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SLV

iShares Silver TrustClose $68.36EOD only

Max Pain

$71.00

Next expiry May 27, 2026

Expected Move

±$2.52

3.7% from close

Price Gap

+2.64

Distance to max pain

IV Rank

Low premium

P/C OI

0.52

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 22, 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 22, 2026 close

SLV Theta Report

Analysis based on market close April 15, 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 15, 2026. A newer theta report is available for May 22, 2026.

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Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.1% from MP; +0.5 VIX 18

IV Environment

IV Regime

High

IV vs VIX

Near-term ATM IV 45.3% (2d) / 52.9% (16d) vs VIX 18.17 — option vol is extremely rich to equity vol

Favorable?

Yes

Term structure: Steep, front-loaded term structure: 2d ATM 45.3% -> 16d ATM 52.9% -> 30d ATM 54.6% then flattens mid-term (~54%); very elevated medium-term vol

💰Avg IV 63.2% with 16–37D ATMs ~53–55% — rich volatility to sell into

⚠️Very large short-term reprice around expirations/earnings (2–7d expected moves ±3.2%→±5.7%) — manage short naked exposure

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+313.1M)

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 59,863 (2.6% below spot)

OI concentrations: Strong call and put GEX magnets at $72.00 (+$30.5M), $70.00 (+$28.6M) and $74.00 (+$6.5M); max pain cluster around $69–$70 across near expirations

Verdict: Favorable — large positive GEX (+$313.1M) and concentrated OI at $70–$72 create a pinning environment that supports selling premium (especially defined put credit structures)

Premium Opportunities

Put credit spread

Sell 2026-05-15 $67.50/$60.50 put spread

Uses supportive GEX/pinning near $70–$72 and elevated IV to sell put credit spreads with protection bought several strikes below; avoids naked puts into earnings.

Credit: $1.53-$1.86

Max loss: $5.14

BE: $65.64

Mgmt: Close at 60–70% profit; exit on sustained close <$69.00

Cash-secured put

Sell 2026-05-15 $65.50 cash-secured put

Sell 25–60 DTE ~0.25–0.30 delta puts and hold cash to buy SLV at the strike if assigned; avoid selling through the 4/17–4/22 event window.

Credit: $1.69-$2.07

Max loss: $63.43

BE: $63.43

Mgmt: Close before earnings; roll down on breach of $69.00; size to avoid concentrated assignment

Risk Alerts

!Earnings / event windows: 2026-04-17 (2d), 2026-04-20 (5d), 2026-04-22 (7d) — avoid selling naked through these expirations.

!Gamma flip $70 / max pain $69 — exit or hedge credits on sustained close below $69.

!Unusual activity concentrated at $72 (both calls and puts) and heavy net premium flow into $72 calls — watch for directional squeezes if flow flips.

!High avg IV (63.2%) but very front-loaded — IV crush risk if events pass without large moves.

!Positive GEX (+$313.1M) and bullish flow can increase assignment risk on ITM short options near expiries.

How to Use These Reports

This theta reflects the market close on April 15, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.