GLD
SPDR Gold SharesClose $417.12EOD 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 13, 2026. A newer flow report is available for May 26, 2026.
View latest reportFlow Verdict
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
Notable Prints
Read-through: Large, concentrated buying at $434 supports near-term pinning to $433–$436 and forces dealer delta buy; confirms dealer positive GEX pressure.
Read-through: Reinforces near-term call demand and dealer gamma positioning that should dampen downside and concentrate action around MP levels.
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).
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.
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
Key Conclusions
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