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GLD

SPDR Gold SharesClose $378.13EOD only
Max Pain
$371.00
Next expiry Jul 6, 2026
Expected Move
±$5.75
1.5% from close
Price Gap
-7.13
Distance to max pain
IV Rank
17
Low premium
P/C OI
0.54
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Jul 2, 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
Jul 2, 2026 close
GLD Theta Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 20, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short Iron Condor
Invalidation: Break below $416 or above $425
Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.3% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Elevated
Favorable?
Yes

Term structure: 0DTE IV very low (8%), 2DTE spikes to 21.6%, then gradual rise to ~25%.

📊Avg IV 30.79% well above VIX 17.44, rich premiums.
📈Term structure steep; 2DTE IV 21.6% vs 0DTE 8% (expiry effect).
🎯Positive gamma ($134M) and pinning near $416 favor premium selling.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+134.2M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 100,940 (13.8% below spot)

OI concentrations: Put OI 100,940 at $360 (13.8% below spot); Call OI wall $450-$595; Max pain $416.

Verdict: Moderate pin risk: positive dealer gamma and expiry pin at $416.

Premium Opportunities

#1
Iron condor
Sell 2026-06-18 $415.00/$410.00 put wing and $420.00/$425.00 call wing
Sells tight put and call wings around $416 pin, capturing theta decay.
Credit: $3.85-$4.70
Max loss: $0.30
BE: 410.30 / 424.70
Mgmt: Monitor expiry pin; exit if GLD breaks $410 or $425.

Risk Alerts

!Expiry day pin risk at $416 max pain.
!Low VIX (17.44) may signal complacency.
!Positive GEX can cause sharp reversals on breakouts.
How to Use These Reports
This theta reflects the market close on May 20, 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.