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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 20, 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 0.3% from MP; +1 VIX 17

Watch next session: 415 pivot; volume profile; gamma flip

Flow Summary

Net premium: -$115.1M bearish

P/C volume ratio: 0.68

P/C OI ratio: 0.58

Unusual call volume at 415 strikes. Mixed flow with gamma pinning near 415. Watch 415 pivot and volume profile; break of 410-420 invalidates.

Notable Prints

GLD 2026-08-21 $415.00 Call

Vol: 3,895

OI: 251

Vol/OI: 15.5x

IV: 25.9%

Notional: ~$8.8M

Intent: Bullish speculation

Dual read: Collar possible

Read-through: Institutional accumulation

GLD 2026-05-20 $413.00 Call

Vol: 1,365

OI: 121

Vol/OI: 11.3x

IV: 35.3%

Notional: ~$635K

Intent: Expiration closing

Dual read: Aggressive buy

Read-through: Active roll

GLD 2026-12-31 $470.00 Put

Vol: 1,072

OI: 105

Vol/OI: 10.2x

IV: 19.8%

Notional: ~$6.4M

Intent: Bearish hedge

Dual read: Strategy component

Read-through: Low probability

GLD 2026-06-12 $430.00 Call

Vol: 2,122

OI: 217

Vol/OI: 9.8x

IV: 22.6%

Notional: ~$955K

Intent: Bullish Jun

Dual read: Spread part

Read-through: Mid-term expectation

GLD 2026-05-20 $414.00 Put

Vol: 1,080

OI: 132

Vol/OI: 8.2x

IV: 7.4%

Notional: ~$1K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Heavy call buying at $415 Aug, $413 May, $430 Jun, and $415-418 May weekly strikes, 15.5x vol/OI at $415 Aug.

Put additions: Large put added at $470 Dec (10.2x vol/OI) and $414 May (8.2x vol/OI).

GEX/DEX consistency: GEX +$134M positive, DEX +102M shares. Regime Pinning, consistent with spot near MP.

OI clusters: Concentrated OI at $415-418 calls (up to 610 OI) and $470 put (105 OI).

Hedging evidence: $470 Dec put and $414 May put indicate downside hedging despite overall call bias.

Max pain context: Spot 0.3% from MP ($415 likely), gamma pinning supports pinning near current levels.

Signal vs Noise

~Signal: Unusual call volume at multiple strikes suggests bullish positioning.

~Signal: $470 Dec put is a notable long-dated downside hedge.

~Noise: Small OI changes on many prints may be noise

~Signal: Net negative premium (-$115M) with call dominance indicates put selling for income.

Key Conclusions

📈Institutions are actively adding call positions at $415-430 for May-Aug, signaling bullish gold view.

🛡️Large $470 Dec put hedge counters potential downside, with $414 May put as near-term protection.

📌Gamma pinning and spot near MP suggest limited near-term movement, with $415 as likely anchor.

How to Use These Reports

This flow reflects the market close on May 20, 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.