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GLD

SPDR Gold SharesClose $442.09EOD only
Max Pain
$440.00
Next expiry Apr 22, 2026
Expected Move
±$6.53
1.5% from close
Price Gap
-2.09
Distance to max pain
IV Rank
0
Low premium
P/C OI
0.54
Slightly call-heavy
Consensus
6.0/10
Range bias
Published snapshot: Apr 20, 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 20, 2026 close
GLD Theta Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: Defined-risk spreads (debit/credit spreads, short wings)
Invalidation: Sustained break below $420 or sudden front-week IV spike >+30% or large directional gap toward 350–360
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 20

IV Environment

IV Regime
Normal
IV vs VIX
ATM IV ~34 vs VIX 19.5 — ATM IV elevated vs index; short-dated call IVs spiked
Favorable?
No

Term structure: Mixed term structure: front-week richly skewed (calls rich), 2–8w cheaper

⚠️Front-week call IV spike raises short-gamma costs—avoid aggressive naked short-dated sells
📌Elevated ATM IV vs VIX with concentrated OI near $441 increases pin/fragility risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+159.3M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 100,683 (16.2% below spot)

OI concentrations: Put OI concentrated ~16% below spot (floor 350–360); call OI piles near 440–441; dealer GEX +$159M

Verdict: High tail and dealer-concentration risk into nearby expiries — directional fragility; avoid naked premium-selling and reduce size or use defined-risk structures

Premium Opportunities

#1
Call diagonal
Sell 2026-05-15 $435.00 call / buy 2026-06-18 $440.00 call
Sell the May 15 $435 call, buy Jun 18 $440 to collect elevated front‑week IV, cap upside, and retain longer‑dated upside exposure.
Debit: $4.16-$5.09
Max loss: $5.09
BE: Path-dependent
Mgmt: Roll/close if GLD breaks below 420 or front‑week IV normalizes; trim into large gaps or >30% IV jump.
#2
Iron condor
Sell 2026-05-22 $420.00/$415.00 put wing and $439.00/$443.00 call wing
Collect credit across both wings to profit if GLD stays between wings; limited, known loss if invalidated.
Credit: $3.37-$4.12
Max loss: $0.88
BE: 415.88 / 443.12
Mgmt: Narrow or close if price approaches wings or IV spikes; reduce size into nearby expiries.
#3
Put credit spread
Sell 2026-05-29 $420.00/$415.00 put spread
Sell 420/415 to earn premium with capped loss if downside accelerates.
Credit: $1.75-$2.14
Max loss: $2.86
BE: $417.86
Mgmt: Close if GLD ≤419.82 or sell into strength; keep size small given dealer GEX.

Risk Alerts

!Elevated tail risk from clustered puts at 350–360 and dealer GEX exposure
!Front-week call IV spikes make short-dated naked sells particularly costly
!Sharp move toward $441 may induce dealer pinning and squeezes
!Prefer defined-risk spreads or reduced sizing into nearby expiries
How to Use These Reports
This theta reflects the market close on April 21, 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.