Home Options GLDReports

GLD

SPDR Gold SharesClose $417.12EOD only

Max Pain

$410.00

Next expiry Jun 1, 2026

Expected Move

±$5.04

1.2% from close

Price Gap

-7.12

Distance to max pain

IV Rank

Low premium

P/C OI

0.56

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: May 29, 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 29, 2026 close

GLD Flow Report

Analysis based on market close April 14, 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 14, 2026. A newer flow report is available for May 26, 2026.

View latest report

Flow Verdict

Confidence:

6 / 10

base 5.5; +0.5 positive GEX pinning; -0.0 mixed flow (P/C vol low but some large long-dated put premium nets)

Watch next session: Follow call flow and OI changes at $440/$445/$455 (GEX pin cluster); Large 2026-05-15 $475 call block prints / open interest changes (structural position indicator)

Flow Summary

Net premium: -$68.5M (net call-dominant premium flow; overall bullish skew)

P/C volume ratio: 0.29 — heavy call-dominant volume today

P/C OI ratio: 0.60 — moderate call lean in OI (positioning not as extreme as volume)

Intraday and near-term activity is strongly call-biased: low P/C volume ratio, large concentrated call prints at near-spot strikes and sizable call premium at $475/$500/$440. Dealers are net long gamma (Total GEX +$294.7M), which supports pinning just below/around spot and reduces downside tail risk for dealers; that combination points to a short-term bullish tilt and price magneting toward nearby GEX pins ($440, $445, $455).

Notable Prints

GLD 2026-04-24 $440 Call

Vol: 11,204

OI: 676

Vol/OI: 16.6x

IV: 28.6%

Notional: ~$12.55M

Intent: Directional call buying (near-term bullish exposure into April expiry)

Dual read: Could be buyers opening long calls (bullish) or sellers/overwriters closing/rolling — but high vol/OI and ITM status favor fresh buying

Read-through: Significant near-dated bullish risk transfer into the $440-445 pin band; reinforces dealer hedging that pins price near $440-$445.

GLD 2026-04-24 $444 Call

Vol: 10,168

OI: 118

Vol/OI: 86.2x

IV: 27.4%

Notional: ~$9.05M

Intent: Aggressive directional call buying (ITM, concentrated, same-expiry cluster)

Dual read: Mostly fresh directional buying; could be part of a spread leg but vol/oi magnitude and ITM nature point to bullish exposure

Read-through: Confirms near-term bullish flow right at spot; increases likelihood of dealer pinning around $444-$445 as they hedge delta.

GLD 2026-04-24 $442 Call

Vol: 10,357

OI: 719

Vol/OI: 14.4x

IV: 27.7%

Notional: ~$10.23M

Intent: Directional call buying / short-dated bullish exposure

Dual read: Primarily buys; could also be part of conversions or call spreads but pattern with $440/$444 suggests same-side buying

Read-through: Part of a concentrated near-term call buying cluster that should force dealer delta hedges and support price within the 2–3 day EM band.

GLD 2026-05-15 $475 Call

Vol: 113,446

OI: 8,884

Vol/OI: 12.8x

IV: 28.4%

Notional: ~$55.03M

Intent: Large directional/structured call accumulation (long-dated bullish exposure or part of a call-heavy strategy)

Dual read: Could be institutional buyers opening a large bullish position (bull call or outright calls) or selling puts/carrying a spread — size implies institutional flow rather than retail noise

Read-through: Very large notional concentrated at $475 expiry 5/15; if sustained/confirmed it signals multi-week bullish positioning and may create a call-OI magnet above spot into mid-May.

GLD 2026-05-22 $480 Call

Vol: 2,446

OI: 135

Vol/OI: 18.1x

IV: 28.5%

Notional: ~$1.20M

Intent: Directional call buying (medium-dated bullish exposure)

Dual read: Likely fresh buys given high vol/OI; could be part of diagonal or calendar

Read-through: Adds to the picture of buyers extending horizon beyond April expiries; supports the view of institutional call accumulation.

Institutional Positioning

Call additions: Concentrated fresh call flow at near-spot April expiries ($440-$445 ITM calls) plus large mid-May/$475 and late-May $480 call accumulation; OI clusters also heavy in $495-$595 call band longer dated.

Put additions: Top put OI remains concentrated far below spot ($335-$360 put floor; very large $360 PUT OI = 100,743) but current flow shows limited fresh near-term put buying — P/C volume ratio 0.29 and net premium -$68.5M indicate puts were not being added today.

GEX/DEX consistency: Yes — positive Total GEX +$294.7M and concentrated GEX pins at $440, $445, $455 align with call-dominant flow and a pinning regime.

OI clusters: Large put OI clusters at $360 (100,743) and $335 (39,480) create a long-term downside floor; call OI clusters at $520 (34,932), $545 (34,327), $495 (50,978) are sizable call walls that may cap upside structurally. Near-term OI concentration around $440 (11,519), $445 (11,409), $450 (14,214) creates immediate pin zones.

Hedging evidence: Dealer hedging consistent with positive gamma: near-term ITM call prints will force dealers to buy spot (support). There is no clear evidence of large protective put buys today; the big long-dated put OI is structural rather than newly-acquired protective hedges.

Max pain context: Max pain is ~ $433 across short expiries while spot sits at $445.09 and dealers show concentrated GEX pins at $440/$445/$455; in a pinning regime dealers are likely to manage exposures toward the $440-$445 band rather than push to MP immediately, so expect short-term magneting around those GEX levels while MP remains a lower structural target.

Signal vs Noise

~Very large 4/24 near-spot call prints (ITM $440/$442/$444) are directional but may include dealer compression/placement ahead of expiry — interpret as bullish but watch for expiry roll activity into 4/17 and 4/24.

~The huge number of contracts on 2026-05-15 $475 (113,446 vol) could be part of a structured trade (spreads or ratio/put-call combos) rather than pure directional calls; treat as multi-leg institutional positioning until confirmed by OI change.

~High long-dated call OI in the $495-$595 band is structural and may reflect selling/covered-call strategies by institutions rather than fresh bullish risk-on — isolated prints in that band are often part of hedged overlays.

Key Conclusions

🐂Strong near-term call demand at $440-$445 (10k+ contract prints) — dealers will hedge by buying spot, supporting price around the GEX pins.

📌Pinning regime reinforced: GEX concentration at $440, $445, $455 (+$12.1M, +$4.1M, +$8.1M) creates short-term price magnet behavior within the 2‑day EM range ($440.34-$449.83).

⚖️Volume skew (P/C 0.29) indicates fresh call exposure; OI skew (P/C OI 0.60) is less extreme — short-term bullishness without a full re-positioning of longer-term OI.

🔍Watch the May 15 $475 block flow — enormous notional (~$55M) that will define medium-term dealer hedging if OI increases; could create a higher call-OI magnet into mid-May.

🛑Max pain remains ~ $433 across expiries; a failure to hold the $440 GEX pin with rising put volume would flip the short-term thesis and accelerate selling toward MP levels.

How to Use These Reports

This flow reflects the market close on April 14, 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.