Home Options GLDReports

GLD

SPDR Gold SharesClose $429.57EOD only

Max Pain

$441.00

Next expiry Apr 22, 2026

Expected Move

±$6.19

1.4% from close

Price Gap

+11.43

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.54

Slightly call-heavy

Consensus

5.5/10

Neutral tilt

Published snapshot: Apr 21, 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 21, 2026 close

GLD Flow Report

Analysis based on market close April 22, 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 0.9% from MP; +0.5 VIX 19

Watch next session: Price action around 436–437 (pin zone); Intraday GEX shifts and dealer hedging; Watch large May/Nov prints and put OI near 433–434

Flow Summary

Net premium: -$173.1M bearish

P/C volume ratio: 0.59

P/C OI ratio: 0.56

Heavy same‑day call flow at 436–437 plus +$254M GEX implies dealer pinning and mild bullish bias; concentrated put OI near 433–434 and mixed flow leave downside if those levels fail.

Notable Prints

GLD 2026-04-22 $436.00 Call

Vol: 4,604

OI: 276

Vol/OI: 16.7x

IV: 3.2%

Notional: ~$18K

Intent: aggressive sweep buy

Dual read: directional buy or dealer leg

Read-through: short-term upside/pinning

GLD 2026-04-22 $434.00 Put

Vol: 3,502

OI: 222

Vol/OI: 15.8x

IV: 6.3%

Notional: ~$35K

Intent: large put buy

Dual read: protective hedge or directional short

Read-through: adds downside hedging pressure

GLD 2026-05-01 $437.00 Call

Vol: 4,115

OI: 272

Vol/OI: 15.1x

IV: 23.9%

Notional: ~$2.5M

Intent: near-dated directional buy

Dual read: lot buy or spread leg

Read-through: bullish near-term view

GLD 2026-11-20 $900.00 Call

Vol: 6,934

OI: 601

Vol/OI: 11.5x

IV: 43.9%

Notional: ~$721K

Intent: long-dated bullish position

Dual read: speculative LEAP or portfolio hedge

Read-through: long-term bullish exposure

GLD 2026-04-22 $437.00 Call

Vol: 3,908

OI: 378

Vol/OI: 10.3x

IV: 4.9%

Notional: ~$8K

Intent: large same-day buy

Dual read: aggressive speculative buy or delta hedge

Read-through: immediate bullish bet on April 22 expiry

Institutional Positioning

Call additions: Concentrated buying at 434–440 strikes (heavy prints 436–437, +long-dated tails at 900)

Put additions: Heavy short-dated put OI at 433–434 (large vol/OI), defensive buys into weeklies

GEX/DEX consistency: GEX net positive (+$254M) and DEX inflows (+120.7M shares) support a mid‑430s pining tendency, but this correlation is conditional on flow timing and spot moves and can be offset by large trades or rapid price shifts

OI clusters: Largest OI bands ~433–440 (put cluster ~433–434; call cluster ~436–440)

Hedging evidence: Short‑dated put concentrations indicate protective hedges/collars; these can both dampen moves or, if Gamma/heavy exercise flows occur, amplify expiry volatility and trigger pin‑bust swings

Max pain context: Spot ~0.9% from MP ~436–437; market may pin into expiries but outcome depends on intraday flow and spot momentum

Signal vs Noise

~Signal: concentrated short‑dated put OI at 433–434 implies downside hedging and pin risk, conditional on flow timing

~Signal: concentrated call volume 436–437 consistent with expiries and potential pinning

~Noise: isolated long‑dated 900 calls and high‑IV May block likely speculative/tail exposure

Key Conclusions

📌Pin risk elevated — flows and OI concentrate mid‑430s, but GEX/DEX are only conditional indicators.

🛡️Protective puts signal hedging; they may reduce drift yet can also induce gamma‑driven expiry swings or pin‑busts in stressed moves.

⚠️Ignore one‑off long‑dated/high‑IV blocks for near‑term pin analysis; they skew premium but rarely change short‑dated delta/gamma dynamics.

How to Use These Reports

This flow reflects the market close on April 22, 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.