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GLD

SPDR Gold SharesClose $442.09EOD only

Max Pain

$440.00

Next expiry Apr 22, 2026

Expected Move

±$6.53

1.5% from close

Price Gap

-2.09

Distance to max pain

IV Rank

Low premium

P/C OI

0.54

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 20, 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 20, 2026 close

GLD Flow Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 20

Watch next session: Spot action vs 435–439 cluster; Flow: further large prints or net premium shifts

Flow Summary

Net premium: -$213.2M bearish

P/C volume ratio: 0.99

P/C OI ratio: 0.54

Pinning around mid‑430s from concentrated call activity and positive GEX; overall flow mixed with net negative premium and active puts, so risk of directional break remains if gamma/support is breached.

Notable Prints

GLD 2026-05-01 $436.00 Call

Vol: 11,558

OI: 227

Vol/OI: 50.9x

IV: 32.1%

Notional: ~$5.9M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-05-29 $380.00 Put

Vol: 5,532

OI: 170

Vol/OI: 32.5x

IV: 30.4%

Notional: ~$929K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-04-22 $435.00 Call

Vol: 2,458

OI: 104

Vol/OI: 23.6x

IV: 27.3%

Notional: ~$288K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-05-01 $435.00 Call

Vol: 4,274

OI: 288

Vol/OI: 14.8x

IV: 30.8%

Notional: ~$2.6M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-04-22 $420.00 Put

Vol: 2,426

OI: 207

Vol/OI: 11.7x

IV: 26.7%

Notional: ~$109K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Large May‑1 435–436C prints — organized institutional call exposure concentrated at that strike.

Put additions: Heavy Apr‑22 420–433P cluster and May‑29 380P — short‑dated downside hedges present.

GEX/DEX consistency: Positive GEX (+$159M) and DEX buy flow broadly align with dealer activity, but not determinative.

OI clusters: OI concentrated at 435–436C and 420–433P; gamma flip ~360, materially below spot, limiting immediate pin force.

Hedging evidence: Net negative premium with put OI and short‑dated puts consistent with hedging/collar activity.

Max pain context: Spot below max‑pain; concentrated strikes raise probability of pinning near 435–439 but mixed flow and distant gamma flip make this only a moderate-probability outcome.

Signal vs Noise

~Signal: concentrated May‑1 calls (high vol/oi ratios) imply organized call exposure.

~Signal: Apr‑22 put cluster indicates active short‑dated protection.

~Noise: several large prints are low‑OI—could be flow‑through or arbitrage, reducing directional confidence.

~Noise: overall ~1 P/C volume ratio and mixed DEX flow dilute a clear directional read.

Key Conclusions

📌Short‑dated puts plus concentrated calls create moderate probability of expiry pin near 435–439; not certain given mixed signals.

🔁GEX/DEX alignment may amplify dealer hedging into expiry, but effect is contingent and not guaranteed.

How to Use These Reports

This flow reflects the market close on April 21, 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.