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SLV

iShares Silver TrustClose $59.63EOD only

Max Pain

$59.00

Next expiry Sep 23, 2026

Expected Move

±$1.26

2.1% from close

Price Gap

-0.63

Distance to max pain

IV Rank

Low premium

P/C OI

0.44

Slightly call-heavy

Consensus

6.5/10

Range bias

Published snapshot: Sep 21, 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

Sep 21, 2026 close

SLV Theta Report

Analysis based on market close June 23, 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 June 23, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 7.1% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

Avg IV ~66% vs VIX 19.5% — very rich

Favorable?

Term structure: Near-term IV spikes at 3D and 7D expirations; overall contango but with anomalies

⚠️IV elevated but dealer gamma negative — vulnerable to sharp moves

📊Term structure uneven; front-week IV > back-week for some expirations

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-54.5M)

Gamma flip: ~$50.00 — Approx — based on put OI concentration of 45,282 (10.3% below spot)

OI concentrations: Max pain pins: $60 (1D), $63 (3D), $62 (6D); call wall $60-$80, put floor $50

Verdict: Pin risk concentrated near $60-$63; spot below max pain suggests path dependency

Premium Opportunities

Put credit spread

Sell 2026-07-17 $55.00/$53.00 put spread

Sell 2026-07-17 $55/$53 put spread; short theta and vega.

Credit: $0.62-$0.76

Max loss: $1.24

BE: $54.24

Mgmt: Roll down if spot approaches $53; close at 50% max gain.

Iron condor

Sell 2026-07-17 $56.00/$55.00 put wing and $60.00/$60.50 call wing

Sell put wing 56/55 and call wing 60/60.5; profits if spot stays between wings.

Credit: $0.52-$0.64

Max loss: $0.36

BE: 55.36 / 60.64

Mgmt: Exit if spot breaches either short strike; aim for 50% of max credit.

Risk Alerts

!Negative dealer gamma ($-54.5M) amplifies spot moves

!Spot 7.1% from max pain — potential pin action

!High call IV skew indicates upside hedging demand

How to Use These Reports

This theta reflects the market close on June 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.