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GLD

SPDR Gold SharesClose $396.36EOD only
Max Pain
$406.00
Next expiry Sep 11, 2026
Expected Move
±$7.12
1.8% from close
Price Gap
+9.64
Distance to max pain
IV Rank
31
Middle-high premium
P/C OI
0.47
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Sep 10, 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 10, 2026 close
GLD Theta Report
Analysis based on market close June 11, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 11, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Theta collection on put side
Invalidation: Break below $380 or above $400
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Elevated vs VIX (36.7 vs 19.4)
Favorable?
Yes

Term structure: Front-end high, backwardation to 2w, then contango

💰Rich premiums vs VIX
⚠️Dealer short gamma ($-123M) amplifies moves

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-123.1M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,742 (6.8% below spot)

OI concentrations: Max pain $395-396; put OI 101k at $360 (gamma flip)

Verdict: Sticky near $395-396 with downside gamma risk

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $375.00/$370.00 put spread
Sell 375/370 put spread to capture elevated put skew.
Credit: $1.26-$1.54
Max loss: $3.46
BE: $373.46
Mgmt: Take profit at 50% or adjust if GLD breaks below 380.
#2
Cash-secured put
Sell 2026-06-18 $370.00 cash-secured put
Sell 370 put to collect premium with elevated IV.
Credit: $1.24-$1.51
Max loss: $368.49
BE: $368.49
Mgmt: Roll or hold if tested; invalidation below 380.
#3
Covered call
Buy shares + sell 2026-07-02 $401.00 call
Buy shares, sell call to collect call premium.
Credit: $3.83-$4.68
Max loss: Stock downside to $0 less call premium
BE: $381.64
Mgmt: Watch resistance at 396; may cap upside.

Risk Alerts

!Dealer short gamma may cause acceleration
!Front-end IV high but could compress rapidly
How to Use These Reports
This theta reflects the market close on June 11, 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.