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GLD

SPDR Gold SharesClose $400.07EOD only

Max Pain

$399.00

Next expiry Sep 23, 2026

Expected Move

±$3.60

0.9% from close

Price Gap

-1.07

Distance to max pain

IV Rank

Low premium

P/C OI

0.53

Slightly call-heavy

Consensus

4.5/10

Consensus signal

Published snapshot: Sep 22, 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 22, 2026 close

GLD Theta Report

Analysis based on market close June 24, 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 24, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 5.0% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

IV (42.6%) significantly higher than VIX (18.6%) – rich premiums but extreme near-term skew and negative dealer gamma.

Favorable?

Term structure: 0 DTE skew extreme: calls IV 70%, puts 27%. Other expirations more balanced (26-30%).

⚠️IV 42.6% >> VIX 18.6%: rich premiums but skew and negative gamma add risk.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-233.5M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 102,592 (1.6% below spot)

OI concentrations: Put OI heavy 1.6% below spot; call OI wall $465-$530; put floor $335.

Verdict: Moderate pin risk: spot below $385 max pain, dealer negative gamma may accelerate moves toward OI concentrations.

Premium Opportunities

Put calendar

Sell 2026-07-17 $360.00 put / buy 2026-08-21 $360.00 put

Sell near-term put, buy later expiry to capture theta and vol premium.

Debit: $3.98-$4.87

Max loss: $4.87

BE: Path-dependent

Mgmt: Close if IV spread narrows or spot nears $360 strike.

Risk Alerts

!Dealer gamma negative ($-233.5M) – potential for accelerated moves.

!Put/call volume ratio 1.45 – bearish sentiment.

How to Use These Reports

This theta reflects the market close on June 24, 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.