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GLD

SPDR Gold SharesClose $398.36EOD only
Max Pain
$399.00
Next expiry Sep 18, 2026
Expected Move
±$4.06
1.0% from close
Price Gap
+0.64
Distance to max pain
IV Rank
63
High premium
P/C OI
0.45
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Sep 17, 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 17, 2026 close
GLD Theta Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 18, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Short put credit spread at $380 support
Invalidation: Spot closes below $380
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.9% from MP; +1 VIX 16

IV Environment

IV Regime
Normal
IV vs VIX
GLD avg IV 37.5% vs VIX 16.4 - elevated
Favorable?
Yes

Term structure: Steep front-end (0DTE to 4DTE jump from 5.5% to 18.8%) suggests near-term event; back-end flat ~24%

⚠️Dealer short gamma (-$99M) may increase volatility, but rich premiums offer opportunity.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-99.2M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 102,018 (7.0% below spot)

OI concentrations: Call OI wall at $425-$555; put floor at $335-$360. Max pain pins at $380, $388, $391.

Verdict: Spot above max pain levels; pin risk low unless spot tests $380 support (invalidation zone).

Premium Opportunities

#1
Put credit spread
Sell 2026-07-10 $380.00/$378.00 put spread
Sell $380 put spread to collect premium with defined loss.
Credit: $0.54-$0.66
Max loss: $1.34
BE: $379.34
Mgmt: Exit if spot breaches $381.52 invalidation. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
#2
Covered call
Buy shares + sell 2026-07-17 $405.00 call
Buy shares and sell call for premium.
Credit: $3.42-$4.18
Max loss: Stock downside to $0 less call premium
BE: $382.94
Mgmt: Roll if challenged.
#3
Iron condor
Sell 2026-07-10 $380.00/$378.00 put wing and $401.00/$404.00 call wing
Sell put and call wings for premium.
Credit: $1.18-$1.45
Max loss: $1.55
BE: 378.55 / 402.45
Mgmt: Adjust if spot moves near wings. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.; short_call: Volume below 5.

Risk Alerts

!Negative dealer gamma amplifies moves
!Gamma flip at $360
!Steep term structure indicates event risk
How to Use These Reports
This theta reflects the market close on June 18, 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.