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GLD

SPDR Gold SharesClose $430.50EOD only
Max Pain
$425.00
Next expiry May 15, 2026
Expected Move
±$6.24
1.4% from close
Price Gap
-5.50
Distance to max pain
IV Rank
57
Middle-high premium
P/C OI
0.57
Slightly call-heavy
Consensus
7.0/10
Neutral tilt
Published snapshot: May 13, 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 13, 2026 close
GLD Theta Report
Analysis based on market close May 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Credit Put Spread
Invalidation: Break below $425 support
Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.5% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 31.6% vs VIX 17.3: high premium
Favorable?
Yes

Term structure: Front week flat ~18.5%, rises to 21.5% by 6d, normal slope

📈Dealer long gamma $+179M supports pinning
⚠️Put OI concentration 15.7% below spot, gamma flip near $360

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+179.2M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 100,887 (15.7% below spot)

OI concentrations: Max pain $425-430; put OI heavy at 15.7% below spot (~$425), call wall $450-$595

Verdict: Pinning likely if spot holds $425-$430; gamma flip risk below $425

Premium Opportunities

#1
Put credit spread
Sell 2026-06-05 $417.00/$404.00 put spread
Sell put spread to collect premium with defined risk.
Credit: $2.52-$3.08
Max loss: $9.92
BE: $413.92
Mgmt: Close if spot breaks below $425 or IV collapses. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
#2
Iron condor
Sell 2026-06-05 $417.00/$404.00 put wing and $442.00/$457.00 call wing
Sell both put and call wings to profit from low movement.
Credit: $4.84-$5.91
Max loss: $9.09
BE: 411.09 / 447.91
Mgmt: Adjust wings if pinning shifts; exit early if IV spikes. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; short_call: Volume below 5.

Risk Alerts

!Spot at max pain zone ($425-$430)
!Dealer long gamma may amplify moves
!High IV premium but pin risk exists
How to Use These Reports
This theta reflects the market close on May 14, 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.