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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

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 Flow Report

Analysis based on market close May 19, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 18

Watch next session: 350; 380

Flow Summary

Net premium: -$192.7M bearish

P/C volume ratio: 1.08

P/C OI ratio: 0.57

Mixed flow with negative net premium but positive gamma and call OI dominance. Unusual prints on both sides. Spot below MP, gamma pinning near 360. Neutral bias.

Notable Prints

GLD 2026-05-20 $415.00 Call

Vol: 760

OI: 140

Vol/OI: 5.4x

IV: 19.2%

Notional: ~$76K

Intent: bullish speculation

Read-through:

GLD 2026-05-27 $405.00 Put

Vol: 772

OI: 155

Vol/OI: 5.0x

IV: 21.9%

Notional: ~$220K

Intent: bearish speculation

Read-through:

GLD 2026-11-20 $400.00 Put

Vol: 1,368

OI: 348

Vol/OI: 3.9x

IV: 22.4%

Notional: ~$2.7M

Intent: bearish hedge

Read-through:

GLD 2026-12-31 $460.00 Put

Vol: 382

OI: 101

Vol/OI: 3.8x

IV: 20.8%

Notional: ~$2.2M

Intent: large bearish bet

Read-through:

GLD 2026-12-18 $560.00 Call

Vol: 3,702

OI: 1,051

Vol/OI: 3.5x

IV: 29.2%

Notional: ~$1.7M

Intent: speculative long call

Read-through:

Institutional Positioning

Call additions: Dec $560C 3.7k vol, May $415C, $409C

Put additions: Nov $400P 1.4k vol, Dec $460P, May $395-411P

GEX/DEX consistency: DEX 101.6M, GEX +54.3M; net premium negative from hedging

OI clusters: $560C 1051 OI, $400P 348, $460P 101

Hedging evidence: Puts $390-460 covering downside to gamma flip $360

Max pain context: Spot below MP, GEX pinning $410-415

Signal vs Noise

~Dec $560C vol is real bullish signal.

~Put vol at $400/$460 is hedging.

~Negative net premium is noise from hedging.

~GEX and DEX positive confirm pinning.

Key Conclusions

🟢Dec $560C 3.7k vol, 1051 OI bullish for gold

🛡️Hedging via $400/$460 puts, downside protected

📌GEX pinning near $415, expect mean reversion

How to Use These Reports

This flow reflects the market close on May 19, 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.