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GLD

SPDR Gold SharesClose $393.41EOD only
Max Pain
$394.00
Next expiry Sep 28, 2026
Expected Move
±$3.68
0.9% from close
Price Gap
+0.59
Distance to max pain
IV Rank
2
Low premium
P/C OI
0.53
Slightly call-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Sep 25, 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 25, 2026 close
GLD Theta Report
Analysis based on market close June 29, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness3 / 10
Sizing: Conservative
Primary: Wait for event
Invalidation: Dealer gamma turns positive or IV spike resolves
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.4% from MP; +1 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV (39.7%) well above VIX (17.6%); elevated on event
Favorable?
No

Term structure: Front-end spike to 20-112% due to 1DTE; back end stable ~24-25%

⚠️Near-term IV inflated by event; favor waiting

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-162.8M)

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 105,378 (2.3% below spot)

OI concentrations: Call OI wall $465-$550; Put floor $335-$350; Max pain $374-$375

Verdict: Spot below max pain; moderate pin risk to $374

Premium Opportunities

#1
Call diagonal
Sell 2026-07-31 $382.00 call / buy 2026-08-21 $375.00 call
Sell short-dated call, buy longer-dated call to profit from IV contraction if spot stays below short strike.
Debit: $5.36-$6.55
Max loss: $6.55
BE: Path-dependent
Mgmt: Manage near expiry; close if spot approaches short strike.
#2
Put diagonal
Sell 2026-07-31 $357.00 put / buy 2026-08-21 $365.00 put
Sell short-dated put, buy longer-dated put to profit from IV contraction if spot stays above short strike.
Debit: $4.75-$5.80
Max loss: $5.80
BE: Path-dependent
Mgmt: Manage near expiry; close if spot falls near short strike. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Risk Alerts

!Negative dealer gamma ($-162.8M) amplifies spot moves
!Event risk on 1DTE with extreme IV spike
How to Use These Reports
This theta reflects the market close on June 29, 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.