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GLD

SPDR Gold SharesClose $445.93EOD only

Max Pain

$440.00

Next expiry Apr 20, 2026

Expected Move

±$5.24

1.2% from close

Price Gap

-5.93

Distance to max pain

IV Rank

High premium

P/C OI

0.55

Slightly call-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Apr 17, 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 17, 2026 close

GLD Flow Report

Analysis based on market close April 20, 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/flow contradict; +1 GEX positive (pinning); +1 spot 0.2% from MP; +0.5 VIX 19

Watch next session: Monitor May-1 441C print and Apr expirations flow; Spot >0.5% below MP or VIX >20; New large put prints or rising put_call_volume_ratio

Flow Summary

Net premium: -$137.4M bearish

P/C volume ratio: 0.69

P/C OI ratio: 0.54

Pinning regime with mixed flow but net bullish skew: big call buying and +GEX suggest upside bias; negative premium and mixed intraday flow add caution.

Notable Prints

GLD 2026-05-01 $441.00 Call

Vol: 24,026

OI: 685

Vol/OI: 35.1x

IV: 27.2%

Notional: ~$21.7M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-04-20 $445.00 Call

Vol: 11,107

OI: 412

Vol/OI: 27.0x

IV: 6.1%

Notional: ~$11K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-04-20 $442.00 Put

Vol: 2,797

OI: 105

Vol/OI: 26.6x

IV: 3.9%

Notional: ~$39K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-04-24 $427.00 Put

Vol: 4,058

OI: 224

Vol/OI: 18.1x

IV: 27.3%

Notional: ~$345K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-04-20 $444.00 Call

Vol: 3,412

OI: 268

Vol/OI: 12.7x

IV: 4.3%

Notional: ~$3K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Short-dated calls concentrated ~441–445 (notable May‑1 441 flow) suggesting directional institutional buys.

Put additions: Put flow present around 437–444 and 427 Apr24; put/call OI modestly elevated intraday but mixed in size and timing.

GEX/DEX consistency: Positive GEX (~+$334M) and DEX buyflow align with call buying and dealer short-gamma, though some put prints temper certainty.

OI clusters: Largest call OI cluster ~442–445; meaningful put OI band ~437–441 (near potential gamma flip).

Hedging evidence: Dealer short-gamma implies hedging pressure; collars and offsetting put prints appear but are uneven—evidence consistent with hedging, not definitive.

Max pain context: Spot is near MP; concentrated expiring OI increases the probability of short-term pinning but only conditional—watch for breaches of 437–441 or heavy intraday put lift as triggers to invalidate pinning.

Signal vs Noise

~Signal: concentrated May‑1 441 call vol/oi and cluster at 442–445 point to institutional directional activity (moderate confidence).

~Signal: GEX and DEX buyflow consistent with dealer hedging into call-heavy OI.

~Noise: many small, low‑IV/last prints and mixed put prints suggest retail churn and opportunistic prints that can confound flow reads (lower confidence).

Key Conclusions

📌Conditional pinning: concentrated call OI plus positive GEX raises odds of short-term pin near 442–445, but only until a clear breach or heavy put lift.

⚠️Event risk: dealer short‑gamma and notable put band 437–441 create fast downside risk if spot breaks that zone; monitor intraday put demand.

How to Use These Reports

This flow reflects the market close on April 20, 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.