll

iron condor (defined risk wings)

Sell 69.00 / 70.00 call spread and sell 62.50 / 60.00 put spread 2026-05-15 (32 DTE)

Pinning and concentrated GEX at $68.50–$70 create a magnet; putting a thin call spread just above the pin (69→70) and a wider defined-risk put wing below expected moves creates a high-probability, balanced premium sale with total width defined risk. High IV makes wings inexpensive relative to credit collected.

Credit: $1.20-$1.80

Max loss: $3.80

BE: Upper: ~71.00; Lower: ~60.30

Mgmt: Take 50% of max credit as target profit; if either short strike is touched (close within 0.5 of short), consider closing that side or roll 1–2 strikes away + 1–2 weeks; cut the entire IC if SLV breaks below $64.53 or rallies above $72.03 (1w upper guardrail) on close

put spread (aggressive width)

Sell 70.00 / 66.50 put spread 2026-05-08 (25 DTE)

Because GEX is strongly positive near $70 and MP sits around $68–$70, selling a short 70 put and hedging down to 66.50 collects rich premium; this is more aggressive (short strike near the pin) but offers higher credit and benefits from pinning and bullish flow. Use only smaller sizing.

Credit: $2.20-$2.80

Max loss: $2.80

BE: $67.80

Mgmt: Tighter management: take 50–60% profit quickly; if SLV trades below 68.00 for two sessions, consider rolling down-and-out or closing; cut if price closes below $66.12 (2‑day EM lower guardrail)

Risk Alerts

!Pinning regime: Total GEX +$214.0M — dealers may aggressively hedge into short strikes; if flow reverses, trend acceleration can occur.

!Max pain cluster concentrated at $68 / $68.50 / $66 for near expirations — short strikes inside this band (especially calls) can be tested rapidly; avoid oversized short-call naked exposure.

!Steep term structure and very high long-dated IVs mean wide spreads but also path‑dependent risk; selling very wide wings assumes mean reversion of vol.

!Unusual flow: very large net call premium at $72.50 (Net $16,820,744) and heavy call OI at $70 and $75 — signals institutional bullish positioning that could lift price and stress put-selling if momentum accelerates.

!No earnings or ex‑dividend data provided — absence noted; nevertheless, never sell naked through event risk if one appears on your calendar.

Read the Theta analysis for SLV for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.