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SLV

iShares Silver TrustClose $78.55EOD only
Max Pain
$73.00
Next expiry May 13, 2026
Expected Move
±$0.82
1.1% from close
Price Gap
-5.55
Distance to max pain
IV Rank
60
Middle-high premium
P/C OI
0.53
Slightly call-heavy
Consensus
5.5/10
Consensus signal
Published snapshot: May 12, 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 12, 2026 close
SLV Theta Report
Analysis based on market close May 13, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short OTM strangle
Invalidation: Break below $70 GDP or above $80 resistance
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 8.0% from MP; +1 VIX 18

IV Environment

IV Regime
High
IV vs VIX
Avg IV 66.6% vs VIX 17.9, IV significantly elevated.
Favorable?
Yes

Term structure: Short-term IV spikes (>50%) with a hump peaking at 9-day. Put skew near-term, call skew longer-term.

📈Short-term IV elevated (>50%) creating rich premiums for expiry within 2 weeks
📌Dealer long gamma and max pain $74 suggest pinning, limiting spot movement

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+371.5M)

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 62,226 (11.8% below spot)

OI concentrations: Put OI floor at $70 (62k contracts, 11.8% below spot), call OI wall at $100-$105.

Verdict: Low-to-moderate pin risk: max pain cluster at $74, dealer long gamma supports pinning. Risk if spot moves sharply away.

Premium Opportunities

#1
Short strangle
Sell 2026-06-05 $71.50 put + sell $92.00 call
Sells out-of-the-money put and call to collect elevated premium.
Credit: $2.76-$3.38
Max loss: Unlimited
BE: 68.12 / 95.38
Mgmt: Monitor spot near $70 or $92; adjust if gamma flips.
#2
Call credit spread
Sell 2026-06-05 $92.00/$105.00 call spread
Sells call spread using elevated IV, limited risk.
Credit: $0.90-$1.10
Max loss: $11.90
BE: $93.10
Mgmt: Exit if spot breaks above $80 invalidation level.
#3
Put diagonal
Sell 2026-06-05 $71.50 put / buy 2026-07-17 $72.50 put
Sells near-term put, buys later put for calendar theta.
Debit: $2.58-$3.15
Max loss: $3.15
BE: Path-dependent
Mgmt: Roll if spot approaches $73.5; monitor slippage. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Risk Alerts

!Spot 8% above max pain ($74) – potential mean reversion
!Gamma flip level at $70 – if broken, may accelerate selling
!Put skew near-term for first two expiries
How to Use These Reports
This theta reflects the market close on May 13, 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.