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GLD

SPDR Gold SharesClose $432.93EOD only

Max Pain

$431.00

Next expiry May 13, 2026

Expected Move

±$4.68

1.1% from close

Price Gap

-1.93

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.57

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: May 12, 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

May 12, 2026 close

GLD Flow Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.1% from MP; +1 VIX 18

Flow Summary

Net premium: -$171.3M bearish

P/C volume ratio: 0.80

P/C OI ratio: 0.57

Flow mixed: net premium -$171M bearish, but GEX +$207M (pinning) and positive gamma at 431. Unusual prints show large put/call activity near 431-432, plus 5/22 433C 10k vol. Market makers long gamma pinning, but dealer flow net short. Neutral with upward bias near expiry.

Notable Prints

GLD 2026-05-13 $429.00 Put

Vol: 5,464

OI: 347

Vol/OI: 15.8x

IV: 4.5%

Notional: ~$11K

Intent: Closing

Read-through: Expiry

GLD 2026-05-13 $432.00 Put

Vol: 1,907

OI: 124

Vol/OI: 15.4x

IV: 10.5%

Notional: ~$296K

Intent: Hedge

Read-through: Bearish

GLD 2026-05-13 $432.00 Call

Vol: 4,872

OI: 343

Vol/OI: 14.2x

IV: 4.8%

Notional: ~$15K

Intent: Closing

Read-through: Expiry

GLD 2026-05-13 $431.00 Put

Vol: 4,132

OI: 330

Vol/OI: 12.5x

IV: 3.4%

Notional: ~$281K

Intent: Bet

Read-through: Bearish

GLD 2026-05-13 $431.00 Call

Vol: 3,635

OI: 356

Vol/OI: 10.2x

IV: 4.8%

Notional: ~$44K

Intent: Bet

Read-through: Bullish

Institutional Positioning

Call additions: Aggressive call buying at 432, 433, 431, 440 strikes, especially weekly 432C and 5/22 433C.

Put additions: Heavy put buying at 429, 432, 431 weekly, and 410P for next week.

GEX/DEX consistency: GEX +$207.6M, DEX +117M shares; positive gamma and delta consistent with pinning near MP.

OI clusters: Largest OI clusters at 431 and 432 strikes across expirations; gamma flip at 360 implies support near 360.

Hedging evidence: Collars evident via simultaneous put/call adds at same strikes (432, 431); also 410P/440C calendar hedge.

Max pain context: MP at 431; spot near MP; pinning likely for today's expiry.

Signal vs Noise

~Signal: High vol/oi on 432C, 432P, 429P, 431C, 431P indicate institutional hedging for pinning.

~Signal: Large 5/22 433C volume (10,908) suggests directional call buying for next week.

~Noise: Minor weekly puts at 410 and calls at 440 with low vol/oi are likely retail.

Key Conclusions

📈Institutions adding calls at 433 for next week suggests upside bias.

⚠️Heavy put buying at 429/432 warns of downside hedging against reversal.

📊Spot pinned at MP; gamma positive but flow mixed; expect tight range near 431.

How to Use These Reports

This flow reflects the market close on May 13, 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.