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GLD

SPDR Gold SharesClose $413.84EOD only
Max Pain
$386.00
Next expiry Aug 21, 2026
Expected Move
±$6.80
1.6% from close
Price Gap
-27.84
Distance to max pain
IV Rank
15
Low premium
P/C OI
0.43
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Aug 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
Aug 19, 2026 close
GLD Theta Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 22, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell options near max pain
Invalidation: Break above $450 call wall or below $350 put floor; extreme skew (call 51.6%, put 63.1%) raises tail risk
Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 1.0% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 31.2% vs VIX 16.7% elevated, options costly
Favorable?
Yes

Term structure: Front-month low IV, upward sloping contango

📈IV nearly double VIX, rich premiums
📍Max pain at $418 aligns with spot

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+70.6M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,088 (13.0% below spot)

OI concentrations: Call OI wall $450-$595; Put floor $350-$360; max pain pins $418, $416, $418

Verdict: Pinning near $418, low risk

Premium Opportunities

#1
Iron condor
Sell 2026-06-12 $401.00/$400.00 put wing and $418.00/$419.00 call wing
Sell put spread at $401/$400 and call spread at $418/$419 on GLD.
Credit: $0.54-$0.66
Max loss: $0.34
BE: 400.34 / 418.66
Mgmt: Close at 50% profit or near expiration; adjust if breaching wings. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_call: Volume below 5.

Risk Alerts

!Positive GEX pins, but negative net premium shows bearish flow divergence
!Front-month OTM skew extreme (call 51.6%, put 63.1%)
How to Use These Reports
This theta reflects the market close on May 22, 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.