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SLV

iShares Silver TrustClose $70.37EOD only
Max Pain
$71.00
Next expiry Apr 24, 2026
Expected Move
±$2.24
3.2% from close
Price Gap
+0.63
Distance to max pain
IV Rank
0
Low premium
P/C OI
0.56
Slightly call-heavy
Consensus
6.0/10
Range bias
Published snapshot: Apr 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
Apr 22, 2026 close
SLV Theta Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Defined-risk credit spreads or short-dated iron condors with strict stop/hedge
Invalidation: Spot breaks below $68 with rising short-dated IV, rapid dealer delta unwind, or surprise event/earnings gap risk
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.9% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV elevated vs VIX; extreme front-week dislocation (0d ATM 7.8 vs 2d ATM 45) signaling expirational distortions
Favorable?
No

Term structure: Steep short-term skew and elevated mid-term ATM (~50%); front-week tails rich vs same-day ATM — roll and gap risk present

⚠️Short-dated IV can blow out on gaps/earnings — selling only with strict hedges/entry triggers
📌Dealer gamma concentrated near $71–72; watch for pinning but asymmetric risk if pin fails
📅Check upcoming events/earnings and weekend close exposure — calendar risk materially raises short-dated IV tail risk

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+222.4M)

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 66,014 (0.5% below spot)

OI concentrations: Put OI concentrated ~66k around $70 (≈0.5% below spot); call blocks above $75 create asymmetric pressure

Verdict: Elevated pin risk: high chance of pinning to $71–72 into near expiries; failure risks fast downside and dealer delta flips

Premium Opportunities

#1
Call diagonal
Sell 2026-05-22 $73.00 call / buy 2026-06-18 $77.00 call
Exploits front‑week IV dislocation to collect premium; long call limits loss (~0.49) and slows dealer‑delta unwind if spot rallies/pins.
Debit: $0.40-$0.49
Max loss: $0.49
BE: Path-dependent
Mgmt: Enter near quoted entry 0.40–0.49. Close or roll if spot <70, if short‑dated IV spikes, or if dealer delta flips; take profits on partial premium decay or normalization of term structure.

Risk Alerts

!Short-dated IV blowout on spot gap or earnings can wipe sellers
!Weekend/holiday close increases gap risk and hedging cost
!Dealer delta flip near $70–72 can rapidly amplify moves
How to Use These Reports
This theta reflects the market close on April 22, 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.