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GLD

SPDR Gold SharesClose $380.14EOD only
Max Pain
$385.00
Next expiry Oct 5, 2026
Expected Move
±$3.83
1.0% from close
Price Gap
+4.86
Distance to max pain
IV Rank
2
Low premium
P/C OI
0.53
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Oct 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
Oct 2, 2026 close
GLD Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 21, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short Strangle
Invalidation: Break of $412.66 or $421.31
Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.2% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 30.57% vs VIX 16.76, elevated
Favorable?
Yes

Term structure: Contango from 6d out; front-month skew high (put IV 49%)

⚠️Front-month put IV 49% signals downside hedging demand

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+136.9M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,031 (13.7% below spot)

OI concentrations: Max pain $418 (22/29 May), $416 (27 May); call wall $450-$595; put floor $350-$360; gamma flip $360

Verdict: Spot at max pain $418, positive gamma, pinning likely; but mixed flow and high IV caution

Premium Opportunities

#1
Short strangle
Sell 2026-06-18 $410.00 put + sell $425.00 call
Sells OTM put and call to capture elevated IV premium near support/resistance.
Credit: $12.06-$14.74
Max loss: Unlimited
BE: 395.26 / 439.74
Mgmt: Monitor spot near $418; adjust if break of $410 or $425; consider rolling near expiration.
#2
Put credit spread
Sell 2026-06-18 $410.00/$405.00 put spread
Sells put spread below support to collect premium with limited downside risk.
Credit: $1.44-$1.76
Max loss: $3.24
BE: $408.24
Mgmt: Exit if spot breaks below $405; roll down or close early to preserve credit.

Risk Alerts

!Dealer net short premium $294M creates hedging risk; monitor spot around $418
How to Use These Reports
This theta reflects the market close on May 21, 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.