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SLV

iShares Silver TrustClose $61.57EOD only

Max Pain

$67.50

Next expiry Jun 8, 2026

Expected Move

±$1.98

3.2% from close

Price Gap

+5.93

Distance to max pain

IV Rank

Low premium

P/C OI

0.53

Slightly call-heavy

Consensus

4.0/10

Bullish tilt

Published snapshot: Jun 5, 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

Jun 5, 2026 close

SLV Theta Report

Analysis based on market close April 21, 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 21, 2026. A newer theta report is available for June 5, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.9% from MP; +0.5 VIX 20

IV Environment

IV Regime

High

IV vs VIX

Elevated IV (avg ~65) vs VIX ~19–20; short-dated ATM IV ~51–59, some call strikes spiking into ~60–85 but not uniformly +30% above baseline

Favorable?

Yes

Term structure: Front-week skewed (calls rich, puts cheaper) with elevated near-term IV; medium term normalizes ~50–55

📌Max-pain clustering at $71–$72 aligns with concentrated near-term OI

⚠️Steep near-term call IV creates short-gamma vulnerability into expiries — monitor intraday IV moves

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+154.5M)

OI concentrations: Max-pain pins: $72 and $71 in nearest expiries; structural call wall $75–$100; limited deep-put interest

Verdict: Elevated pin risk at $71–$72 due to concentrated short-dated OI and positive dealer GEX; manage with defined hedges and tight sizing.

Premium Opportunities

Iron condor

Sell 2026-05-29 $66.00/$63.00 put wing and $70.00/$73.00 call wing

Sell 66/63 put wing and 70/73 call wing 2026-05-29 to capitalize on mean reversion and concentrated OI around 70–73.

Credit: $2.01-$2.45

Max loss: $0.55

BE: 63.55 / 72.45

Mgmt: Size small, trim if IV spikes >+30%, widen legs or roll if price breaches wings; add cheap OTM call hedge if call IVs spike.

Put credit spread

Sell 2026-05-22 $66.00/$63.00 put spread

Sell 2026-05-22 66/63 put spread to collect premium with capped loss.

Credit: $0.93-$1.13

Max loss: $1.87

BE: $64.87

Mgmt: Keep position small, buy OTM call or limit exposure if price rallies above 72–75 or IV jumps >+30%.

Covered call

Buy shares + sell 2026-06-18 $84.00 call

Buy shares and sell 2026-06-18 84 call to collect premium while holding underlying.

Credit: $1.91-$2.34

Max loss: Stock downside to $0 less call premium

BE: $66.15

Mgmt: Use defined hedges for pin risk near 71–72 and avoid large sizing given elevated IV.

Risk Alerts

!Rapid IV spike or volatility regime shift (>+30% from current levels)

!Break and hold above $72–75 (invalidates short-premium thesis)

!Unusual orderflow concentrated into single expiry causing gamma squeeze

!Near-term catalysts (earnings/news within next week) that can move IV and price abruptly

How to Use These Reports

This theta reflects the market close on April 21, 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.