GLD
SPDR Gold SharesClose $440.46EOD onlyThis page reflects GLD options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 10, 2026. A newer flow report is available for April 15, 2026.
View latest reportFlow Verdict
Watch next session: Activity and OI build at $440/$443 calls (short-dated expiries); New premium or volume into $427–$435 puts ahead of 4/13–4/17 expiries
Flow Summary
Net premium: -$236.7M bearish (premium skewed to puts by notional)
P/C volume ratio: 0.74 — call-volume dominant (more calls traded by count)
P/C OI ratio: 0.56 — call OI heavier (structural call positioning exceeds put OI)
Notable Prints
Read-through: Significant short-dated call demand 1% OTM aligns with GEX pin concentration at $440 and $443 — suggests dealers will be buying underlying into small dips, supporting a near-term pin around $440–$443.
Read-through: Large 4/13 put activity right at the near-term expected-move lower bound indicates institutional defensive positioning into the 4/13 expiry and is consistent with the net premium negative reading.
Read-through: High IV and large notional at a deep OTM put suggests explicit tail-hedging or structured protection; this is a major contributor to the negative net premium and explains premium-weighted bearish signal despite call-dominant contract flow.
Read-through: May-dated call activity at-the-money signals rolling or addition of bullish exposure further out; supports dealer gamma buying around spot into early May.
Read-through: Reinforces defensive put demand in the 427–435 band; combined with near-term GEX concentration it implies dealers will be active supporting spot while institutions buy short-dated downside protection.
Institutional Positioning
Call additions: Concentrated call additions around $440–$445 (notable 4/15 $440 and many near-term calls at $440/$443) and larger structural call OI clusters at $465–$595 (longer-dated call interest). Short‑dated call OI clusters at $440/$443 indicate tactical bullish or income structures.
Put additions: Premium-weighted put demand concentrated at far strikes and short-dated expiries (notable 4/13 $440 put, 4/17 $505 put, 4/17 $427 put). Large notional at high-strike puts suggests institutional tail or structured hedges.
GEX/DEX consistency: Yes/Mixed — Total GEX is strongly positive (+$258.8M) which aligns with call-dominant contract flow and the observed near-term pinning around $437–$443; however net premium negative and large put-premium pockets create conflict, leading to a mixed read.
OI clusters: Near-term call OI clusters: $440 (1,018 OI), $443 (661 OI), $460 (714 OI). Put clusters: $410 (1,232 OI), $433 (837 OI), $400 (698 OI). Structural largest OI: $360 put (100,984 OI floor) and large call walls at $550–$595 for longer term.
Hedging evidence: Clear evidence of protective hedging: short-dated puts (4/13–4/17) around $427–$440 and very large put notional at distant strikes indicate institutional tail hedges or structured collars. Collars minimal explicit, but put buys paired with call sells/OTM call accumulation are plausible.
Max pain context: Max pain pins are rising (current near-term MP $425 → $430), while spot ($437.13) is above MP. Dealers' positive GEX and near-term pin magnets at $437–$443 increase the chance of spot gravitating toward the $440–$443 cluster, but MP across expiries still sits lower ($425–$436), so downside pressure exists if put demand persists.
Signal vs Noise
Key Conclusions
Read the Flow analysis for GLD for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.