Home Options GLDReports

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 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

View latest report

Flow Verdict

Confidence:

4.5 / 10

base 4.5 (provided); +1 pinning GEX ($+272.6M) supports range; -1 large net premium (-$249.3M) skewed to puts; -0.5 spot ~3.0% above MP

Watch next session: Activity at the 2026-04-17 $440/$437 calls (large prints already seen) — persistent buying would blunt bearish premium; Follow-through on $426 puts (4/15 and 4/10) — fresh volume or OI lifts would confirm downside intent

Flow Summary

Net premium: -$249.3M bearish (net premium into puts)

P/C volume ratio: 0.74 — call-dominant on volume (calls had more contracts traded today)

P/C OI ratio: 0.58 — OI shows a moderate call lean (longer-term positioning favors calls)

Mixed signals: traded activity skewed toward calls in volume (P/C vol 0.74) while premium flow is strongly negative (net premium -$249.3M), implying large dollar-weighted put buys or heavy put premium selling that favored put-side dollar flows. Dealers are long gamma (GEX +$272.6M), creating a pinning environment around current spot (437–440). Short-term flow is ambiguous; large, concentrated put prints at $426 suggest tactical downside hedging or directional put buying against an otherwise call-heavy OI structure.

Notable Prints

GLD 2026-04-13/2026-04-15 PUT $426.00 (exp 2026-04-15)

Vol: 13,842

OI: 232

Vol/OI: 59.7x

IV: 30.1%

Notional: ~$3.11M

Intent: Directional put buying / short-term hedge into mid-April (protective or directional bearish position).

Dual read: Bought puts (bearish) OR opened a large synthetic or part of a put-heavy spread (hedge) — but vol/OI spike (59.7x) favors fresh buying versus a roll.

Read-through: Significant short-dated downside interest centered just below spot (3% from spot). If followed by more put activity, dealers will hedge by buying spot/lowering offers which can press price toward near-term MPs ($425–$429).

GLD 2026-04-17 CALL $440.00 (exp 2026-04-17)

Vol: 28,477

OI: 8,554

Vol/OI: 3.3x

IV: 29.5%

Notional: ~$18.51M

Intent: Large directional call accumulation / roll into the 4/17 weekly — aggressive upside exposure or spread leg building.

Dual read: Fresh call buying (bullish) OR dealers/writing activity (selling calls) to establish covered exposure; volume magnitude and elevated notional lean toward institutional accumulation.

Read-through: If this call demand persists it counterbalances the put premium negative, could cap downside and produce short-term resistance near $440–$443 (EM upper bound).

GLD 2026-04-17 CALL $437.00 (ITM) (exp 2026-04-17)

Vol: 8,500

OI: 1,133

Vol/OI: 7.5x

IV: 30.5%

Notional: ~$7.01M

Intent: Aggressive near-term bullish exposure (ITM call buys) or conversion leg for synthetics — dealers will hedge by selling underlying if sustained.

Dual read: Bought calls (bullish) OR sold stock/created synthetics (neutral hedge). ITM nature and high vol/OI ratio favor fresh directional buys.

Read-through: Reinforces short-dated upside positioning into 4/17; if matched with 4/17 $440 calls, points to a concentrated bet to the 437–440 zone.

GLD 2026-04-10 PUT $437.00 (exp 2026-04-10)

Vol: 2,168

OI: 324

Vol/OI: 6.7x

IV: 30.4%

Notional: ~$0.47M

Intent: Near-term downside hedge / expiration-related protection for positions through the 4/10 expiry.

Dual read: Bought (defensive) puts or part of a spread/roll; given near expiry, likely protective hedging or expiration-driven adjustment.

Read-through: Short-dated put demand ahead of the 4/10 expiry could push dealers to buy underlying into Thursday, supporting the pin near current spot if hedges are large enough.

Institutional Positioning

Call additions: Concentrated activity around 4/17 expiries at $437–$440 (large volume at $440 with 28,477 contracts); OI clusters also show call concentration at $450 (5,329 OI) and elevated long-dated call walls in $465–$595 range.

Put additions: Significant short-dated put flow at $426 (4/15) and $437 (4/10) — large vol/OI spikes indicate fresh put buying or hedging. Longer-dated put OI concentrated at $360 (100,942 OI) but that is far from spot.

GEX/DEX consistency: Yes. GEX is strongly positive (+$272.6M) and DEX is +141.1K shares: dealer long-gamma creates a pinning environment around spot (near the +$7.7M GEX at $437 and +$3.7M at $440), consistent with observed short-term cluster flow.

OI clusters: Largest OI clusters show a deep put floor at $360 (structural, 100,942 OI) and call walls from $465–$595 (call OI large). Near-term OI concentrations sit at $440/$437/$435 calls (GEX pin magnets) and put clusters around $400–$405 and $390, which act as structural support zones if price fell.

Hedging evidence: Yes — near-term put prints (4/10 & 4/15) and substantial dealer positive GEX point to protective put buying and dealer hedging (dealers long gamma will buy spot into selling), but evidence for collars is limited in the near-term chain. Large long-dated put OI at $360 suggests institutional tail-hedging farther out.

Max pain context: Max pain short-term is lower ($425–$429). MP trend is rising but current spot ($437.91) is above short-dated MPs. Dealer pinning (GEX + localized concentrations at $437/$440/$435) increases chance of spot being held within the 2d EM band ($432.57–$443.25), nudging toward MPs if downside activity persists.

Signal vs Noise

~Large notional negative premium rows at extreme strikes (e.g., premium flow entries showing big put dollar flow at strikes $575–$760) are structural/portfolio reallocations in distant expiries — likely not immediate directional signals for next-session moves.

~The 4/10 $437 put print (near expiry) looks like expiration hedge/roll activity — short-dated defensive buying that may not imply medium-term bearish conviction.

~High OI at $360 puts (100,942 OI) is a structural tail hedge and sits far below spot; day-to-day prints near this strike are non-directional for near-term price action.

~Some volume in ITM calls (e.g., $437 & $436 ITM calls 4/17) could be part of conversion/spread trades rather than pure directional buying; context matters given concurrent large call flow at $440.

Key Conclusions

🔎Mixed flow: contract counts and call volume favor the upside, but net premium is materially negative (-$249.3M) indicating dollar-weighted put-side pressure.

📌Dealers are long-gamma (GEX +$272.6M) and have concentrated GEX at $437/$440/$435 — expect pinning and range-bound action inside the 2d EM $432.57–$443.25.

⚖️Watch the 4/17 call cluster (notably $440 with ~28.5k contracts) vs the $426 put prints — persistent follow-through on either side will decide direction.

🐻Significant short-dated put accumulation at $426 (4/15) is a clear tactical bearish/hedging signal; if matched by further put premium, expect pressure toward MPs in the $425–$429 area.

🧭Key intraday levels to trade around: support cluster near $435–$437 (dealer hedging & GEX) and resistance near $440–$443 (call demand and EM upper bound).

How to Use These Reports

This flow reflects the market close on April 9, 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.