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GLD

SPDR Gold SharesClose $432.93EOD only
Max Pain
$431.00
Next expiry May 13, 2026
Expected Move
±$4.68
1.1% from close
Price Gap
-1.93
Distance to max pain
IV Rank
49
Middle-high premium
P/C OI
0.57
Slightly call-heavy
Consensus
6.0/10
Range bias
Published snapshot: May 12, 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 12, 2026 close
GLD Theta Report
Analysis based on market close May 13, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Selling premium with gamma hedging
Invalidation: Spot moves >1% from $431 before close
Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.1% from MP; +1 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 31.7% vs VIX 17.9, elevated by ~13.8 pts
Favorable?
Yes

Term structure: Contango from 2DTE outward; 0DTE low at 5.65% due to expiry

🔥IV premium rich relative to VIX, favoring sellers
📌Dealer long gamma (+$207.6M) supports pinning at max pain

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+207.6M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 100,902 (16.4% below spot)

OI concentrations: Max pain: $431 (0DTE), $425, $428; put OI wall $360

Verdict: Pinning likely at $431 with heavy OI; dealers long gamma aids pinning.

Premium Opportunities

#1
Iron condor
Sell 2026-06-12 $414.00/$413.00 put wing and $431.00/$432.00 call wing
Sell wide wings near pin, capture elevated premium
Credit: $0.65-$0.80
Max loss: $0.20
BE: 413.20 / 431.80
Mgmt: Gamma hedge if spot moves >1%; exit early if pin fails Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.; short_call: Open interest below 25.
#2
Put credit spread
Sell 2026-06-12 $414.00/$413.00 put spread
Sell put spread below expected pin, limited loss
Credit: $0.20-$0.25
Max loss: $0.75
BE: $413.75
Mgmt: Roll if spot breaches 413.7; hold to expiry Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.

Risk Alerts

!Early expiration today adds gamma risk
!IV elevated vs VIX may compress post-expiry
!Spot near max pain; watch for pin breakout
How to Use These Reports
This theta reflects the market close on May 13, 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.