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GLD

SPDR Gold SharesClose $391.74EOD only
Max Pain
$403.00
Next expiry Sep 17, 2026
Expected Move
±$3.00
0.8% from close
Price Gap
+11.26
Distance to max pain
IV Rank
61
High premium
P/C OI
0.46
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Sep 16, 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 16, 2026 close
GLD Theta Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 17, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Iron Condor
Invalidation: Close above $395 or below $375
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.6% from MP; +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 38.7% vs VIX 18.4, elevated premium
Favorable?
Yes

Term structure: Steep skew; call IV elevated across expirations

📈IV > VIX, favorable for sellers
⚠️Dealer short gamma ($-81M GEX)

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-81.0M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 100,972 (7.4% below spot)

OI concentrations: Max pain $395 (0dte), $390 (1dte); call wall $425-$555, put floor $335-$360

Verdict: Spot below max pain; negative gamma adds pin risk

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $375.00/$370.00 put wing and $395.00/$400.00 call wing
Sell put and call wings to profit from underlying staying within range.
Credit: $2.97-$3.63
Max loss: $1.37
BE: 371.37 / 398.63
Mgmt: Monitor invalidation levels; adjust if breaks support/resistance.
#2
Put credit spread
Sell 2026-07-17 $375.00/$370.00 put spread
Sell OTM put spread to collect premium if underlying stays above strike.
Credit: $0.92-$1.13
Max loss: $3.87
BE: $373.87
Mgmt: Stop loss if underlying closes below 375.33.

Risk Alerts

!Break below $375 support
!Dealer short gamma amplifies moves
How to Use These Reports
This theta reflects the market close on June 17, 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.