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GLD

SPDR Gold SharesClose $414.00EOD only

Max Pain

$415.00

Next expiry May 27, 2026

Expected Move

±$3.58

0.9% from close

Price Gap

+1.00

Distance to max pain

IV Rank

Low premium

P/C OI

0.54

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: May 26, 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 26, 2026 close

GLD Flow Report

Analysis based on market close April 8, 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 8, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

5.5 / 10

base 5.5; +0.5 pinning GEX near spot; -0.5 net premium large negative (-$271.6M); mixed flow/volume (P/C vol 0.94)

Watch next session: Short-dated put flow into 4/10 (look for continued heavy volume at $425-$435 strikes); Activity around $435-$439 calls (O/S pin cluster) — large buys or block sales will decide dealer hedging direction

Flow Summary

Net premium: -$271.6M bearish (net premium into puts)

P/C volume ratio: 0.94 — essentially balanced, no extreme put-surge in volume

P/C OI ratio: 0.57 — OI skewed toward calls (longer-dated call concentration)

Intraday flow is mixed: institutional shelves of calls exist (large call OI clusters out-of-the-money) while recent premium traded is net-negative (heavy put premium), producing conflicting signals. Dealers hold significant positive GEX (+$249.0M) so gamma pinning pressure is likely around the $435–$437 area even as notional put premium suggests tactical protection or bearish positioning.

Notable Prints

GLD 2026-04-17 $439.00 Call

Vol: 6,722

OI: 148

Vol/OI: 45.4x

IV: 31.8%

Notional: ~$4.38M

Intent: Fresh directional call buying or aggressive dealer hedging demand near-the-money for that expiration

Dual read: Buy-to-open (bullish exposure) OR sell-to-open as part of spreads/structured sells (neutral to bearish)

Read-through: Very large vol/OI indicates a fresh block — if buys, this is a near-term bullish tweak that increases dealer short-delta and supports pinning around $439-$437; if sells (overwrites), it contributes to net premium negative reading. Either way, it concentrates gamma hedging pressure in the $437–$439 band.

GLD 2026-04-17 $433.00 Call (ITM)

Vol: 9,276

OI: 2,072

Vol/OI: 4.5x

IV: 32.4%

Notional: ~$8.79M

Intent: Significant directional call accumulation or large rollover of existing positions into 4/17 ITM calls

Dual read: Bought (bullish/delta exposure) OR sold/positioned as part of collar/structured trade (hedge/neutral)

Read-through: Large absolute notional and OI mean institutions are active around the near spot — increases dealer hedging sensitivity around $433-$437 and supports the documented pinning at $435–$437.

GLD 2026-04-10 $435.00 Put (ITM short-dated)

Vol: 2,257

OI: 896

Vol/OI: 2.5x

IV: 35.5%

Notional: ~$1.04M

Intent: Protective/short-dated put buying — defensive hedging into the Apr10 expiry

Dual read: Bought puts (protective/hedge) OR liquidity provision closing/selling (less likely given vol/OI)

Read-through: Concentrated short-dated put demand aligns with net premium negative and the MP at $425–$428; it increases downside sticky demand into near-term expiries and pressures dealers to hedge down if spot weakens.

GLD 2026-04-10 $441.00 Call

Vol: 994

OI: 197

Vol/OI: 5.0x

IV: 32.9%

Notional: ~$0.17M

Intent: Tactical call buying for upside exposure into Apr10 or dealer stemming of put pressure

Dual read: Buy-to-open (bullish) OR sell-of-call hedged structure (neutral)

Read-through: Smaller absolute dollar size but elevated vol/OI consistent with focused near-the-money activity — contributes to the cluster of calls around $435–$443 that are creating a pin/near-term magnet.

Institutional Positioning

Call additions: Concentrated activity at $433-$439 (4/17) and open interest clusters at $450 and $465; longer-dated call walls from $465-$595 indicate outsized institutional call exposure further OTM.

Put additions: Short-dated protective puts concentrated in the $425-$435 band (notably the 4/10 $435 puts) and a large structural put floor at $360 (OI=100,918) signaling long-term downside protection or structured product floors.

GEX/DEX consistency: Yes — positive Total GEX (+$249.0M) and DEX (+142.0M shares) align with call-heavy OI and the observed pinning around $435–$437, even though net premium traded is negative (put premium) indicating tactical hedging by institutions.

OI clusters: Largest OI pockets: $360 put floor (100,918 OI) acts as long-term downside anchor; call concentration at $550-$595 and near-term call clusters at $450 (6,841 OI) and $465 (62,211 + 55,848 aggregated entries) create multi-layered upside resistance/walls. Near-term OI clustering around $435-$437 (3,315–3,676 OI) is functioning as a pin magnet.

Hedging evidence: Clear short-dated protective put demand into Apr10 ($435 puts) and likely collars or structured overlays given the combination of large far-OTM put floors and heavy call OI — evidence points to institutional hedging rather than pure directional selling.

Max pain context: Max pain is clustered around $428 (flat across expirations). Spot is above MP and dealer GEX pinning is concentrated at $435–$437, so dealers are positioned to keep price near the MP band while hedging flows around the $435–$440 area.

Signal vs Noise

~Large notional negative net premium at very high strikes (575, 685, 540 etc.) likely reflects structured product rebalancing or one-off block trades — these far-OTM put inflows are not immediate directional signals for spot inside the 2-day expected move.

~High vol/OI in 4/17 calls (e.g., $439 and $433) could be blocks executed for delta hedging rather than pure directional buys; treat single-session lumps with care until follow-through or hedge trades appear in the book.

~Short-dated flows around 4/10 are expiration-related hedges (rolls into 4/17 or buys to close) — expiration roll dynamics can look like directional buying/selling but may simply be position management.

Key Conclusions

🔁Mixed flow: large short-term call blocks and short-dated put buys both active — read as institutions adjusting hedges rather than a clean directional trade (net premium -$271.6M while call OI remains large).

📌Pinning risk concentrated at $435–$437: multiple GEX concentration nodes (+$7.3M at $437, +$5.5M at $435) and near-term OI clusters support a magnet close to current spot.

⚖️Dealer gamma positive (+$249.0M) favors reduced realized volatility inside the next 2–5 days — breakdown requires sustained net put pressure and follow-through below $428–$425 MP band.

🛡️Evidence of defensive hedging: 4/10 $435 put flow and the 100,918 OI at $360 show institutions buying protection and maintaining downside floors, implying asymmetric downside protection.

🚨Watch short-dated put volume and any large sales at $435-$439 calls in the next session — these will determine whether dealers push the pin lower toward $425 or get forced to hedge higher past $443.

How to Use These Reports

This flow reflects the market close on April 8, 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.