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GLD

SPDR Gold SharesClose $430.50EOD only

Max Pain

$425.00

Next expiry May 15, 2026

Expected Move

±$6.24

1.4% from close

Price Gap

-5.50

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.57

Slightly call-heavy

Consensus

7.0/10

Neutral tilt

Published snapshot: May 13, 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 13, 2026 close

GLD Flow Report

Analysis based on market close May 14, 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 0.5% from MP; +1 VIX 17

Watch next session: Monitor if spot breaks gamma flip at 360; Watch for continued OTM put hedging

Flow Summary

Net premium: -$329.8M bearish

P/C volume ratio: 1.16

P/C OI ratio: 0.57

GLD sees heavy put volume skewing flow mixed, but positive gamma and pinning regime limit downside. Net premium negative reflects bearish positioning, but GEX suggests dealers are long gamma.

Notable Prints

GLD 2026-08-21 $380.00 Call

Vol: 908

OI: 103

Vol/OI: 8.8x

IV: 32.1%

Notional: ~$5.2M

Intent: Bullish call buying

Dual read: Covering short call

Read-through: Positive outlook

GLD 2026-05-15 $426.00 Put

Vol: 2,526

OI: 301

Vol/OI: 8.4x

IV: 19.3%

Notional: ~$482K

Intent: Hedging downside

Dual read: Speculative put buying

Read-through: Expects decline

GLD 2026-05-15 $470.00 Put

Vol: 3,150

OI: 661

Vol/OI: 4.8x

IV: 69.5%

Notional: ~$13.4M

Intent: Hedging deep downside

Dual read: Speculative volatility bet

Read-through: Bearish tail risk

GLD 2026-05-15 $428.00 Put

Vol: 2,401

OI: 497

Vol/OI: 4.8x

IV: 20.5%

Notional: ~$603K

Intent: Hedging downside

Dual read: Speculative put buying

Read-through: Expects decline

GLD 2026-05-15 $480.00 Put

Vol: 15,703

OI: 3,951

Vol/OI: 4.0x

IV: 77.9%

Notional: ~$82.5M

Intent: Hedging deep downside

Dual read: Speculative volatility bet

Read-through: Bearish tail risk

Institutional Positioning

Call additions: GLD 2026-08-21 $380 Call (908 vol, 8.8x OI) and 2026-12-18 $395 Call (488 vol)

Put additions: Heavy put buying at 465, 470, 480, 485 strikes for 2026-05-15 expiry; also 2026-12-18 $485 Put

GEX/DEX consistency: GEX +$179M and DEX +114.5M shares are consistent with pinning action near max pain ~425-430

OI clusters: Large put OI clusters: $480 (3,951), $465 (2,814), $470 (661); call OI dispersed

Hedging evidence: Far OTM put buying (480, 485) with high IV indicates tail hedging; collar-like positioning

Max pain context: Spot near MP (~426-428), gamma flip at $360 based on put OI concentration

Signal vs Noise

~High put volume at 480/485 is likely tail hedging, not directional short

~Put/call volume ratio >1 but OI ratio <1 shows intraday bearish flow, not structural shift

Key Conclusions

🛡️Institutions are hedging downside with expensive far OTM puts while maintaining long call positions

📌Gamma pinning near max pain ~$426-428; spot likely to gravitate there by expiry

⚠️High IV on tail puts signals fear, but GEX/DEX positive argues for sideways to slight upside

How to Use These Reports

This flow reflects the market close on May 14, 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.