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SLV

iShares Silver TrustClose $68.73EOD only
Max Pain
$70.00
Next expiry May 22, 2026
Expected Move
±$2.39
3.5% from close
Price Gap
+1.27
Distance to max pain
IV Rank
13
Low premium
P/C OI
0.53
Slightly call-heavy
Consensus
9.0/10
Bullish tilt
Published snapshot: May 20, 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 20, 2026 close
SLV Theta Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness4 / 10
Sizing: Moderate
Primary: N/A
Invalidation: Spot breaks below $66.34 support or above $71.12 resistance
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.8% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV (65.4%) is extremely elevated vs VIX (17.4), indicating strong option demand
Favorable?
No

Term structure: Steeply inverted front-end; 0 DTE call IV at 121.6% signals extreme bullish skew; puts suppressed

⚠️High IV favors sellers but pin risk limits short premium near max pain $70
📈Call skew reflects bullish flow; dealer long gamma stabilizes spot

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+155.3M)

OI concentrations: Max pain $70 across all near-term expiries; heavy call OI wall $75-$100

Verdict: Spot below $70 with positive dealer gamma; moderate pin risk with drift upward toward max pain

Premium Opportunities

#1
Iron condor
Sell 2026-06-12 $68.00/$66.00 put wing and $72.00/$74.00 call wing
Sell 68/66 put wing and 72/74 call wing to profit from time decay and volatility contraction.
Credit: $1.29-$1.58
Max loss: $0.42
BE: 66.42 / 73.58
Mgmt: Close if spot breaks $68 or $72; adjust wings if volatility spikes.
#2
Put credit spread
Sell 2026-06-12 $68.00/$66.00 put spread
Sell 68/66 put spread to collect premium on bullish-bias theta.
Credit: $0.79-$0.97
Max loss: $1.03
BE: $67.03
Mgmt: Exit if spot approaches $68; roll down if support weakens.

Risk Alerts

!High volatility regime increases tail risk
!Pinning risk at $70 with large OI concentrations
!Positive dealer gamma may amplify moves if spot breaks key levels
How to Use These Reports
This theta reflects the market close on May 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.