thetaOwl
HomeOptionsSLVReports

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 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: N/A
Invalidation: Close above $75 or decisive break below $66.6 on rising IV/GEX flip
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
Avg IV ~50–61 vs VIX 19; near‑term IV rich relative to VIX
Favorable?
No

Term structure: Steep, front‑loaded skews (1d high call/put IV); mid term ~50s

⚖️Near‑dated expiries rich and skewed; dealer +GEX supports pin near $71
⚠️Avoid naked short premium into 4/24–4/29 expiries; prefer defined‑risk or avoid strikes near $71 pin zone

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+148.1M)

OI concentrations: Max‑pain pins at $71–72; call OI wall $75–100; no large put wall below spot

Verdict: Pinning regime: elevated short‑term pin risk around $71 through 4/29 expiries

Premium Opportunities

#1
Call diagonal
Sell 2026-05-29 $73.00 call / buy 2026-06-18 $72.00 call
Sell the May29 near‑term call into elevated IV, buy the June back month to cap naked exposure and collect rapid front‑month decay.
Debit: $1.33-$1.63
Max loss: $1.63
BE: Path-dependent
Mgmt: Close or roll short if spot >$75 or IV/GEX flip; trim if spot breaches $66.6; consider rolling short to next month after pin resolves.
#2
Call diagonal
Sell 2026-05-29 $73.00 call / buy 2026-07-17 $70.50 call
Sell May29 call to harvest premium, buy a longer July call to limit naked short risk and extend directional optionality.
Debit: $2.93-$3.58
Max loss: $3.58
BE: Path-dependent
Mgmt: Same invalidation/roll rules as s1; prefer closing short into pin resolution or if spot moves through guardrails.

Risk Alerts

!4/24 1d expiry and 4/27–4/29 expiries concentrate risk
!Dealer GEX/net premium shifts could flip pin dynamics
!Spot breach of 2d guardrails $66.63/$70.13 increases directional risk
!Do not sell naked short premium into these near‑dated expiries; use defined‑risk structures or avoid the $71 pin band
How to Use These Reports
This theta reflects the market close on April 23, 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.