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GLD

SPDR Gold SharesClose $411.50EOD only
Max Pain
$420.00
Next expiry May 20, 2026
Expected Move
±$4.43
1.1% from close
Price Gap
+8.50
Distance to max pain
IV Rank
12
Low premium
P/C OI
0.57
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 19, 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 19, 2026 close
GLD Theta Report
Analysis based on market close May 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 15, 2026. A newer theta report is available for May 19, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short Put Spread
Invalidation: Break below $403 support or move below gamma flip $360
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.6% from MP; +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV (33.2%) well above VIX (18.4); elevated premium environment.
Favorable?
Yes

Term structure: Front-month 0DTE ATM IV at 5.8% due to pinning; term structure rises to 17-21% for next expirations, then flattens near 23-26%. Put skew elevated vs calls.

💵IV at 33.2% vs VIX 18.4; rich premium for sellers.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+44.3M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 100,926 (13.7% below spot)

OI concentrations: Put OI heavy at $360 (100,926) and call OI wall $450-$595. Max pain $420 for 5/15.

Verdict: Pinning risk elevated due to dealer hedging (positive GEX $44.3M) and spot near max pain. Support $403.97, resistance $420/$430.6.

Premium Opportunities

#1
Iron condor
Sell 2026-06-05 $406.00/$404.00 put wing and $431.00/$433.00 call wing
Sell put wing at $406/$404 and call wing at $431/$433, capturing premium from both sides within expected range.
Credit: $1.04-$1.27
Max loss: $0.73
BE: 404.73 / 432.27
Mgmt: Close at 50% max gain or adjust if spot breaks $404 or $420.
#2
Put credit spread
Sell 2026-06-05 $406.00/$404.00 put spread
Sell $406/$404 put spread betting on price staying above $404.
Credit: $0.56-$0.69
Max loss: $1.31
BE: $405.31
Mgmt: Exit if spot closes below $404 or loses 2x initial credit.
#3
Call credit spread
Sell 2026-06-05 $431.00/$433.00 call spread
Sell $431/$433 call spread betting on price staying below $431.
Credit: $0.47-$0.58
Max loss: $1.42
BE: $431.58
Mgmt: Exit if spot closes above $420 or loses 2x initial credit.

Risk Alerts

!Gamma flip at $360 if spot drops sharply (put wall).
!Overnight gap risk due to high IV skew.
!IV crush risk if pin breaks and vol drops sharply.
How to Use These Reports
This theta reflects the market close on May 15, 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.