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GLD

SPDR Gold SharesClose $411.50EOD only
Max Pain
$420.00
Next expiry May 20, 2026
Expected Move
±$4.43
1.1% from close
Price Gap
+8.50
Distance to max pain
IV Rank
12
Low premium
P/C OI
0.57
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 19, 2026 close
End-of-day snapshot

This page reflects GLD options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 19, 2026 close
GLD Directional Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Neutral-to-bullish: gamma pinning $416 & low VIX 17 support; mixed flow & $425 resistance cap. Confidence 7.

Confidence:
7 / 10
Base 5, +1 GEX pinning, +1 near MP, +1 low VIX, -1 flow contradict.
Supports: GEX +134.2M, near MP $416, VIX 17 low.
Conflicts: Mixed flow, resistance $425.
🎯Max pain $416 & GEX pinning strong support
⚠️Mixed flow & $425 resistance cap upside

Regime Classification

Vol Regime
Normal
Normal vol: VIX at 17, no event premium.
Gamma Regime
Pinning
Pinning: GEX +134.2M positive, spot at MP $416.
Flow Regime
Mixed
Mixed: balanced options flow, no directional edge.
Spot vs Max Pain
At
At MP $416, aligning with gamma.
Thesis duration: Event-specific — Event-specific: options expiration pinning May 20-27.

Price Range Forecast

Next 2 days
$411.32$423.48
Range $411-423; MP $416 pins
Next 1 week
$407.57$427.22
Upper $427; break $425 opens upside
Next 2 weeks
$402.22$432.57
Target $432; support $402

Key Levels

Max pain pins: $416 (2026-05-20); $418 (2026-05-22); $416 (2026-05-27)
EM guardrails: 2d $411.32/$423.48; 1w $407.57/$427.22
Support: $416.00 · $402.22 · $400.00
Resistance: $425.00 · $432.57 · $450.00
Gamma flip: ~$360.00 — Approx — based on put OI concentration of 100,940 (13.8% below spot)
Structural: Supp $416(MP)/$402/$400; Res $425/$432/$450; 2d $411-423; 1w $407-427; Gamma flip $360.

Dealer Positioning (GEX/DEX)

GEX: $+134.2M

DEX: +102.0M shares

Gamma flip: ~$360 (Approx — based on put OI concentration of 100,940 (13.8% below spot))

NTM gamma: GEX +134.2M pos; DEX +102M shares; Gamma flip ~$360 (13.8% below).

IV Analysis

IV vs VIX: IV not avail; VIX 17 low; SPX vol likely normal.

Term structure: No data; assume normal contango.

Skew: No skew data; no opportunity.

Flow Analysis

Net premium: Net premium -$115M, dominated by put premium, but put/call volume ratio 0.68 suggests call volume dominance.

Directional prints: 11.7 call 416 ITM 2026-05-20 — Vol/OI 7.8x, OTM call buying; bullish speculation near expiration. 7.4 put 414 OTM 2026-05-20 — Vol/OI 8.2x, OTM put buying; bearish hedge despite low premium.

Unusual: 25.9 call 415 ITM 2026-08-21 — Vol/OI 15.5x, new aggressive call buying; bought for bullish outlook. 35.3 call 413 ITM 2026-05-20 — Vol/OI 11.3x, ITM call accumulation; likely bought for bullish bias. 19.8 put 470 ITM 2026-12-31 — Vol/OI 10.2x, deep ITM put buying; bearish hedge or directional bet.

Risks & Catalysts

!Break below $416 triggers gamma flip to $360
!Resistance $425/$432 cap upside
!Mixed flow may reverse
!VIX spike could raise vol

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Iron condorModerate-Weak
Sell 2026-06-05 $416.00/$415.00 put wing and $425.00/$426.00 call wing
Why now: Iron condor harvests theta in low-vol regime; defined wings cap risk. Short strikes at $415p/$420c with wings at $410p/$425c.
Breakout below $410 or above $425 triggers max loss; gamma flip risk if pinned strike breached. Liquidity constraints: long_call: Volume below 5.
Bull call spreadModerate
Buy 2026-06-12 $425.00/$426.00 call spread
Why now: Bull call spread defines risk and benefits from bullish move; buy $415c sell $420c with 23 DTE.
Capped profit at $420; time decay if no move; resistance above $425 may stall. Liquidity constraints: short_call: Open interest below 25.

Top Plays

#1
Bull Call Spread
Buy 2026-06-12 $425.00/$426.00 call spread
Buy $425c sell $426c, targets breakout with limited risk.
Why this play: Aligned with bullish bias and call flow signal; defined risk break above $425.
Debit: $0.16-$0.19
Max loss: $0.19
BE: $425.19
Mgmt: Exit if $416 support fails or near expiration. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.
Traders with bullish outlook and low volatility appetite.
#2
Iron Condor
Sell 2026-06-05 $416.00/$415.00 put wing and $425.00/$426.00 call wing
Sell $415p/$425c with wings, profit from range-bound price.
Why this play: Neutral play harvesting theta in low vol; wings cap risk.
Credit: $0.70-$0.85
Max loss: $0.15
BE: 415.15 / 425.85
Mgmt: Adjust wings if $416 support or $425 resistance breaks. Liquidity warning: Liquidity constraints: long_call: Volume below 5.
Range-bound traders expecting no breakout.

Watchlist Triggers

Entry Triggers
IFIF GLD breaks above $425 resistance with volume, confirming bullish breakout. → THEN buy the $425/$426 bull call spread (GLD-BCS-1) for a defined-risk upside play.
IFIF GLD remains between $415 and $425, no breakout, with low VIX. → THEN sell the iron condor (GLD-IC-1) to collect theta within the range.
Adjustment Triggers
ADJIF GLD breaks $416 or $425 while holding iron condor. → THEN adjust wings or close the iron condor to manage risk.
Exit Triggers
EXITIF GLD drops below $416 support, invalidating bullish setup. → THEN exit the bull call spread and consider bearish strategies or cash.

Tactical Summary

Neutral-to-bullish bias with gamma pinning $416 and low VIX. Resistance $425 caps upside; support $416 holds mixed flow. Top plays: Bull Call Spread on breakout above $425; Iron Condor if range-bound. Monitor gamma flip risk below $416 and resistance breakout failure.
How to Use These Reports
This directional 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.