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GLD

SPDR Gold SharesClose $435.26EOD only

Max Pain

$435.00

Next expiry Apr 24, 2026

Expected Move

±$6.12

1.4% from close

Price Gap

-0.26

Distance to max pain

IV Rank

Low premium

P/C OI

0.56

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

GLD Flow Report

Analysis based on market close April 23, 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 0.7% from MP; +0.5 VIX 19

Watch next session: Monitor 431–436 call activity and roll/open interest; Watch put OI shifts around 415–436 and net premium flow; Track spot vs gamma flip (~360) and intraday pin behavior

Flow Summary

Net premium: -$210.6M bearish

P/C volume ratio: 0.82

P/C OI ratio: 0.55

Pinning bias: heavy near‑dated call buying and positive GEX suggest upside support, but large put OI and negative premium/ mixed flow keep risk of invalidation.

Notable Prints

GLD 2026-05-01 $431.00 Call

Vol: 12,127

OI: 112

Vol/OI: 108.3x

IV: 26.2%

Notional: ~$8.0M

Intent: Large call sweep

Dual read: Spread/covering

Read-through: Pin candidate

GLD 2026-05-01 $435.00 Call

Vol: 16,312

OI: 961

Vol/OI: 17.0x

IV: 24.3%

Notional: ~$7.7M

Intent: Aggressive call buy

Dual read: Dealer hedge/sell

Read-through: Bullish pin target

GLD 2026-05-29 $465.00 Call

Vol: 941

OI: 104

Vol/OI: 9.1x

IV: 24.6%

Notional: ~$283K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-04-27 $380.00 Put

Vol: 1,184

OI: 165

Vol/OI: 7.2x

IV: 48.7%

Notional: ~$12K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-05-29 $415.00 Put

Vol: 871

OI: 128

Vol/OI: 6.8x

IV: 25.0%

Notional: ~$574K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Concentrated call buys at 431–438 (May 1/Apr 24) and longer-dated interest around 465 (May 29).

Put additions: Notable put interest at 431 (May 1), 415 (May 29), clusters near 436 (Apr 29) and short-dated 380 (Apr 27).

GEX/DEX consistency: Net positive GEX (+$152.8M) and DEX inflows (+$117.1M) lean supportive of call flow but coexistence of put OI creates mixed pressure.

OI clusters: Largest OI centered ~431–436; put-skew concentrated ~16% below spot with gamma flip near 360.

Hedging evidence: Elevated near-dated put volumes and IV indicate active protective hedging/collar activity by institutions.

Max pain context: Spot is close to Max Pain; modest pinning is possible but contingent on expiries and persistence of net GEX/flow rather than guaranteed.

Signal vs Noise

~Signal: Significant call prints at 431–438 with substantive OI—real directional allocations.

~Signal: Put OI cluster below spot and near-dated IV spikes indicate genuine hedging demand that supports a lower bound.

~Noise: Isolated large trades on very short-dated, low-OI strikes may be execution noise not structural positioning.

Key Conclusions

📌Flow leans toward calls at 431–438 but material put hedges imply bias is qualified—directional, not decisive.

⚖️Net-positive GEX/DEX can support pinning into expiries, yet put clusters increase range-bound risk unless GEX persists.

🛡️Near-dated put IV and volumes point to active hedging—downside tail risk reduced, which may cap volatility but limit upside runs.

How to Use These Reports

This flow reflects the market close on April 23, 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.