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GLD

SPDR Gold SharesClose $440.46EOD only

Max Pain

$435.00

Next expiry Apr 17, 2026

Expected Move

±$6.68

1.5% from close

Price Gap

-5.46

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.55

Slightly call-heavy

Consensus

5.5/10

Consensus signal

Published snapshot: Apr 15, 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 15, 2026 close

GLD Flow Report

Analysis based on market close April 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6 / 10

base 5; -1: positive GEX pins price vs large net premium bearish (-$274.5M); +1 GEX positive (pinning); +0.5 spot 1.3% from MP; +0.5 VIX 18

Watch next session: Whether the large 04/24 call prints (GLD260424C00441000 / GLD260424C00443000) are followed by additional buy flow into the same strikes; Put vs call net-premium movement at market open 20 4 if net premium moves further negative (more bearish) it confirms dealer/light call selling bias

Flow Summary

Net premium: -$274.5M bearish

P/C volume ratio: 0.89

P/C OI ratio: 0.55

Net premium is materially bearish (-$274.5M) while P/C volume (0.89) and P/C OI (0.55) remain in normal ranges, indicating structural call OI with heavier premium flowing into puts. Short-dated put demand (notably the 04/15 $442 ITM print) combined with large long-dated put clusters at $360/$350 increases near-term defensive hedging weight versus pure call-driven upside; however concentrated 04/24 call prints are pushing dealer hedging (positive GEX) that pins price in the low $440s.

Notable Prints

GLD260424C00443000

Vol: 8,571

OI: 172

Vol/OI: 49.8x

IV: 25.5%

Notional: ~$5.2M

Intent: Fresh call accumulation ahead of next-week expiries or short-dated directional speculative buying

Dual read: Could represent covering of short-dated puts or delta-hedge repositioning by dealers; large volume (8,571) vs OI (172) (49.8x) with notional ~$5,159,742 suggests institution-sized opening buys or concentrated systematic flows

Read-through: If these prints attract further call demand, dealers may need to buy underlying into the low-$440s, supporting the GEX pin around $441-$442.

GLD260424C00441000

Vol: 12,242

OI: 301

Vol/OI: 40.7x

IV: 25.3%

Notional: ~$8.5M

Intent: Directional call buying into the 04/24 weekly (front-month) 20 4 active bets on a move higher into next week

Dual read: Could be dealers buying to hedge existing short calls or clients rolling short-dated positions; volume (12,242) vs OI (301) (40.7x) and notional ~$8,532,674 favors aggressive fresh buying or systematic roll demand

Read-through: Supports short-term upside bias into the 04/24 expiry, but balanced by overall bearish net premium; watch for follow-through in 04/24 strikes or offsetting put flow.

GLD260415P00442000

Vol: 2,131

OI: 280

Vol/OI: 7.6x

IV: 12.1%

Notional: ~$362K

Intent: Tactical protective put buying into 04/15 expiry (ITM) 20 4 explicit near-term downside protection or last-minute hedge

Dual read: Could be closing of short-dated positions by sellers, but size and ITM status with last=$1.70 imply meaningful demand for protection rather than trivial expiry churn

Read-through: Raises the weight of near-term put demand into today's expiry; this print materially increases the probability of intraday downside pressure and suggests dealers may sell underlying to hedge these puts if spot moves lower.

GLD260415C00443000

Vol: 4,878

OI: 263

Vol/OI: 18.6x

IV: 6.1%

Notional: ~$5K

Intent: Same-day call adjustments or speculative buys into expiry

Dual read: Could be expiration closes/rolls; tiny notional and low IV point toward non-directional expiration activity

Read-through: Limited market-moving power on its own; contextual with other prints it supports mixed expiry flow.

GLD260415C00442000

Vol: 5,024

OI: 575

Vol/OI: 8.7x

IV: 5.0%

Notional: ~$10K

Intent: Expiration-day adjustment (likely opening/closing of very short-dated call exposure) 20 4 small directional or hedge activity into today's close

Dual read: Part of multi-leg structures being closed ahead of expiry rather than pure speculative buys; trivial notional implies limited market-moving intent

Read-through: More likely expiration roll / market-maker inventory shuffle than sustained directional signal.

Institutional Positioning

Call additions: Large structural call OI concentrated out at $475-$595 (notable OI: $500 OI=127,320; $475 OI=118,927; $550 OI=96,147). Near-term activity shows concentrated 04/24 call buying at $441/$443 that is creating dealer delta demand into the low-$440s.

Put additions: Notable short-dated put demand into 04/15 (ITM 04/15 $442 print) and large long-dated put clusters at $360 (OI=100,666) and $350 (OI=45,745) indicate both tactical hedging and multi-month downside protection. The 04/15 $442 notional (~$362K) is material vs other same-day flows and increases near-term put-weighting.

GEX/DEX consistency: Flow is consistent with positive total GEX (+$338.7M) and concentrated near-term GEX at $44028821/442; dealers' gamma positioning will attempt to pin price in that band even as net premium is bearish.

OI clusters: Largest OI clusters create a near-term magnet in the low $430s284240s (calls concentrated at $520/$545 and $500/$475; puts concentrated at $380/$420/$400 and big structural floor at $360). These clusters imply resistance into the $475+ area and a multi-month put floor nearer $350282360.

Hedging evidence: Clear evidence of hedging: short-dated protective puts (04/15 $442 and adjacent 04/15 puts) and long-dated protective put accumulation form layered protection; collars are plausible where long-dated calls and long-dated puts coexist but explicit multi-leg collars are not directly visible in today's prints.

Max pain context: Max pain remains ~flat at $435 across expirations; combined with GEX pinning at $440–$442 this implies dealers are positioned to keep spot near the $435–$442 band through expiries unless premium flow forces directional rebalancing.

Signal vs Noise

~Large 04/24 call prints could be systematic roll/expiry-driven repositioning rather than pure directional conviction — they sit in expirations that often see roll flows into the next weekly.

~Many same-day expiry prints (04/15) with tiny last prices ($0.01–$0.02) are likely expiration closes/rolls or market-maker inventory adjustments, not fresh strong directional bets.

~Very small notional trades (e.g., 04/15 calls with notional <$11k) are noise relative to aggregate OI and net premium and should not be overweighted.

~High OI far-OTM call walls ($475–$595) represent structural positioning or writing, not active directional buying — moves toward these strikes typically trigger dealer delta behavior rather than client-driven directional risk.

Key Conclusions

🎯Flow is mixed but leans neutral-to-bearish: sizable net premium outflow into puts (-$274.5M) coexists with large call OI and concentrated near-term call prints that encourage dealer pinning near $440–$442.

📌Near-term pin zone to watch: $439–$442 (GEX concentrations at $440/$441/$442) — dealers likely to defend this band absent sustained directional premium.

⚠️If price breaks and closes below $435 (max pain) with follow-up put flow, expect quicker downside as net premium is bearish; conversely, call follow-through into 04/24 that drives price > $447.13 (2d EM) would invalidate the bearish tilt.

Read the Flow analysis for GLD for 2026-04-15. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.