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GLD

SPDR Gold SharesClose $413.82EOD only

Max Pain

$416.00

Next expiry May 27, 2026

Expected Move

±$6.67

1.6% from close

Price Gap

+2.18

Distance to max pain

IV Rank

Low premium

P/C OI

0.58

Slightly call-heavy

Consensus

6.5/10

Range bias

Published snapshot: May 22, 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 22, 2026 close

GLD Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 7, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

6 / 10

base 5.0; +1.0 GEX positive/pinning; -1.0 mixed flow vs GEX (Pre-Computed); +1.0 spot 0.9% from MP

Watch next session: Follow call flow and OI builds at $428–$433 (near-term expiries); Watch put buying/rolls around $400–$405 and any spike in short-dated put volume

Flow Summary

Net premium: -$222.5M (net into puts / seller-driven premium negative)

P/C volume ratio: 0.80 — modest call-skew in volume (calls trading more than puts)

P/C OI ratio: 0.57 — call OI dominates; positioning shows persistent call exposure vs short-term put activity

Mixed flow: volume today is call-leaning (P/C vol 0.80) while aggregate net premium is strongly negative (-$222.5M) driven by heavy put premium on higher strikes in the premium table. Dealers show positive GEX (+$212.3M) producing a pinning bias around current Max Pain (~$428). Short-dated call prints clustered 426–437 look like directional call accumulation or dealer unwind of short calls, while large long-dated put prints ($300/$370) signal institutional tail-hedging.

Notable Prints

GLD260417C00433000 CALL $433.00 (exp 2026-04-17) OTM

Vol: 2,263

OI: 175

Vol/OI: 12.9x

IV: 40.6%

Notional: ~$97.5M

Intent: Fresh directional call buying or aggressive roll into 4/17 calls ahead of expiries

Dual read: Client bought calls (bullish) OR dealer sold/covered call exposure (neutral to bullish depending on delta trades)

Read-through: Short-dated call demand concentrated at $433 supports upward push toward the $428–$440 pin band; significant relative to near-term OI and aligns with GEX pinning levels.

GLD260417C00426000 CALL $426.00 (exp 2026-04-17) ITM

Vol: 2,062

OI: 139

Vol/OI: 14.8x

IV: 41.6%

Notional: ~$88.9M

Intent: Directional ITM call accumulation (delta-heavy bullish exposure) or conversion/roll of nearer strikes into 4/17

Dual read: Bought for upside exposure or sold as part of complex (could be closing of long puts converted into calls)

Read-through: High-volatility, short-dated ITM call flow increases dealer hedging demand near spot; supports pinning toward $428–$433 in the immediate term.

GLD261218P00300000 PUT $300.00 (exp 2026-12-18) OTM

Vol: 6,000

OI: 300

Vol/OI: 20.0x

IV: 33.7%

Notional: ~$180.0M

Intent: Long-dated tail hedges (protective/out-of-the-money puts) or structured downside risk transfer

Dual read: Institutional buyers accumulating long-dated downside protection (bearish insurance) OR sellers creating structured income (if sold, large short-tail risk)

Read-through: Major notional exposure to far OTM downside: indicates institutional appetite to hedge extreme metal downside or to package protective collars; unlikely to move near-term price but important structural hedging signal.

GLD260417C00427000 CALL $427.00 (exp 2026-04-17) ITM

Vol: 2,143

OI: 176

Vol/OI: 12.2x

IV: 41.2%

Notional: ~$92.2M

Intent: Short-dated ITM call accumulation — delta-heavy bullish exposure or closing of short calls

Dual read: Overt bullish buying OR tactical conversion from other positions

Read-through: Adds to concentrated short-dated call activity around $426–$433; increases probability of pinning within the 2-day expected move band.

GLD260413P00410000 PUT $410.00 (exp 2026-04-13) OTM

Vol: 1,224

OI: 146

Vol/OI: 8.4x

IV: 45.5%

Notional: ~$50.2M

Intent: Near-dated protective puts or bearish directional buying into the week

Dual read: Bought as protection vs short exposure OR speculative put purchase

Read-through: Shows short-dated put demand around $410 that could provide support if price dips into low-$410s; paired with positive GEX this acts as a dealer hedging anchor.

Institutional Positioning

Call additions: Short-dated call accumulation concentrated at $425–$437 (large prints at $426, $427, $433) and OI clusters at $435 and $450 — institutions appear to be adding upside exposure in the near-term expiries.

Put additions: Large long-dated put flow at $300 and $370 suggests institutional tail-hedging; meaningful short-dated put activity also shows up at $400–$410 indicating tactical downside protection.

GEX/DEX consistency: Yes — positive total GEX (+$212.3M) and near-term GEX concentration at $435/$437/$440 support a pinning environment consistent with the high short-dated call flow.

OI clusters: Largest OI clusters: $360 put (100,969 OI) — structural floor; large call walls $465–$595 (95k+ OI at 550/555/595) create distant resistance; nearer term call concentration at $450 (6,401 OI) and $435 (2,957 OI) create local resistance/magnet dynamics between $428–$450.

Hedging evidence: Clear hedging: sizable long-dated deep OTM puts ($300, $370) indicate institutional tail insurance; near-term $400–$415 puts (9,233 OI at $400; prints at $410 exp 4/13) point to protective buying. Minimal evidence of large-scale collar flows in the near chain, but long-dated tails imply structured protection.

Max pain context: Max Pain is ~$428 across front expiries (2026-04-08 MP=$428, flat MP trend). Combined with concentrated GEX at $435/$437/$440 and active short-dated call buying, dealers have incentive to pin around $428–$433 in the immediate session.

Signal vs Noise

~GLD260408P00355000 $355 put shows IV 118.8% and tiny last price — likely data/quote anomaly or small block causing distorted IV; treat as noise.

~Large long-dated $300 puts (Dec/Nov) are structural tail hedges — important for long-term positioning but unlikely to drive next-session directional moves.

~High short-dated call prints may include spreads/conversions; some vol/OI ratios >10 can be closing rolls or dealer adjustments rather than pure directional bets.

~P/C premium skew in 'Top Premium Flow Strikes' at very high strikes (e.g., $575–$685) reflects option chain flows far from spot and likely structured trade flows, not immediate directional pressure.

Key Conclusions

📌Pinning setup: GEX +$212.3M and Max Pain around $428 create a near-term magnet within the 2-day expected move [$422.63 - $440.98].

🐂Short-dated call accumulation at $426–$433 (large vol/oi prints) is the most actionable bullish signal for next session; could push price toward upper end of the 2-day band if sustained.

🛡️Institutions are carrying long-dated downside insurance via large $300/$370 puts — structural hedging, not an immediate bearish trigger but important for tail-risk pricing.

⚖️Flow is mixed: P/C volume favors calls (0.80) while net premium is strongly negative (-$222.5M). Expect choppy price action until one side dominates.

📊Key levels to watch: short-term support band around $425–$428 (max pain / put clusters) and resistance at $435–$450 (GEX pin magnets and call OI concentration).

How to Use These Reports

This flow reflects the market close on April 7, 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.