thetaOwl

SLV

iShares Silver TrustClose $68.36EOD only
Max Pain
$69.00
Next expiry May 29, 2026
Expected Move
±$1.49
2.2% from close
Price Gap
+0.64
Distance to max pain
IV Rank
4
Low premium
P/C OI
0.53
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: May 28, 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
May 28, 2026 close
SLV Theta Report
Analysis based on market close April 14, 2026

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

You are viewing an older report from April 14, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Sell put spreads near the $70 pin / cash-secured puts slightly below $70
Invalidation: Close decisively below gamma flip ~$70 (failure to hold $68.07 1-week EM)
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: ~$70.00Around ~$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

#1
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.
#2
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).
#3
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).
#4
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).
#5
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.
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This theta reflects the market close on April 14, 2026.
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