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GLD

SPDR Gold SharesClose $411.50EOD only

Max Pain

$420.00

Next expiry May 20, 2026

Expected Move

±$4.43

1.1% from close

Price Gap

+8.50

Distance to max pain

IV Rank

Low premium

P/C OI

0.57

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 19, 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 19, 2026 close

GLD Flow Report

Analysis based on market close May 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from May 15, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.6% from MP; +0.5 VIX 18

Watch next session: 418; 420

Flow Summary

Net premium: -$215.8M bearish

P/C volume ratio: 0.79

P/C OI ratio: 0.57

Pinned gamma (+44M) confines spot near max pain. Net negative premium reflects hedging, but put/call ratios lean bullish. 0DTE prints at 418-419 suggest tight expiry positioning.

Notable Prints

GLD 2026-05-22 $330.00 Put

Vol: 7,026

OI: 188

Vol/OI: 37.4x

IV: 57.0%

Notional: ~$28K

Intent: Speculative

Read-through:

GLD 2026-05-22 $418.00 Put

Vol: 12,683

OI: 365

Vol/OI: 34.8x

IV: 23.1%

Notional: ~$6.7M

Intent: Bearish

Read-through:

GLD 2026-05-22 $420.00 Call

Vol: 5,239

OI: 158

Vol/OI: 33.2x

IV: 22.0%

Notional: ~$2.1M

Intent: Bullish

Read-through:

GLD 2026-05-22 $418.00 Call

Vol: 31,395

OI: 1,060

Vol/OI: 29.6x

IV: 22.5%

Notional: ~$15.5M

Intent: Bullish

Read-through:

GLD 2026-05-22 $419.00 Put

Vol: 4,084

OI: 142

Vol/OI: 28.8x

IV: 22.9%

Notional: ~$2.3M

Intent: Bearish

Read-through:

Institutional Positioning

Call additions: Heavy call activity at 418-420 strikes, especially 418 call (31,395 vol, OI 1,060). Also 420 call (5,239 vol).

Put additions: Large put buildup at 416-419 strikes: 418 put (12,683 vol), 417 put (10,503), 416 put (5,367), 419 put (4,084).

GEX/DEX consistency: Positive GEX ($44.3M) and DEX (+112.2M shares) support pinning near spot (~418-419). Flow mixed but gamma positive.

OI clusters: Highest OI concentrations: 418 call (1,060), 417 put (436), 418 put but OI low relative to vol. Gamma flip at $360.

Hedging evidence: Concentrated put additions at 416-419 suggests hedging or bearish bets against gold weakness.

Max pain context: Spot near MP (~418-419). Max pain likely ~$418, consistent with pinning. VIX 18 supports normal volatility.

Signal vs Noise

~Unusual prints with vol/oi >20 are real signals: 418 put (34.8x), 330 put (37.4x), 420 call (33.2x), 418 call (29.6x).

~Far OTM $330 put (IV 57%) is noise – likely lottery ticket, not institutional.

Key Conclusions

📌GLD pinning near $418 as GEX+ and spot at MP. Heavy put adds at 416-419 are hedging, not directional.

⚠️Large put volume vs OI at 418 (12,683 vol vs 365 OI) signals new hedging flow. Risk of gamma squeeze if gold drops.

How to Use These Reports

This flow reflects the market close on May 15, 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.