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GLD

SPDR Gold SharesClose $416.99EOD only

Max Pain

$418.00

Next expiry May 22, 2026

Expected Move

±$4.33

1.0% from close

Price Gap

+1.01

Distance to max pain

IV Rank

Low premium

P/C OI

0.58

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: May 21, 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 21, 2026 close

GLD Flow Report

Analysis based on market close May 21, 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 0.2% from MP; +1 VIX 17

Watch next session: $360 gamma flip; VIX > 17; further put accumulation

Flow Summary

Net premium: -$294.3M bearish

P/C volume ratio: 1.02

P/C OI ratio: 0.58

Net put premium $294M and elevated put volume (P/C vol 1.01) signal bearish flow. However, positive gamma ($137M) and DEX (+101M shares) indicate market maker support, creating a tug-of-war. Unusual put buying at strikes $440-$530 suggests hedging/protection. Spot near max pain, with gamma flip at $360 as downside support.

Notable Prints

GLD 2026-06-18 $490.00 Put

Vol: 7,644

OI: 1,007

Vol/OI: 7.6x

IV: 41.1%

Notional: ~$56.0M

Intent: ITM put hedge

Dual read: open vs close

Read-through: bearish bias

GLD 2026-07-17 $520.00 Put

Vol: 3,645

OI: 500

Vol/OI: 7.3x

IV: 36.7%

Notional: ~$37.7M

Intent: ITM put spread

Dual read: hedge

Read-through: neutral

GLD 2026-12-31 $440.00 Put

Vol: 873

OI: 119

Vol/OI: 7.3x

IV: 20.4%

Notional: ~$3.4M

Intent: long-term hedge

Dual read: insurance

Read-through: downside protection

GLD 2026-06-18 $530.00 Put

Vol: 730

OI: 100

Vol/OI: 7.3x

IV: 55.2%

Notional: ~$8.3M

Intent: deep ITM hedge

Dual read: possible closing

Read-through: bearish

GLD 2026-05-29 $402.00 Put

Vol: 1,328

OI: 186

Vol/OI: 7.1x

IV: 21.8%

Notional: ~$126K

Intent: OTM lottery

Dual read: spec vs hedge

Read-through: minor

Institutional Positioning

Call additions: Minor call additions at 419 strike (May 29 exp)

Put additions: Heavy put additions across strikes 402-530, especially June/July expirations

GEX/DEX consistency: Yes, positive GEX/DEX consistent with pinning flow

OI clusters: Put OI concentrated ~13.7% below spot (gamma flip 360); no major call OI clusters observed

Hedging evidence: Multiple long-dated puts (Dec 2026 440) suggest tail hedges; short-dated puts may be bearish bets

Max pain context: Spot near max pain but heavy put buying 490-530 creates bearish skew; conflicting signals.

Signal vs Noise

~Heavy put buying at 490, 530, 520 strikes is real bearish positioning

~GLD 5/22 413 put and 5/29 402-404 puts may be noise (small OTM speculation)

Key Conclusions

🛡️Conflicting: heavy puts 490-530 vs GEX pinning near max pain

📉Heavy put vols at 490-530 strikes signal downside hedging/bearish bets

🎯Spot at max pain with positive gamma; pin action likely

How to Use These Reports

This flow reflects the market close on May 21, 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.