GLD

Watch next session: Call OI and IV on 4/24 strikes; Price vs MP movement and gamma flip shifts; Put IV and unexpected heavy put follow-through

Net premium: -$201.3M bearish

P/C volume ratio: 0.59

P/C OI ratio: 0.55

Call additions: Concentrated near-dated 447–448 calls (4/24) plus 460 call flow; buy-side showing short-term upside exposure or protection purchases.

Put additions: Clusters of puts including a short-dated 475 print (4/17) and longer-dated puts (May 350, May 430) consistent with tail/portfolio protection demand.

GEX/DEX consistency: Net positive GEX (+$299.8M) and DEX inflows (+141.4M shares) broadly align with call activity, but mixed timing and strikes create offsetting pressures.

OI clusters: Largest OI concentration in puts ~100.7k (~19% below spot); call OI builds at 447–448 and 485 concentrated into 4/24 expiries.

Hedging evidence: Short-dated puts and longer protective puts point to potential collar/hedge activity; elevated tail skew suggests paid protection demand.

Max pain context: Spot sits above MP; probability of temporary pinning toward mid-440s–460s increases if 4/24 flows persist and dealer hedging reinforces it, but outcome is contingent on expiry flow dynamics.