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GLD

SPDR Gold SharesClose $410.22EOD only
Max Pain
$408.00
Next expiry Sep 4, 2026
Expected Move
±$5.70
1.4% from close
Price Gap
-2.22
Distance to max pain
IV Rank
12
Low premium
P/C OI
0.44
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Sep 3, 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
Sep 3, 2026 close
GLD Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 5, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Iron Condor
Invalidation: Break below 360 or above 425
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -0.5 spot 3.4% from MP; +0.5 VIX 22

IV Environment

IV Regime
Normal
IV vs VIX
IV at 34.65% > VIX 21.51, premium rich.
Favorable?
Yes

Term structure: Normal, slightly upward sloping, no inversion.

💰IV elevated vs VIX, good for selling premium

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-61.1M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,955 (9.1% below spot)

OI concentrations: Put floor $335-$360 (101,955 OI), call wall $425-$590. Max pain $409-411.

Verdict: Spot below max pain, upward pin risk to $410.

Premium Opportunities

#1
Short strangle
Sell 2026-06-26 $390.00 put + sell $404.00 call
Selling premium with defined profit zone.
Credit: $11.03-$13.48
Max loss: Unlimited
BE: 376.52 / 417.48
Mgmt: Close at 50% max gain or at 14 DTE.
#2
Call credit spread
Sell 2026-07-10 $399.00/$404.00 call spread
Bearish theta play with capped risk.
Credit: $2.05-$2.50
Max loss: $2.50
BE: $401.50
Mgmt: Close if spot breaches 404.

Risk Alerts

!Spot 3.4% below max pain, potential drift to $410.
!Dealer negative gamma (-$61M) may amplify moves.
!VIX 21.5 suggests elevated macro risk.
How to Use These Reports
This theta reflects the market close on June 5, 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.