Devil's Money

Analyzing the silver options market (SLV ETF) & Max Pain dynamics

Last Refreshed: 2026-07-31 16:30:35 EST

SLV Current Spot
$52.36
Daily Change
-1.14 (-2.13%)
TradeStation Portfolio
Cash: $993,570.25
Shares: 100 (Cost: $67.00)
TradeStation Account P&L
Cumulative: $-1,208.25 (-0.1208%)
Intraday: $-1473.50 (Realized: $0.00 | Unreal: $-1473.50)

📊 Secondary Multi-Signal Overlay

Gamma Squeeze Risk
13.0% (LOW)
PC Vol: 0.50 | OI: 0.67
IV Rank (IVR)
20.4% (NORMAL)
RV(30d): 42.7%
Put/Call Skew
PUT OVERPRICING (Bullish Edge)
Skew Spread: +12.5%
Gold/Silver Ratio
71.0
Neutral Range
DXY Trend
BEARISH
(Tailwind for SLV)
10-Yr Yield (TNX)
BULLISH
(Headwind for SLV)

🧙‍♂️ Underlying Technical State (Triple-Filter Tracker)

SMA (200) Structure
$63.57 (BEARISH)
EMA (9) Momentum
$52.51 (BELOW)
TD Sequential Count
Buy 1 | Sell 0
Bullish Reversal Trigger
INACTIVE
Bearish Reversal Trigger
INACTIVE

⚡ Under-10% Empirical Failure Writing Recommendations

Empirical Probability-Adjusted Delta Model: Instead of relying on a purely random-walk-based Black-Scholes Delta (|\Delta|), our algorithm incorporates historical probability shifts (lifts) calculated over 10 years of SLV performance when the Triple-Filter triggers are active. Options are selected strictly where the Adjusted Chance of Failing is < 10\%, letting us harvest larger premiums safely during high-conviction momentum setups. Read the detailed model mechanics in the Devil's Doc.

Expiry: 2026-07-31 (0.5 DTE)

Adjusted via 5-day horizon lifts: Bull (+-0.9%), Bear (+-19.1%)
Sell Covered Call

No suitable strike found below risk limits.

Sell Cash-Secured Put
Strike $52.0 Adjusted Risk: 4.2%
Symbol: SLV260731P00052000 Delta: -0.02
Premium: $0.00 - $0.01 CSP Capacity: 191 Contracts

Expiry: 2026-08-03 (2 DTE)

Adjusted via 5-day horizon lifts: Bull (+-0.9%), Bear (+-19.1%)
Sell Covered Call

No suitable strike found below risk limits.

Sell Cash-Secured Put
Strike $50.5 Adjusted Risk: 4.3%
Symbol: SLV260803P00050500 Delta: -0.02
Premium: $0.03 - $0.05 CSP Capacity: 196 Contracts

Expiry: 2026-08-05 (4 DTE)

Adjusted via 5-day horizon lifts: Bull (+-0.9%), Bear (+-19.1%)
Sell Covered Call

No suitable strike found below risk limits.

Sell Cash-Secured Put
Strike $48.5 Adjusted Risk: 5.3%
Symbol: SLV260805P00048500 Delta: -0.03
Premium: $0.03 - $0.08 CSP Capacity: 204 Contracts

💼 Position Tracker & Live Ledger

Active Options Written

IDTypeOption SymbolExpiryStrikeQtyEntry PremiumCurrent PriceUnrealized P&L
188195864CALLSLV260731C752026-07-31$75.01$0.05$0.01+$4.50

Closed Positions History

IDTypeOption SymbolExpiryStrikeQtyEntry PriceClose PriceRealized P&L
954039699PUTSLV260529P65.52026-05-29$65.51$0.34$0.00+$34.00
954039702CALLSLV260529C702026-05-29$70.01$0.29$0.00+$0.00
954496142PUTSLV260601P662026-06-01$66.01$0.17$0.00+$17.00
955024772PUTSLV260603P672026-06-03$67.01$0.25$0.00+$25.00
954784782PUTSLV260603P65.52026-06-03$65.51$0.24$0.00+$24.00
955235696PUTSLV260605P642026-06-05$64.01$0.25$0.00+$25.00
955219536CALLSLV260605C68.52026-06-05$68.51$0.27$0.00+$27.00
962107974PUTSLV260717P49.52026-07-17$49.51$0.17$0.00+$17.00
961857549PUTSLV260717P512026-07-17$51.01$0.20$0.00+$20.00
962308310PUTSLV260720P48.52026-07-20$48.51$0.13$0.00+$13.00
962789426PUTSLV260722P522026-07-22$52.01$0.18$0.00+$18.00
962573373PUTSLV260722P49.52026-07-22$49.51$0.20$0.00+$20.00
963621105PUTSLV260727P512026-07-27$51.01$0.08$0.00+$8.00
963337087PUTSLV260724P512026-07-24$51.01$0.19$0.00+$19.00
963002036PUTSLV260724P532026-07-24$53.01$0.27$0.00+$27.00

Options Analysis & Max Pain

Max Pain Strike
$52.50
Put/Call OI Ratio
0.67
Put/Call Vol Ratio
0.50

ὒ5 Top Calls (By Open Interest)

StrikeLast PriceVolumeOpen InterestImplied Vol
$55.00$0.011,32810,43046.1%
$52.50$0.0411,3188,3054.7%
$53.00$0.014,1167,35614.8%
$54.00$0.011,7516,99031.3%
$60.00$0.01506,587100.0%

ὧ8 Top Puts (By Open Interest)

StrikeLast PriceVolumeOpen InterestImplied Vol
$45.00$0.04710,672112.5%
$50.00$0.015829,92143.8%
$48.00$0.01287,59368.8%
$49.00$0.02975,93353.1%
$51.50$0.013,6414,79918.8%
Max Pain Strike
$51.50
Put/Call OI Ratio
0.47
Put/Call Vol Ratio
0.78

ὒ5 Top Calls (By Open Interest)

StrikeLast PriceVolumeOpen InterestImplied Vol
$53.00$0.193,7204,13121.0%
$60.00$0.0132,55760.9%
$55.00$0.036612,07627.9%
$51.50$0.984351,51619.1%
$52.50$0.321,5311,15819.0%

ὧ8 Top Puts (By Open Interest)

StrikeLast PriceVolumeOpen InterestImplied Vol
$51.50$0.184,8853,79623.4%
$46.00$0.014168256.3%
$52.00$0.3661563023.9%
$50.00$0.0337339027.0%
$52.50$0.6024730225.9%
Max Pain Strike
$53.50
Put/Call OI Ratio
1.43
Put/Call Vol Ratio
0.78

ὒ5 Top Calls (By Open Interest)

StrikeLast PriceVolumeOpen InterestImplied Vol
$54.00$0.236301,11929.2%
$53.50$0.339031,08428.4%
$55.00$0.142781,01132.4%
$56.00$0.063544834.8%
$57.00$0.044940639.1%

ὧ8 Top Puts (By Open Interest)

StrikeLast PriceVolumeOpen InterestImplied Vol
$47.00$0.04584,65848.0%
$54.00$2.009896938.3%
$50.00$0.1723448036.1%
$54.50$2.281247141.0%
$53.00$1.2017641435.1%