thetaOwl
HomeOptionsGLDReports

GLD

SPDR Gold SharesClose $378.95EOD only
Max Pain
$379.00
Next expiry Oct 22, 2026
Expected Move
±$2.96
0.8% from close
Price Gap
+0.05
Distance to max pain
IV Rank
1
Low premium
P/C OI
0.47
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Oct 21, 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 21, 2026 close
GLD Theta Report
Analysis based on market close June 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 8, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short Put Spread
Invalidation: Break below $350 gamma flip or sharp vol spike
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.4% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
IV (32.6%) well above VIX (18.9%)
Favorable?
Yes

Term structure: Elevated near-term IV (22-24%) with jumps at 10d and 22d; steep backwardation from 0dte.

📈IV elevated relative to VIX; term structure supports premium selling in weeklies.
⚡Negative dealer gamma ($-73.5M) could amplify moves; short premium requires tight risk management.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-73.5M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,934 (9.4% below spot)

OI concentrations: Max pain $403 with put OI concentration 101,934 near $360; call OI wall $425-$595.

Verdict: Elevated pin risk due to spot below max pain and concentrated put OI floor; watch $403 pin.

Premium Opportunities

#1
Iron condor
Sell 2026-07-02 $395.00/$390.00 put wing and $400.00/$405.00 call wing
Sell 395/390 put wing and 400/405 call wing, capturing elevated IV and time decay.
Credit: $3.69-$4.51
Max loss: $0.49
BE: 390.49 / 404.51
Mgmt: Adjust wings if spot breaches 385 or 410; close at 50% max gain.
#2
Put credit spread
Sell 2026-07-02 $395.00/$390.00 put spread
Sell 395/390 put spread, collecting premium with stop at 383.29.
Credit: $1.66-$2.03
Max loss: $2.97
BE: $392.97
Mgmt: Exit if spot breaks below 385 or volatility spikes.

Risk Alerts

!Negative gamma exposure may exacerbate spot movement toward dealer hedges.
!Short premium in negative net premium environment; monitor vol expansion.
How to Use These Reports
This theta reflects the market close on June 8, 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.