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GLD

SPDR Gold SharesClose $413.82EOD only

Max Pain

$415.00

Next expiry May 27, 2026

Expected Move

±$6.67

1.6% from close

Price Gap

+1.18

Distance to max pain

IV Rank

Low premium

P/C OI

0.58

Slightly call-heavy

Consensus

6.5/10

Range bias

Published snapshot: May 22, 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 22, 2026 close

GLD Flow Report

Analysis based on market close May 26, 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: 413 put; 415 call; 412 call

Flow Summary

Net premium: -$208.2M bearish

P/C volume ratio: 0.96

P/C OI ratio: 0.54

Mixed flow with positive gamma pinning near spot, but large put prints and negative premium hint at hedging. Net short premium suggests dealers lean bearish, offset by GEX. VIX 17 implies calm.

Notable Prints

GLD 2026-06-05 $413.00 Put

Vol: 8,033

OI: 321

Vol/OI: 25.0x

IV: 19.9%

Notional: ~$4.0M

Intent: bearish hedge

Read-through: expect decline

GLD 2026-06-05 $415.00 Call

Vol: 4,272

OI: 544

Vol/OI: 7.8x

IV: 20.7%

Notional: ~$2.2M

Intent: bullish bet

Read-through: expect rise

GLD 2026-05-27 $413.00 Call

Vol: 811

OI: 112

Vol/OI: 7.2x

IV: 17.2%

Notional: ~$194K

Intent: short-term bullish

Read-through: bullish near term

GLD 2026-05-27 $416.00 Call

Vol: 813

OI: 200

Vol/OI: 4.1x

IV: 13.8%

Notional: ~$67K

Intent: short-term bullish

Read-through: bullish near term

GLD 2026-12-18 $560.00 Call

Vol: 3,702

OI: 1,051

Vol/OI: 3.5x

IV: 28.3%

Notional: ~$1.7M

Intent: speculative long-term

Read-through: very bullish long

Institutional Positioning

Call additions: Near-term calls 412-416 (vol>4x OI) and long-dated $560 call (3.7K vol, 3.5x OI) – bullish positioning.

Put additions: ATM $413 put (8K vol, 25x OI) – bearish flow; deep ITM puts 490-530 (3-1.8K vol) – hedging.

GEX/DEX consistency: Positive GEX/DEX suggests upside bias, but heavy put flow (especially ATM) indicates hedging, not outright bearish.

OI clusters: Massive put OI at 360 (101K, 13% below spot) – key support / gamma flip level.

Hedging evidence: Deep ITM puts (490-530) and ATM put buying suggest collar/hedge structures.

Max pain context: Spot at MP (~413); positive gamma pinning; near-term pinning expected.

Signal vs Noise

~Large ATM put (25x OI) and long-dated call (3.5x OI) are strong signals.

~Deep ITM puts confirm hedging noise.

~Small volume prints (<500) are noise.

Key Conclusions

🐻Large ATM put buying at $413 suggests near-term bearish hedging or pessimistic view.

🚀Long-dated $560 call signals bullish gold rally expectation.

📌Positive gamma and spot at max pain pin price near $413.

How to Use These Reports

This flow reflects the market close on May 26, 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.