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GLD

SPDR Gold SharesClose $378.18EOD only
Max Pain
$375.00
Next expiry Jul 10, 2026
Expected Move
±$3.96
1.1% from close
Price Gap
-3.18
Distance to max pain
IV Rank
18
Low premium
P/C OI
0.54
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Jul 9, 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 9, 2026 close
GLD Theta Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 26, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Long put spreads
Invalidation: Spot breaks $400 support or $415 resistance; IV expansion
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
Near-term IV ~16-20% in line with VIX 17; longer-term IV elevated above VIX
Favorable?
No

Term structure: Contango across all tenors, moderate steepness out to 9 months

⚠️GEX positive ($106.6M) and max pain pinning at $415 elevates pin risk for short premium.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+106.6M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,083 (13.0% below spot)

OI concentrations: Put OI heavy at $350-$360 (floor); call OI concentrated at $450-$595 (ceiling); max pain pin strikes $414-$418.

Verdict: Pinning likely near $415 due to max pain and positive GEX, but upside resistance from call wall at $450+.

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $410.00/$405.00 put spread
Sells put spread to collect premium with strong support level.
Credit: $1.60-$1.95
Max loss: $3.05
BE: $408.05
Mgmt: Manage if spot nears $410; roll or close at 50% max gain.
#2
Short strangle
Sell 2026-06-18 $410.00 put + sell $420.00 call
Sells OTM put and call to capture range-bound movement.
Credit: $11.61-$14.19
Max loss: Unlimited
BE: 395.81 / 434.19
Mgmt: Monitor closely; adjust if spot tests strikes; close at 50% max gain.
#3
Iron condor
Sell 2026-06-18 $410.00/$405.00 put wing and $420.00/$423.00 call wing
Sells inner put and call spread to profit from range bound.
Credit: $2.65-$3.24
Max loss: $1.76
BE: 406.76 / 423.24
Mgmt: Manage wings individually; close if spot approaches $410 or $420. Liquidity warning: Liquidity constraints: long_call: Volume below 5. Substitutions: long_call: resolved contract 2026-06-18 $424.00 missing; used 2026-06-18 $423.00.

Risk Alerts

!Max pain pin risk at $415 (1d) and $418 (3d) for near-dated options.
How to Use These Reports
This theta reflects the market close on May 26, 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.