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GLD

SPDR Gold SharesClose $435.36EOD only

Max Pain

$434.00

Next expiry Apr 15, 2026

Expected Move

±$6.54

1.5% from close

Price Gap

-1.36

Distance to max pain

IV Rank

Low premium

P/C OI

0.57

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 13, 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

Apr 13, 2026 close

GLD Flow Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

base 5; +1 GEX positive (pinning); +1 spot ~0.5% from MP; -1 GEX/flow contradictions flagged in pre-score; +0.5 VIX 19.1

Watch next session: Intraday flow into $436/$437 calls (near-term GEX concentration at $436 +$3.3M); Put flow or dealer selling into the $426 put cluster (12,224 OI) — would show protective/defensive hedging

Flow Summary

Net premium: -$222.2M (net premium paid into the market) — skewed toward call buying in volume terms

P/C volume ratio: 0.37 — strong call-dominant flow on volume

P/C OI ratio: 0.57 — OI still shows a moderate call lean but with large put blocks in longer tails

Intraday and near-term flow is call-heavy and dealer gamma is positive (+$227.8M), producing a pinning environment around $433–$436. Large structural call OI sits much higher (465–595) while concentrated put OI sits far below (360), so short-dated activity is pushing price to the MP band without strong downward hedging. Overall the smart-money tilt is bullish/pin-seeking in the immediate term, but mixed longer-dated flow (premium-heavy puts at high strikes) keeps the regime 'mixed.'

Notable Prints

GLD260424C00434000 CALL $434.00 exp 2026-04-24

Vol: 8,063

OI: 228

Vol/OI: 35.4x

IV: 27.0%

Notional: ~$7.26M

Intent: Fresh directional call buying / long call interest into a near-term pin

Dual read: Aggressive bought calls (bullish) OR a dealer sell to offload inventory (less likely given call-dominant day)

Read-through: Large, concentrated buying at $434 supports near-term pinning to $433–$436 and forces dealer delta buy; confirms dealer positive GEX pressure.

GLD260424C00435000 CALL $435.00 exp 2026-04-24

Vol: 4,088

OI: 381

Vol/OI: 10.7x

IV: 26.9%

Notional: ~$3.44M

Intent: Directional call accumulation at-the-money for the week+ window

Dual read: Buy-to-open (bullish) or large seller overwriting into calls (neutral); size and same-day cluster with $434 calls favors buyer-driven flow

Read-through: Reinforces near-term call demand and dealer gamma positioning that should dampen downside and concentrate action around MP levels.

GLD260413C00435000 CALL $435.00 exp 2026-04-13

Vol: 4,406

OI: 445

Vol/OI: 9.9x

IV: 11.2%

Notional: ~$0.95M

Intent: Expiration-proximal pinning / roll or short-dated speculative call buying into expiry

Dual read: Buyers chasing intraday move into expiry (bullish) OR closing/rolling activity ahead of expiry (neutral)

Read-through: High activity into same-strike short-dated expiries signals concentrated gamma around spot — supports pin behavior but much of this may be expiry-related (see Signal vs Noise).

GLD260415P00426000 PUT $426.00 exp 2026-04-15

Vol: 12,176

OI: 12,224

Vol/OI: 1.0x

IV: 25.6%

Notional: ~$5.28M (using mid-premium ~ $4.33 est)

Intent: Protective put accumulation or large institutional hedge (significant size at $426)

Dual read: Protective (portfolio hedge) or short-dated systematic selling that created put OI (bearish if add-on)

Read-through: A large put cluster at $426 creates a support band via dealer hedging; watch whether flow increases here — if sellers are adding, it may be defensive rather than directional.

GLD260413C00436000 CALL $436.00 exp 2026-04-13

Vol: 4,170

OI: 486

Vol/OI: 8.6x

IV: 5.4%

Notional: ~$0.56M

Intent: Short-dated call activity pushing spot toward end-of-day pin (gamma run)

Dual read: Buy-to-open (bullish) or delta-hedge unwind by dealers (neutral)

Read-through: Adds to the pattern of heavy short-dated call flow immediately around spot; supports dealer buying of the underlying into expiration.

Institutional Positioning

Call additions: Concentrated activity and OI buildup in the $434–$440 near-term strikes and structural call walls at $465–$595 (large multi-expiration call OI). Institutions appear to be adding short-to-mid dated calls around $434–$456 and maintaining long-dated call exposure higher.

Put additions: Significant put OI deep in the tail at $360 (100,980 OI) and a large near-term put cluster at $426 (12,224 OI) — institutional protective puts appear concentrated at those strikes.

GEX/DEX consistency: Yes — positive Total GEX $227.8M aligns with call-dominant volume and the observed pinning around $433–$436. DEX +135.2M shares supports dealer inventory exposure consistent with pin behavior.

OI clusters: Largest OI clusters: $360 put floor (100,980 OI) creates a long-term support floor; near-term put cluster $426 (12,224 OI) and call clusters at $455–$457–$456 (3k+ OI each) plus large structural call walls $465–$595. These create a short-term magnet near $433–$436 and resistance pressure into $455–$465.

Hedging evidence: Evidence of protective hedging at $426 and long-dated defensive puts at tail strikes; limited evidence of broad collaring — more directional call buys paired with put floors rather than systematic collars.

Max pain context: Max pain pins are tightly clustered ($433 on 4/13, $434 on 4/15, $435 on 4/17) and MP trend is flat, so dealer gamma + concentrated short-dated call demand favor pinning at $433–$436 in the immediate expiries.

Signal vs Noise

~Large volumes in 4/13 expiries (multiple calls at $435/$436/$437) are partially expiration-driven — some of this is roll/expiry pin activity rather than fresh directional conviction.

~Structural long-dated put OI at $360 (100,980 OI) is a tail protection bucket — not a near-term directional bet and acts as a long-term put floor rather than immediate support trigger.

~High premium put flow at far OTM/high strikes in Top Premium Flow (e.g., $575, $685 entries) represent concentrated premium transfers in deeper-tenor trades likely for volatility or tail protection — treat as hedging or portfolio-level positioning, not near-term directional.

~Very low IV and tiny last prices on some 4/13 calls (IV 5–11%) suggest mechanical expiry-related trades or market-maker adjustments rather than committed directional exposure.

Key Conclusions

🐂Immediate-term flow is call-dominant (P/C vol 0.37) and dealers carry +$227.8M GEX — odds favor price pinning around $433–$436.

📌Max pain and near-term GEX concentrations cluster at $433–$436 — this is the primary magnet for the next few expiries.

🛡️Large put cluster at $426 (12,224 OI) and the $360 put floor (100,980 OI) indicate institutional hedges; $426 is a meaningful short-term support to monitor.

⚖️Net premium shows $-222.2M (buyers paid in) while OI still has mixed distribution — reads as buyer-driven call activity, but longer-dated put premium pockets keep the regime mixed.

👀Watch for continued call flow at $436/$437 and any fresh put buying at $426 — their interaction will determine whether pinning holds or a downside break materializes.

Read the Flow analysis for GLD for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.