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GLD

SPDR Gold SharesClose $411.50EOD only
Max Pain
$420.00
Next expiry May 20, 2026
Expected Move
±$4.43
1.1% from close
Price Gap
+8.50
Distance to max pain
IV Rank
12
Low premium
P/C OI
0.57
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 19, 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 19, 2026 close
GLD Theta Report
Analysis based on market close May 19, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Theta Verdict

Attractiveness5 / 10
Sizing: Moderate
Primary: Bear put spreads
Invalidation: Break below $400 support or above $420 resistance
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV elevated vs VIX (31.6% vs 18.0%)
Favorable?
No

Term structure: Mostly contango with near-term spike; 1d ATM 19.5%, 8d 21.3%

📈IV elevated relative to VIX, offering premium but with pin risk.
⚠️Term structure steep in near-dated options; short-dated IV elevated.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+54.3M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 100,981 (12.5% below spot)

OI concentrations: Put OI 100,981 near $400 (12.5% below spot); Call OI wall at $450-$595

Verdict: Pinning likely at $420 (max pain) but spot below MP; risk of move to gamma flip at $360

Premium Opportunities

#1
Call diagonal
Sell 2026-06-18 $425.00 call / buy 2026-09-18 $420.00 call
Captures IV normalization and time decay via short near-term call and long back-month call.
Debit: $13.66-$16.69
Max loss: $16.69
BE: Path-dependent
Mgmt: Exit if spot breaks below $400 invalidation.

Risk Alerts

!Gamma flip risk at $360 if spot declines sharply.
!Spot below max pain $420; potential drift lower.
!Put/call OI ratio 0.57 indicates call volume concentration.
How to Use These Reports
This theta reflects the market close on May 19, 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.