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GLD

SPDR Gold SharesClose $416.99EOD only

Max Pain

$418.00

Next expiry May 22, 2026

Expected Move

±$4.33

1.0% from close

Price Gap

+1.01

Distance to max pain

IV Rank

Low premium

P/C OI

0.58

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: May 21, 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 21, 2026 close

GLD Directional Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

GLD remains range-bound between $401-$426 with pinning gravity near $418. Dealer positive gamma supports containment, while mixed flow keeps bias neutral. Expect choppy trade within boundaries until catalyst.

Confidence:

7 / 10

Base 5, adjustments: +1 GEX positive pinning, +1 spot near MP, +1 low VIX, -1 mixed flow. Net confidence 7.

Supports: Spot at max pain ($418), dealer positive gamma ($+70.6M), low VIX (16.7), defined range levels.
Conflicts: Mixed flow, no clear catalyst, uncertainty from gold market.

📌Spot pinned at $418 max pain with strong gamma support.

⚠️Mixed flow signals lack of directional conviction.

📊Dealer GEX +$70.6M suggests continued containment.

Regime Classification

Vol Regime

Normal

IV near typical range; VIX at 16.7 indicates low macro vol, so normal.

Gamma Regime

Pinning

Pinning regime. GEX +$70.6M positive, put OI concentration near $360 provides gamma floor. Strong gamma near spot $418.

Flow Regime

Mixed

Mixed net premium context. Call/put activity balanced, no clear directional signal.

Spot vs Max Pain

Spot at max pain ($418), within 1%. Pin likely.

Thesis duration: Event-specific — Key pricing points driven by near-term option expiration pinning, with defined support and resistance.

Price Range Forecast

Next 1 week

$407.15$420.50

Max pain at $418, gamma pinning keeps within range.

Next 2 weeks

$401.12$426.52

Broader boundaries with gamma floor at $360 and resistance at $426.52.

Key Levels

Max pain pins: $418 (2026-05-22); $416 (2026-05-27); $418 (2026-05-29)

EM guardrails: 1w $407.15/$420.50

Support: $401.12 · $400.00

Resistance: $418.00 · $425.00 · $426.52

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,088 (13.0% below spot)

Structural: Support: $360 (gamma flip), $401.12 (1w low), $400 (historical). Resistance: $418 (max pain), $425, $426.52 (2w high). EM guardrails: 1w $407.15/$420.50.

Dealer Positioning (GEX/DEX)

GEX: $+70.6M

DEX: +99.2M shares

Gamma flip: ~$360 (Approx — based on put OI concentration of 101,088 (13.0% below spot))

NTM gamma: GEX +$70.6M positive, DEX +99.2M shares positive, gamma flip at ~$360 (deep put concentration).

IV Analysis

IV vs VIX: GLD IV likely in line with VIX given normal vol regime. No rich/cheap signal.

Term structure: No data provided; assume normal term structure with no event kinks.

Skew: Skew not available; no actionable vol structure opportunity identified.

Flow Analysis

Net premium: Net premium negative ($114.7M) indicates put buying dominates despite low put/call volume ratio 0.33, suggesting larger put trades.

Directional prints: 38.6 put 365 OTM 2026-05-29 — Vol/OI 12.5x, new positions; likely bought puts hedging downside, bearish. 25.7 call 500 OTM 2026-09-18 — Vol/OI 7.6x, large call buying; bullish long-dated bet. 16.2 call 415 OTM 2026-05-27 — Vol/OI 4.4x, call accumulation; bullish.

Unusual: 38.6 put 365 OTM 2026-05-29 — Vol/OI 12.5x standout; bearish put purchase. 6.6 call 416 OTM 2026-05-22 — Vol/OI 9.2x, low IV; likely bought calls with short expiry. 25.7 call 500 OTM 2026-09-18 — Largest volume 110,653; unusual high vol/OI 7.6x.

Risks & Catalysts

!Breakdown below $401 support could trigger stop-losses and dealer delta hedging.

!Rally above $426 resistance may force dealer covering of short calls.

!External gold price shock could break the range.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Iron condor	Moderate-Weak	Sell 2026-06-05 $404.00/$395.00 put wing and $426.00/$433.00 call wing Why now: Dealer gamma positive, pinning near $418; low IV supports credit.	Breakout beyond wings causes losses; manage at 50% profit. Liquidity constraints: short_put: Volume below 5.
Put credit spread	Moderate	Sell 2026-06-05 $401.00/$390.00 put spread Why now: Put dominance but low vol; defined-risk premium fits neutral-bullish.	Breakdown below short put strike causes max loss.

Top Plays

Put Credit Spread

Sell 2026-06-05 $401.00/$390.00 put spread

Sell 401/390 put spread, collects premium with support at $401.

Why this play: Best fit: slight bullish bias and defined risk, with liquidity pass enabling execution. Outranks iron condor due to liquidity and alignment with near-term lean.

Credit: $1.09-$1.33

Max loss: $9.67

BE: $399.67

Mgmt: Exit if GLD breaks below $401; invalidation at $401.12. Manage for 50% max gain or expiration.

Traders expecting range to hold with gentle upside, seeking defined risk and high probability of profit.

Iron Condor

Sell 2026-06-05 $404.00/$395.00 put wing and $426.00/$433.00 call wing

Sell 404/395 put wing and 426/433 call wing, profit from pinning near $418.

Why this play: Fits range-bound thesis but liquidity is poor, making execution uncertain. Outranked by put spread due to liquidity.

Credit: $2.25-$2.75

Max loss: $6.25

BE: 401.25 / 428.75

Mgmt: Neutral gamma; adjust wings if breakout. Exit if range breaks. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Traders comfortable with illiquid options and confident in range-bound movement for long duration.

Watchlist Triggers

Entry Triggers

IFGLD holds above $401 support → Sell 2026-06-05 $401/$390 put credit spread at $1.09-$1.33 credit

Exit Triggers

EXITGLD breaks below $401 → Exit the put credit spread to limit loss

Tactical Summary

GLD range-bound $401-$426, slight bullish lean. Prefer put credit spread (401/390) for defined risk and liquidity. Manage with stop if $401 breaks. Avoid iron condor due to poor liquidity.

How to Use These Reports

This directional reflects the market close on May 22, 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.