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GLD

SPDR Gold SharesClose $411.27EOD only

Max Pain

$410.00

Next expiry Jun 5, 2026

Expected Move

±$3.89

0.9% from close

Price Gap

-1.27

Distance to max pain

IV Rank

Low premium

P/C OI

0.55

Slightly call-heavy

Consensus

5.0/10

Range bias

Published snapshot: Jun 4, 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

Jun 4, 2026 close

GLD Flow Report

Analysis based on market close June 5, 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; +2 GEX/flow strongly aligned; -0.5 spot 3.4% from MP; +0.5 VIX 22

Watch next session: GLD 2026-06-08 $395 Put; GLD 2026-06-05 $400 Call; GLD 2026-06-05 $402 Call

Flow Summary

Net premium: -$276.9M bearish

P/C volume ratio: 0.56

P/C OI ratio: 0.55

Flow shows mixed signals but net bearish tilt: negative gamma (-$61M GEX), net negative premium ($277M puts exceed calls), and spot below $396 MP. Unusual prints highlight large put buys at $395 (63x vol/oi) and $385, alongside speculative call buys at $400-$402 with tiny premiums. Elevated VIX (21.5) and sharp equity selloff amplify bearish edge. Key level: gamma flip at $360.

Notable Prints

GLD 2026-06-08 $395.00 Put

Vol: 10,354

OI: 164

Vol/OI: 63.1x

IV: 19.3%

Notional: ~$2.6M

Intent: Bearish speculation

Dual read: Possible hedge

Read-through: Expects drop by June 8

GLD 2026-06-05 $402.00 Call

Vol: 3,300

OI: 100

Vol/OI: 33.0x

IV: 13.3%

Notional: ~$7K

Intent: Speculative

Read-through: Near-zero premium lotto

GLD 2026-06-08 $385.00 Put

Vol: 4,137

OI: 144

Vol/OI: 28.7x

IV: 25.3%

Notional: ~$302K

Intent: Bearish

Read-through: Expects big drop

GLD 2026-06-05 $400.00 Call

Vol: 6,501

OI: 240

Vol/OI: 27.1x

IV: 8.4%

Notional: ~$7K

Intent: Speculative

Read-through: Same-day lottery

GLD 2026-06-12 $365.00 Put

Vol: 4,581

OI: 225

Vol/OI: 20.4x

IV: 37.4%

Notional: ~$252K

Intent: Bearish

Read-through: Expects drop below 365

Institutional Positioning

Call additions: 410C, 402C, 400C, 405C, 403C (short-dated); 395C 7/17 (long-dated)

Put additions: 395P (10k vol), 385P, 365P, 396P (near the money)

GEX/DEX consistency: GEX negative (-61M) vs DEX positive (100M shares) – mixed, but net premium negative suggests bearish flow

OI clusters: 395P OI 164 but massive volume; 400C OI 240; 402C OI 100

Hedging evidence: Large put buying on 395P, 385P, 365P suggests tail hedging; long-dated 395C may be bullish bet

Max pain context: Spot below max pain (estimated ~400); gamma flip at 360 (9% below), pin action likely near 395-400

Signal vs Noise

~High vol/oi ratio on 395P (63x) is real hedging signal

~Low OI on OTM calls (402C, 400C) suggests noise / short-term speculation

~Large 365P volume with high IV (37%) indicates tail risk positioning

~Net premium negative (-$276M) confirms institutional put bias

Key Conclusions

🛡️Institutions hedging downside via 395P and 385P puts amid broad market selloff

📉Negative GEX and net premium suggest continued pressure below $400

⚠️Long-dated 395C call (7/17) could be bullish catalyst if spot rebounds

How to Use These Reports

This flow reflects the market close on June 5, 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.