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SLV

iShares Silver TrustClose $73.63EOD only

Max Pain

$70.00

Next expiry Apr 20, 2026

Expected Move

±$2.09

2.8% from close

Price Gap

-3.63

Distance to max pain

IV Rank

100

High premium

P/C OI

0.57

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 17, 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 17, 2026 close

SLV Theta Report

Analysis based on market close April 20, 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 0.9% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

Front-day ATM IV ~3.6% due to near-zero time to expiry; average IV across 2–30d expiries ≈63% vs VIX 18.87 — elevated forward vols vs index

Favorable?

Yes

Term structure: Steep short-dated skew: very low same‑day IV (expiry compression) then elevated IV in 2–7d and forward ATM ~51–52%; front‑end dislocation vs mid-dated curve

📌Pinning pressure clustered at $72 across expiries; spot ~0.9% from MP

⚖️Dealer GEX +$221M and net premium positive — flow currently supports pin but could reverse on unwind

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+221.0M)

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 65,878 (3.0% below spot)

OI concentrations: Put OI concentrated ~3% below spot (~65.9k contracts) with max‑pain cluster at $72 across expiries

Verdict: High pin probability around $72 but not certain; elevated pin risk combined with assignment risk for short puts, margin pressure on sharp moves, and short‑gamma/unwind risk if dealers hedge aggressively

Premium Opportunities

Put credit spread

Sell 2026-06-18 $71.50/$69.00 put spread

Sell 2026-06-18 71.50/69.00 to collect rich premium while capping downside.

Credit: $1.15-$1.40

Max loss: $1.10

BE: $70.10

Mgmt: Trim/roll or close on spot breach 71.5, widen leg if filled heavy; cut if sustained break below 70/gamma flip. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Iron condor

Sell 2026-05-22 $63.50/$61.00 put wing and $89.00/$92.00 call wing

Sell 63.50/61 put wing and 89/92 call wing to monetize range-bound bias.

Credit: $0.54-$0.67

Max loss: $2.33

BE: 62.83 / 89.67

Mgmt: Hedge or roll short side if price nears wings; reduce exposure on VIX spike >25. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Covered call

Buy shares + sell 2026-06-18 $91.00 call

Buy shares and sell 2026-06-18 91 call for yield while retaining upside cap.

Credit: $1.79-$2.19

Max loss: Stock downside to $0 less call premium

BE: $69.96

Mgmt: Buy back/roll short call if stock rallies into short strike or gamma flip conditions emerge. Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Risk Alerts

!Spot breach of 70.0 gamma flip or 2d guardrail lower

!VIX surge >25 or sudden vol repricing in 2–7d expiries

!Large dealer GEX unwind or concentrated option roll

!Assignment risk on short puts and margin/short‑gamma risk from rapid spot moves

How to Use These Reports

This theta reflects the market close on April 20, 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.