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GLD

SPDR Gold SharesClose $387.12EOD only
Max Pain
$388.00
Next expiry Jun 22, 2026
Expected Move
±$6.29
1.6% from close
Price Gap
+0.88
Distance to max pain
IV Rank
100
High premium
P/C OI
0.56
Slightly call-heavy
Consensus
5.0/10
Consensus signal
Published snapshot: Jun 18, 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 18, 2026 close
GLD Flow Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBearish
Confirmation: Break below gamma flip at $360 with increased put volume.
Invalidation: Sustained move above $386 (recent call strikes) or reversal in put flow.
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.4% from MP; +1 VIX 17

Watch next session: GLD; 360 put gamma flip

Flow Summary

Net premium: -$230.7M bearish

P/C volume ratio: 1.00

P/C OI ratio: 0.58

Heavy put accumulation and negative gamma ($-107M) signal bearish tilt, despite call-heavy OI. Spot below max pain. Confirmation requires breakdown below $360.

Notable Prints

#1
GLD 2026-06-26 $364.00 Put
Vol: 5,930
OI: 156
Vol/OI: 38.0x
IV: 30.2%
Notional: ~$136K
Intent: Bearish speculation
Dual read: Hedging

Read-through: High vol/oi near expiry

#2
GLD 2026-06-26 $366.00 Put
Vol: 4,000
OI: 114
Vol/OI: 35.1x
IV: 28.7%
Notional: ~$116K
Intent: Bearish speculation
Dual read: Hedging

Read-through: High vol/oi near expiry

#3
GLD 2026-06-22 $385.00 Call
Vol: 3,193
OI: 338
Vol/OI: 9.4x
IV: 3.3%
Notional: ~$19K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#4
GLD 2026-10-16 $340.00 Put
Vol: 3,505
OI: 398
Vol/OI: 8.8x
IV: 24.4%
Notional: ~$1.7M
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#5
GLD 2026-06-24 $400.00 Call
Vol: 2,513
OI: 305
Vol/OI: 8.2x
IV: 23.2%
Notional: ~$15K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Near-dated OTM calls (385-388) and 6/24 400/402 calls added; possibly speculative or gamma.

Put additions: Near-dated 364/366 puts heavily added; long-dated 340 and 510 puts, latter a large hedge.

GEX/DEX consistency: Negative GEX (-$107M) and positive DEX (+81M) consistent with short gamma/long delta; amplifies spot moves.

OI clusters: Put OI cluster at 360 (gamma flip); calls OI above 380.

Hedging evidence: Long-dated 510 put (613 vol vs 133 OI) signals institutional hedging for gold downside.

Max pain context: Spot below MP; pinning expected near ~380.

Signal vs Noise

~6/22 expiry calls likely noise (expiry day).
~6/26 puts plus long-dated 510 put are real institutional flow.

Key Conclusions

🛡️Large put at 510 Jan 2027 suggests institutional hedge against gold decline.
⚠️Negative gamma may amplify any move; dealers delta-hedging.
How to Use These Reports
This flow reflects the market close on June 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.