thetaOwl
HomeOptionsSLVReports

SLV

iShares Silver TrustClose $59.41EOD only
Max Pain
$55.00
Next expiry Aug 12, 2026
Expected Move
±$1.99
3.3% from close
Price Gap
-4.41
Distance to max pain
IV Rank
7
Low premium
P/C OI
0.47
Slightly call-heavy
Consensus
6.5/10
Range bias
Published snapshot: Aug 10, 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
Aug 10, 2026 close
SLV Theta Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 26, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness2 / 10
Sizing: Conservative
Primary: Wait for event clarity
Invalidation: Spot breaks $50 or $55
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.3% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV 72% >> VIX 18, extreme divergence
Favorable?
No

Term structure: Front-end skew extreme; back-end flat 44-48%

⚠️Negative dealer gamma amplifies pin risk near OPEX
📊IV/VIX gap suggests event premium distorting front

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-21.4M)

Gamma flip: ~$50.00 — Approx — based on put OI concentration of 45,665 (6.2% below spot)

OI concentrations: Max pain $54; put wall $50, call $60+

Verdict: Elevated pin risk due to negative gamma and spot below MP

Premium Opportunities

#1
Put calendar
Sell 2026-07-31 $50.00 put / buy 2026-12-18 $50.00 put
Sell near-term $50 put, buy back-month $50 put to capture IV premium differential.
Debit: $2.43-$2.97
Max loss: $2.97
BE: Path-dependent
Mgmt: Monitor gamma flip at $50; exit if spot approaches $51.13.

Risk Alerts

!Negative dealer gamma (-$21.4M) amplifies moves
!High IV vs VIX suggests event risk
!Spot below max pain and gamma flip at $50
!Short premium extremely risky: high IV, pin risk, negative gamma
How to Use These Reports
This theta reflects the market close on June 26, 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.