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GLD

SPDR Gold SharesClose $396.24EOD only

Max Pain

$411.00

Next expiry Jun 8, 2026

Expected Move

±$3.35

0.8% from close

Price Gap

+14.76

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.55

Slightly call-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 5, 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 5, 2026 close

GLD Flow Report

Analysis based on market close June 8, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.4% from MP; +0.5 VIX 19

Watch next session: $398 put wall; $400 call resistance

Flow Summary

Net premium: -$196.4M bearish

P/C volume ratio: 1.12

P/C OI ratio: 0.60

Expiration day saw heavy put volume (1.12 PCR) and net negative premium (-$196M), signaling bearish positioning. Unusual prints concentrated at 396-399 puts and 398-400 calls suggest pinning action below max pain. GEX negative, DEX positive, with mixed regime but bearish flow tilt.

Notable Prints

GLD 2026-06-08 $398.00 Call

Vol: 3,575

OI: 133

Vol/OI: 26.9x

IV: 3.5%

Notional: ~$21K

Intent: Opening speculative long call on low premium bet for bounce.

Dual read: Could be closing of a sold call or part of a spread.

Read-through: Bullish bias near term, low conviction.

GLD 2026-06-08 $399.00 Call

Vol: 2,620

OI: 157

Vol/OI: 16.7x

IV: 4.3%

Notional: ~$3K

Intent: Opening long call, cheap upside lottery.

Dual read: May be a closing trade given low OI.

Read-through: Bullish sentiment, OTM cheap.

GLD 2026-06-08 $398.00 Put

Vol: 5,991

OI: 365

Vol/OI: 16.4x

IV: 8.8%

Notional: ~$264K

Intent: Aggressive opening of ATM puts, bearish directional bet.

Dual read: Could be hedging a large long position.

Read-through: Strong near-term bearish signal.

GLD 2026-06-08 $397.00 Put

Vol: 5,232

OI: 551

Vol/OI: 9.5x

IV: 4.0%

Notional: ~$37K

Intent: Opening OTM puts, part of bearish put spread or hedge.

Dual read: May be buying puts to profit from decline.

Read-through: Expectation of further downside.

GLD 2026-06-08 $396.00 Put

Vol: 4,080

OI: 483

Vol/OI: 8.4x

IV: 3.4%

Notional: ~$4K

Intent: Opening deeper OTM puts, bearish speculation.

Dual read: Could be part of put ladder or complex hedge.

Read-through: Expectation of significant drop.

Institutional Positioning

Call additions: Scattered strikes 397-400 and 408; moderate OI adds

Put additions: Heavy near 396-398 (>15k vols) and distant 360 put (1k)

GEX/DEX consistency: GEX -73.5M vs DEX +98.2M; short gamma hedged long

OI clusters: Put OI 1381@398, call OI 657@400

Hedging evidence: Put-heavy flow; tail hedge at 360

Max pain context: Spot $397 below MP; negative GEX reduces pin probability

Signal vs Noise

~Near-the-money put additions signal hedging

~Distant put at 360 signals tail risk hedge

~Scattered call adds low conviction

~Net negative premium confirms bearish flow

Key Conclusions

🔒Institutions hedging near spot with puts; tail hedge at 360

⚠️Negative gamma suggests volatility; DEX positive supports bounce

How to Use These Reports

This flow reflects the market close on June 8, 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.