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GLD

SPDR Gold SharesClose $435.26EOD only

Max Pain

$435.00

Next expiry Apr 24, 2026

Expected Move

±$6.12

1.4% from close

Price Gap

-0.26

Distance to max pain

IV Rank

Low premium

P/C OI

0.56

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

GLD Theta Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.7% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

ATM IV ~24–31 vs VIX 19 — realized risk modest; short-dated puts rich (24Apr put IV 46.8)

Favorable?

Yes

Term structure: Mixed term structure: very elevated front-week put skew, mid-dated ATM comps lower

⚠️Max pain cluster $434–436 aligns with dealer +GEX; watch 4/24–4/29 expiries — assignment risk high near pin

📈Front-week put IV spike: short-dated tail exposure severe — 10% intraday drop can produce 2–3x mark-to-market losses; VIX +10 pts can double short-gamma P/L swings

ℹ️Front-day put IV spike implies paid protection concentrated at near-dated strikes

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+152.8M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 100,907 (16.5% below spot)

OI concentrations: Put OI concentrated ~16.5% below spot (floor 350–360); max-pain pins $434/$436

Verdict: High pin risk near $434–436 for 4/24–4/29 expiries; expect early assignment risk for short puts, margin/maintenance increases during pinning; gamma flip ~360

Premium Opportunities

Put credit spread

Sell 2026-05-15 $415.00/$410.00 put spread

Sell 2026-05-15 415/410 put spread to collect elevated front‑month premium while capping tail loss

Credit: $0.90-$1.10

Max loss: $3.90

BE: $413.90

Mgmt: Trim or roll wider/down if GLD breaks and holds <413; close into VIX spikes or large put bid widening

Iron condor

Sell 2026-05-29 $413.00/$405.00 put wing and $434.00/$442.00 call wing

Sell 2026-05-29 413/405 put and 434/442 call wings to harvest higher ATM IV after pin window

Credit: $4.91-$6.00

Max loss: $2.00

BE: 407.00 / 440.00

Mgmt: Deploy after pin resolves; tighten or hedge if GLD nears 434–436 or falls toward 425; monitor early‑assignment risk on short puts Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Risk Alerts

!Sustained move below $425 invalidates premium bias

!Front-week put IV extreme can widen spreads and amplify tail losses (10% down → 2–3x M2M hurt)

!VIX spike (+8–12 pts) can double short-gamma P/L volatility and trigger margin calls

!Early assignment and maintenance-margin risk elevated when pinning into expiry

How to Use These Reports

This theta reflects the market close on April 23, 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.