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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 22, 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 1.0% from MP; +1 VIX 17

Watch next session: GLD 2026-05-22 $414 Call; GLD 2026-05-27 $415 Call

Flow Summary

Net premium: -$114.7M bearish

P/C volume ratio: 0.33

P/C OI ratio: 0.58

Bullish bias: positive gamma (+$70.6M), low put/call ratio (0.33), heavy call flow including large Sep $500 call. Net premium negative but call volume dominates. Spot near ATM pinning. Confirmation: hold above $412. Invalidation: break below $360 gamma flip.

Notable Prints

GLD 2026-05-29 $365.00 Put

Vol: 2,115

OI: 169

Vol/OI: 12.5x

IV: 38.6%

Notional: ~$15K

Intent: Protective put

Dual read: Bearish speculation

Read-through: Downside hedging

GLD 2026-05-22 $416.00 Call

Vol: 4,272

OI: 466

Vol/OI: 9.2x

IV: 6.6%

Notional: ~$17K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-05-27 $407.00 Put

Vol: 1,084

OI: 123

Vol/OI: 8.8x

IV: 18.0%

Notional: ~$128K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

GLD 2026-09-18 $500.00 Call

Vol: 110,653

OI: 14,623

Vol/OI: 7.6x

IV: 25.7%

Notional: ~$33.7M

Intent: Bullish bet on gold rally

Dual read: Inflation hedge

Read-through: High conviction long vol

GLD 2026-05-22 $414.00 Call

Vol: 1,515

OI: 248

Vol/OI: 6.1x

IV: 3.0%

Notional: ~$17K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Heavy Sep 500C (110k vol), weekly 414-416C

Put additions: Unusual 365P, 407P, 380P

GEX/DEX consistency: Positive GEX ($70.6M) and DEX (+99.2M) align bullish, but gamma pinning near MP

OI clusters: Concentrated put OI at 360 (13% below spot)

Hedging evidence: Puts at 365/380/407 suggest downside hedging

Max pain context: Spot at MP, pinning expected

Signal vs Noise

~Sept 500C volume is real bullish signal

~Low put/call ratio (0.33) confirms call bias

~Small weekly 412P volume likely noise

Key Conclusions

🚀Large Sep 500C buying shows institutional long-term bullish

🛡️Put protection at 365-380 indicates hedging, not directional bearish

How to Use These Reports

This flow reflects the market close on May 22, 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.