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SLV

iShares Silver TrustClose $72.04EOD only

Max Pain

$67.50

Next expiry Apr 15, 2026

Expected Move

±$1.83

2.5% from close

Price Gap

-4.54

Distance to max pain

IV Rank

100

High premium

P/C OI

0.58

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 14, 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 14, 2026 close

SLV Theta Report

Analysis based on market close April 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned (GEX +$274.5M; bullish flow); +1 GEX positive (pinning); -1 spot 6.7% from MP; +0.5 VIX 18.36

IV Environment

IV Regime

High

IV vs VIX

Avg IV 67.0% vs VIX 18.36 — IV is very elevated

Favorable?

Yes

Term structure: Front-week IV elevated (1d 44.7% → 31d 56.9%) with a fairly steep near-term term structure; calendars can be favorable where you buy longer-dated vol and sell short-dated

💰Avg IV 67.0% is richly priced vs VIX 18.36 — strong edge for theta sellers

⚖️Term structure holds >50% through May — 30–45 DTE is efficient for defined-risk credit trades

Pin Risk Assessment

Spot vs MP: Above by 6.7% (spot $72.04 vs short-dated MP $67.50 → 04/15; max pain pins cluster $68/$65/$68)

GEX regime: Pinning (GEX +$274.5M) — dealers are net long gamma and will hedge into spot moves toward pin

Gamma flip: ~$70.00 — Around ~$70 dealers flip from supplying to absorbing gamma; above $70 dealer hedging creates a pin magnet — below $70 movement can accelerate

OI concentrations: Large call OI wall $80-$105 (structural); concentrated OI at $70 call (70,160) and meaningful put OI at $70 (59,268) — $70 acts as big magnet

Verdict: Favorable — pinning regime and heavy GEX at $70/$70.5/$69 create a supportive environment for put-credit and short-put strategies so long as $70 holds

Premium Opportunities

put spread (defined-risk)

Sell 2026-05-15 70/67.50 put spread (31 DTE)

High IV (31d ATM 56.9%) + strong pinning/GEX at $70 creates margin for short put spreads. Selling premium at the $70 magnet aligns with dealer hedging and bullish flow; defined-risk protects against gap down past the 1-week EM $68.07.

Credit: $1.40-$1.80

Max loss: $1.70

BE: $68.60

Mgmt: Take profits at 60–70% of max credit; roll down & out if spot closes below $70 but above $68.07; cut losses / close if underlying closes below $68.00 (just inside 1-week lower EM) or if spread trades at 50% of max loss.

iron condor

Sell 2026-05-29 68/66 put spread + 74/76 call spread (45 DTE)

Wide 45‑DTE wings capture mean-reverting behavior with strong GEX pin near $70 and elevated IV; credit profiles attractive while defined risk protects tails. Uses 1-week and 2-week EMs to set wings inside the ~1‑week $68.07 and $76.02 bounds.

Credit: $0.90-$1.30

Max loss: $1.10

BE: Lower BE ≈ 66.10 / Upper BE ≈ 75.30 (range depends on collected credit)

Mgmt: Take profits at 50% of max credit; tighten or 1-for-1 hedge if either short strike is tested intraday; close/roll if spot closes beyond respective 1-week EM bound ($68.07 or $76.02).

cash-secured put (naked put)

Sell 2026-05-15 $68 put (31 DTE) cash-secured

For income buyers willing to own SLV: collect elevated premium near support and the $70 pin; May15 IV and GEX profile price support. If assigned, basis would be attractive given high collected premium vs current spot.

Credit: $1.20-$1.60

Max loss: $66.80

BE: $66.80

Mgmt: Close at 60–70% of max profit; if spot trades below $70, consider rolling down 1–2 strikes and out 1–2 cycles; do NOT sell naked into events or if spot closes below $68.00 (1-week EM lower).

calendar (debit calendar)

Sell 2026-04-24 short 72 call and buy 2026-05-22 long 72 call (near-term short / 38 DTE long)

Near-term IV elevated but front-dated IV has a kink — selling short-dated calls around spot (72) into strong call flow ($71/$72 heavy) while owning longer-dated vol captures calendar theta advantaged by term structure (1d–31d skew). Works while spot remains near the $70–73 EM band.

Debit: $1.40-$1.80

Max loss: $1.80

BE: $70.24

Mgmt: Close short leg before expiry if short-dated call moves ITM by >25% of value; take profits on the calendar when it reaches 50–70% of max profit or roll the short weekly for extra decay. Cut the trade if spot is trending away from strike beyond 1-week EM bounds ($68.07 or $76.02).

covered call

Hold shares + sell 2026-05-22 $75 call (38 DTE)

If already long SLV, elevated IVs at 38d produce decent call income while remaining strikes are above the $70 pin. Allows income capture with upside to $75.

Credit: $1.33-$1.55

Max loss: Uncapped (underlying ownership) minus premium

BE: $70.71

Mgmt: Take profits on the short call at 70% of premium; if stock approaches $75, consider rolling up-and-out or letting assignment occur based on desired exit. Close positions if spot closes below $68.07 or IV collapses materially.

Risk Alerts

!Gamma flip ~$70 — a close below $70 can flip dealer behavior and accelerate downside; exit or hedge credits if price closes and stays below $70.

!Several very short expirations with max pain near $67.50–$68 over next week (04/15–04/24) — avoid naked short exposure through these pin-heavy expiries.

!Large concentrated call OI wall at $80–$105 and heavy technical call flow at $71/$72 — one-sided call flow could push price into short strikes quickly (watch for squeezes).

!IV is elevated (Avg IV 67.0%) — attractive for sellers but beware sudden IV spikes on macro news or liquidity events; defined-risk structures preferred.

!Unusual activity: large traded flow at $71 and $72 (net call flow) — this can increase pin pressure around $70–72 or create short-term directional shocks.

Read the Theta analysis for SLV for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.