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GS

Goldman Sachs Group, Inc. (The)Close $982.12EOD only

Max Pain

$930.00

Next expiry May 22, 2026

Expected Move

±$21.40

2.2% from close

Price Gap

-52.12

Distance to max pain

IV Rank

Low premium

P/C OI

1.10

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects GS options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

GS Directional Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Outlook

Neutral-to-bullish with upside magnet to $900-$925. Confidence: 7.5/10. Strong pinning GEX +$5.7M and net premium +$45.3M support upside, but spot 3.1% above max pain creates gravitational pull lower.

Confidence:

7.5 / 10

base 5; +2 GEX/flow aligned; +1 GEX positive; -0.5 spot above MP

Supports: GEX +$5.7M (pinning), net premium +$45.3M, P/C OI 0.88 (call-heavy)
Conflicts: Spot $866.05 vs MP $840-$850, P/C vol 1.15 (put volume dominance)

📊GEX pinning near $865-$925

⚖️Spot 3.1% above MP creates downside gravity

Regime Classification

Vol Regime

Normal

IV 41.9% — elevated but no VIX context

Gamma Regime

Pinning

GEX +$5.7M concentrated near spot; pinning regime favors mean reversion

Flow Regime

Mixed

Net prem +$45.3M bullish; P/C vol 1.15 mixed

Spot vs Max Pain

Above

Spot $866.05 above MP $840-$850

Thesis duration: Multi-week — Max pain flat ~$840 across expirations; GEX sign stable positive; flow regime consistent

Price Range Forecast

Next 2 weeks

$801.85$930.25

GEX pinning dominates; <$840 invalidates

Key Levels

Max pain pins: $840 (2026-04-10); $850 (2026-04-17); $825 (2026-04-24)

EM guardrails:

Support: $840.00 · $830.00 · $800.00

Resistance: $900.00 · $925.00 · $930.00

Gamma flip: ~$740.00 — Approx — based on put OI concentration of 2,105 (14.6% below spot)

Structural: Call OI wall $925-$1280 caps upside; put floor $450-$800 distant

Dealer Positioning (GEX/DEX)

GEX: $+5.7M

DEX: +8.6M shares

Gamma flip: ~$740 (Approx — based on put OI concentration of 2,105 (14.6% below spot))

NTM gamma: Positive GEX concentrated at $900/$925; negative GEX below $740

IV Analysis

IV vs VIX: IV 41.9% — no VIX context

Term structure: Humped — 4/17 47.3% > 4/10 41.8% > 4/24 44.2%

Skew: 4/17 vs 4/24 ~3.1 vol-pt differential

Flow Analysis

Net premium: +$45.3M bullish; P/C vol 1.15 mixed

Directional prints: put 830 OTM 2026-04-10 — vol 383 vs OI 207 (1.9x) — likely bought as protection call 900 OTM 2026-04-17 — vol 241 vs OI 2,388 — likely sold against OI wall

Unusual: 55.5 put 290 OTM 2027-01-15 — vol 709 vs OI 130 (5.5x) — structural hedge

Risks & Catalysts

!Gamma flip ~$740 accelerates downside

!Earnings 4/13 adds event risk

!Spot above MP creates pull to $840

!IV hump at 4/17 may crush post-expiry

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate	Buy shares	MP pull to $840
Short stock	Weak	Avoid — GEX positive	Pinning upward
Covered call	Moderate-Strong	Own shares, sell $900 call 4/17	Break above $925
Cash-secured put / put spread	Moderate-Strong	Sell $840/$830 put spread 4/17	Earnings miss
Long calls	Moderate	Buy $880 call 4/24	IV crush post-4/17
Long puts / bear put spreads	Moderate-Weak	Avoid — GEX positive	Pinning upward
Iron condor	Moderate-Strong	$840/$830P x $925/$935C 4/17	Earnings volatility
Calendar/diagonal	Moderate	Sell 4/17 $900 call (IV 44.3%), buy 4/24 $900 call (IV 44.2%) — regular calendar	Spot moves through $900
PMCC / LEAPS diagonal	Moderate	Buy 2027-01-15 $800 call, sell 4/17 $900 call	Time decay on short leg

Top Plays

Put Spread

Sell $840/$830 put spread 4/17

Defined-risk premium below MP with GEX pinning support

Credit: $2.50-$3.50

Max loss: $7.50

BE: $837.50

Mgmt: Close at 60-70% max profit; exit if spot <$825

Premium sellers comfortable with earnings risk

Covered Call

Own shares, sell $900 call 4/17

Capitalizes on pinning toward $900 with OI wall resistance

Credit: $11.90-$13.40

Max loss: unlimited

BE: N/A

Mgmt: Roll up if spot >$910; close if pin breaks

Shareholders seeking income

Iron Condor

$840/$830P x $925/$935C 4/17

Range-bound play between MP and call OI wall with positive GEX

Credit: $3.00-$4.00

Max loss: $7.00

BE: $837.00

Mgmt: Close at 50% max profit; adjust if spot breaches $840 or $925

Neutral traders with defined risk

Watchlist Triggers

Entry Triggers

IFSpot tags $840, holds 1 hour → Sell $840/$830 put spread 4/17

IFIV on 4/17 drops below 40% → Buy $880 call 4/24

Exit Triggers

EXITVIX spikes >10% and spot <$830 → Exit all short premium

EXITPost-earnings 4/13, IV crushes 20% → Take profit on calendar spreads

Tactical Summary

Neutral-to-bullish pinning toward $900-$925 with MP gravity at $840. Invalidation: <$825. Favors short premium around the pin. Top plays: put spread for defined risk, covered call for shareholders, iron condor for neutral range.

How to Use These Reports

This directional reflects the market close on April 6, 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.