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GLD

SPDR Gold SharesClose $386.54EOD only
Max Pain
$390.00
Next expiry Jun 15, 2026
Expected Move
±$6.12
1.6% from close
Price Gap
+3.46
Distance to max pain
IV Rank
63
High premium
P/C OI
0.58
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: Jun 12, 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
Jun 12, 2026 close
GLD Theta Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short Put Spreads
Invalidation: Break below $380 (key support)
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.9% from MP; +1 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV (35.1%) well above VIX (17.7%), elevated premiums.
Favorable?
Yes

Term structure: Steep contango; front-end skew elevated (call IV > put IV).

📊IV/VIX ratio >2; premium selling favorable.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-95.4M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,674 (6.9% below spot)

OI concentrations: Max pain pins at $390; put OI heavy at $360 (6.9% below spot).

Verdict: Spot near max pain; gamma flip at $360 offers cushion.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-10 $380.00/$365.00 put spread
Sell $380 put, buy $365 put to collect credit, profit if GLD stays above $380.
Credit: $3.29-$4.02
Max loss: $10.98
BE: $375.98
Mgmt: Close at 50% max gain or if GLD drops near $371.72 invalidation.
#2
Covered call
Buy shares + sell 2026-07-10 $402.00 call
Buy shares and sell $402 call for premium, capping upside.
Credit: $3.91-$4.79
Max loss: Stock downside to $0 less call premium
BE: $381.75
Mgmt: Roll call if GLD rises above $402; exit if GLD breaks support.
#3
Cash-secured put
Sell 2026-07-10 $380.00 cash-secured put
Sell $380 put, earn premium, obligated to buy shares if assigned.
Credit: $6.10-$7.45
Max loss: $372.55
BE: $372.55
Mgmt: Buy back if GLD nears $371.72; roll down if bearish turn.

Risk Alerts

!Negative dealer gamma (-$95.4M) amplifies moves.
!Unusual front-end call IV > put IV; potential call buying pressure.
How to Use These Reports
This theta reflects the market close on June 12, 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.