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GLD

SPDR Gold SharesClose $411.95EOD only

Max Pain

$410.00

Next expiry Jun 3, 2026

Expected Move

±$3.52

0.8% from close

Price Gap

-1.95

Distance to max pain

IV Rank

Low premium

P/C OI

0.56

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Jun 2, 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

Jun 2, 2026 close

GLD Flow Report

Analysis based on market close April 10, 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 10, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

5 / 10

base 5.0; +1 pinning GEX (dealer buying around near-term pins); -1 net premium strongly negative (large put premium concentration) — net neutral overall

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)

On a contracts basis flows are call‑dominant (P/C vol 0.74) and dealer GEX is strongly positive (+$258.8M) creating a pinning regime around the $437–$444 area. However, premium-weighted flow is heavily negative (net premium -$236.7M) driven by large put premium at select strikes/expiries — the result is mixed smart‑money positioning: call activity and dealer gamma support near-term stability, while concentrated put-premium suggests institutional tail/hedge demand that can cap upside or accelerate downside if executed further.

Notable Prints

GLD 2026-04-15 $440 Call

Vol: 1,223

OI: 114

Vol/OI: 10.7x

IV: 23.4%

Notional: ~$448,841

Intent: Fresh directional call buying or a short-dated bullish exposure (near‑term pin participation)

Dual read: Aggressive call buy (bullish) OR sell-side opening as part of overwriting/flow (neutral if matched by offsetting stock/call sales)

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.

GLD 2026-04-13 $440 Put

Vol: 1,267

OI: 180

Vol/OI: 7.0x

IV: 25.6%

Notional: ~$614,? (1267 * $4.85 * 100 ≈ $614,?00)

Intent: Short-dated protective put buying or expiration trading/rolls into 4/13

Dual read: Bought puts (tail hedge) OR seller closing/roll (liquidation) depending on accompanying trades

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.

GLD 2026-04-17 $505 Put

Vol: 600

OI: 100

Vol/OI: 6.0x

IV: 64.4%

Notional: ~$4,011,000

Intent: Large, high-premium put position — likely a long-tail institutional hedge or structured product protection

Dual read: Large protective put (institutional tail hedge) OR part of complex spread (e.g., collar or vertical) being initiated

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.

GLD 2026-05-01 $439 Call

Vol: 1,430

OI: 389

Vol/OI: 3.7x

IV: 27.7%

Notional: ~$1,537,250

Intent: Tactical call accumulation for May expiry (directional bullish or income-structured buy)

Dual read: Directional call buy (bullish) OR part of a spread/collar financing position (neutral)

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.

GLD 2026-04-17 $427 Put

Vol: 884

OI: 227

Vol/OI: 3.9x

IV: 29.7%

Notional: ~$238,? (884 * $2.70 * 100 ≈ $238,?00)

Intent: Protective short-term put accumulation (2% OTM) — defensive positioning into mid‑April

Dual read: Bought puts (hedge) OR roll from nearer expiry (expiration management)

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

~Large volumes at 2026-04-13 expiries (4/13 $440 put, 4/13 $435 put) likely include expiration rolls and expiration-hedge activity — not purely fresh directional bets.

~Very large put premium on far strikes listed in Top Premium Flow (e.g., $575, $685, $540 rows) are likely institutional tail hedges or part of structured trades — premium-weighted but not necessarily short-term directional.

~High OI at long-dated high calls (e.g., $550–$595) represent structural positioning and potential call-walls; single-day volume into adjacent strikes may be rebalancing rather than new directional exposure.

~Some short-dated call prints (e.g., $440 4/15) could be market-maker inventory or pin-seeking leg trades; confirm with consecutive session flow before assuming a sustained bullish push.

Key Conclusions

🟡Mixed tape: contract-level flows favor calls (P/C vol 0.74) while premium-weighted flows are heavily put-biased (net premium -$236.7M), creating conflicting signals.

📌Pin risk centered at $437–$443: GEX concentration ($+2.2M at $440, +$1.2M at $443, +$800K at $437) and dealer GEX +$258.8M make the $440–$443 zone the primary near-term magnet.

🛡️Institutions buying protection: large short-dated put prints (4/13 $440, 4/17 $427 and a big 4/17 $505 put) point to active hedging/tail protection that could accelerate downside if built further.

🐂Dealer behavior supportive: positive GEX implies dealers buy into dips near the pin levels, providing a near-term technical floor around $433–$440, unless put-demand intensifies.

⚖️Watcher action: monitor new premium flow (not just contract counts) — if net premium remains strongly negative into the next session, treat the market as skewed to protective flows despite call-heavy volume.

How to Use These Reports

This flow reflects the market close on April 10, 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.

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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.