thetaOwl
HomeOptionsGLDReports

GLD

SPDR Gold SharesClose $401.17EOD only
Max Pain
$400.00
Next expiry Sep 21, 2026
Expected Move
±$4.02
1.0% from close
Price Gap
-1.17
Distance to max pain
IV Rank
96
High premium
P/C OI
0.46
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Sep 18, 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 18, 2026 close
GLD Theta Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 22, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Premium selling
Invalidation: Spot breakdown below gamma flip $360
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.4% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
IV 34.3% vs VIX 17.3, rich
Favorable?
Yes

Term structure: Steep near-term contango; call IV > put IV

📈IV elevated vs VIX; call skew rich

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-107.1M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 102,029 (6.4% below spot)

OI concentrations: Max pain $390; put OI 102k at $360; call wall $465-$555

Verdict: OI clusters support pin near $390; put floor at $360

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $375.00/$365.00 put spread
Sell 375/365 put spread to collect premium with support floor.
Credit: $1.84-$2.25
Max loss: $7.75
BE: $372.75
Mgmt: Close at 50% profit or if spot breaks below $369.64.
#2
Iron condor
Sell 2026-07-17 $375.00/$365.00 put wing and $400.00/$405.00 call wing
Sell put wing 375/365 and call wing 400/405 for credit.
Credit: $2.75-$3.37
Max loss: $6.63
BE: 371.63 / 403.37
Mgmt: Adjust wings if spot moves beyond $369-$400.
#3
Covered call
Buy shares + sell 2026-07-17 $400.00 call
Buy shares and sell $400 call to capture premium and upside.
Credit: $3.04-$3.71
Max loss: Stock downside to $0 less call premium
BE: $380.88
Mgmt: Roll call if deep ITM or close if shares drop below $369.64.

Risk Alerts

!Negative GEX $107M amplifies moves
!Spot below max pain $390
How to Use These Reports
This theta reflects the market close on June 22, 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.