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GLD

SPDR Gold SharesClose $440.08EOD only
Max Pain
$435.00
Next expiry Apr 17, 2026
Expected Move
±$3.97
0.9% from close
Price Gap
-5.08
Distance to max pain
IV Rank
26
Middle-high premium
P/C OI
0.55
Slightly call-heavy
Consensus
5.5/10
Consensus signal
Published snapshot: Apr 16, 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
Apr 16, 2026 close
GLD Theta Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: defer
Invalidation: Sustained move below $430, VIX >25, or rapid front‑end IV spike/term steepening
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV ~31% vs VIX 17 — elevated medium‑term IV with anomalous depressed 0d ATM IV.
Favorable?
No

Term structure: Deep front‑end inversion (0–3d) with short‑dated put spikes; 2–12w term sits ~24–26%.

⚠️0d ATM IV=7% is anomalous vs nearby put IVs — execution/hedge risk.
📌Dealer GEX +$300M and max‑pain cluster $430–$440 supports pin pressure near expiries.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+299.8M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 100,667 (19.3% below spot)

OI concentrations: Put OI concentrated ~100,667 contracts (~19.3% below spot); max‑pain at $430–$440.

Verdict: High pin risk into near expiries; clustering raises settlement and rotation risk.

Premium Opportunities

#1
Call diagonal
Sell 2026-05-22 $480.00 call / buy 2026-06-18 $460.00 call
Sell near front-date 480 call, buy longer 460 call to collect front decay while keeping upside optionality.
Debit: $8.66-$10.59
Max loss: $10.59
BE: Path-dependent
Mgmt: Close or roll if GLD <430, VIX>25, or front IV spikes; trim into pin-zone flow.
#2
Call diagonal
Sell 2026-05-22 $480.00 call / buy 2026-06-18 $450.00 call
Sell 480 front call, buy deeper long 450 call to bias upside while funding via short near-term call.
Debit: $12.51-$15.29
Max loss: $15.29
BE: Path-dependent
Mgmt: Same invalidation points; manage/roll if front IV anomalies persist or price nears $430–$440.

Risk Alerts

!0d IV anomaly may distort spreads/hedges
!Pin zone $430–$440 likely to attract flow
!Premium selling not advised while 0d IV/hedge risks persist

Read the Theta analysis for GLD for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.