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GLD

SPDR Gold SharesClose $411.95EOD only
Max Pain
$410.00
Next expiry Jun 3, 2026
Expected Move
±$3.52
0.8% from close
Price Gap
-1.95
Distance to max pain
IV Rank
15
Low premium
P/C OI
0.56
Slightly call-heavy
Consensus
6.0/10
Range bias
Published snapshot: Jun 2, 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 2, 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.

You are viewing an older report from April 17, 2026. A newer theta report is available for May 26, 2026.

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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
How to Use These Reports
This theta reflects the market close on April 17, 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.