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GLD

SPDR Gold SharesClose $366.61EOD only
Max Pain
$377.00
Next expiry Oct 26, 2026
Expected Move
±$4.25
1.2% from close
Price Gap
+10.39
Distance to max pain
IV Rank
11
Low premium
P/C OI
0.48
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Oct 23, 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 23, 2026 close
GLD Theta Report
Analysis based on market close June 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 10, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Put Credit Spread
Invalidation: Spot breaks below gamma flip at 360
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 5.6% from MP

IV Environment

IV Regime
Normal
IV vs VIX
IV 40.5% vs VIX 22.2%, elevated
Favorable?
Yes

Term structure: Front-end elevated, backwardation from 2DTE 35.94% to 25.8%

⚠️Dealers short gamma -$189M amplifies moves
📌Max pain $397, spot $374.46 5.6% below

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-189.2M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,752 (3.9% below spot)

OI concentrations: Max pain $397 (0DTE), $401 (2DTE), $399 (5DTE). Put floor $335-$350, call wall $425-$555

Verdict: High pin risk near expiration due to OI concentration at $397, spot far below

Premium Opportunities

#1
Put credit spread
Sell 2026-07-10 $360.00/$350.00 put spread
Sell 360/350 put spread to collect premium with limited downside
Credit: $2.32-$2.83
Max loss: $7.17
BE: $357.17
Mgmt: Exit if spot breaches 360
#2
Iron condor
Sell 2026-07-17 $360.00/$345.00 put wing and $395.00/$405.00 call wing
Sell 360/345 put and 395/405 call wings
Credit: $4.93-$6.02
Max loss: $8.98
BE: 353.98 / 401.02
Mgmt: Manage wings if spot approaches extremes
#3
Call diagonal
Sell 2026-07-02 $395.00 call / buy 2026-08-21 $405.00 call
Sell near-term 395 call, buy later 405 call
Debit: $3.31-$4.04
Max loss: $4.04
BE: Path-dependent
Mgmt: Roll or close if spot moves below 360

Risk Alerts

!Negative dealer gamma
!Spot 5.6% below max pain
!Mixed flow regime
How to Use These Reports
This theta reflects the market close on June 10, 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.