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GLD

SPDR Gold SharesClose $398.77EOD only

Max Pain

$405.00

Next expiry Sep 14, 2026

Expected Move

±$4.32

1.1% from close

Price Gap

+6.23

Distance to max pain

IV Rank

Low premium

P/C OI

0.47

Slightly call-heavy

Consensus

4.5/10

Consensus signal

Published snapshot: Sep 11, 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 11, 2026 close

GLD Theta Report

Analysis based on market close June 16, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from June 16, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

7 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.7% from MP; +1 VIX 16

IV Environment

IV Regime

Normal

IV vs VIX

IV 33.5% vs VIX 16.4, elevated ~17 pts; skew high

Favorable?

Yes

Term structure: Front spike 1-2d from expiry, then contango, long-term ~22%

⚠️Put IV 46% vs call 30% on 1d, hedging demand

🎯Spot near max pain $395, pinning expected

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+28.0M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,086 (9.5% below spot)

OI concentrations: Put OI 101k at $360; call wall $425-$595; max pain $395-$380

Verdict: Spot ~$398, between $395 and $390 max pain; high pin risk; gamma flip $360

Premium Opportunities

Iron condor

Sell 2026-07-24 $390.00/$385.00 put wing and $395.00/$400.00 call wing

Sell $390/$385 put wing and $395/$400 call wing on 2026-07-24 expiry.

Credit: $3.85-$4.70

Max loss: $0.30

BE: 385.30 / 399.70

Mgmt: Monitor for break of $385 support or $410 resistance; manage pin risk near max pain.

Risk Alerts

!Expiry pin risk: $395-$380 active; unexpected moves trigger hedging.

!Dealer gamma +$28M amplifies pinning but reversal if spot breaks.

How to Use These Reports

This theta reflects the market close on June 16, 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.