Options/GLD

GLDSPDR Gold Trust, SPDR Gold Shares

Options Analysis Report•COMMODITY CONTRACTS BROKERS & DEALERS

AUM $155.6B|ARCX

● 2026-08-28$422.60

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y +34.1%YTD +6.1%7D -0.2%

Options Vol

404,294

30D

Implied Move

±6.8%

IV Rank

16%

GLD Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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GLD Gamma Walls

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GLD Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where GLD sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.46) — downside puts carry 0.0 IV points more than at-the-money, and near-dated vol is priced 8% below far-dated, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (4.05): it is trading 6% above its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

2.46/ 10cheap

Basis: cross_sectional

Fragility

4.05/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

7.7

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks8/9 checks passed

IV Rank

≤35%

IV Rank 30.6% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 0.96x — IV ≤ HV

Sector Relative≤50%

Sector percentile 50% — below sector median

Term Structure

<1.1x

Front/Back 0.92x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 24.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 30.4% (ATM 24.1% + spread 3.1% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 7.36% (spread 3.14% + slippage 4.22%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 123.80 (vega 38.874 / spread 3.14%) — efficient

Sentiment

Bullish or bearish?

5.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +7%, Raw: +7%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +7% (neutral) — Raw: +7%

OI Skew Magnitude

≥15%

|OI skew| 40.0% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +7.4%, OI skew +40.0% — weak (same direction)

Conviction Quality

≥2/3 conditions

0-DTE 49%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -12%, ATM: +8%, OTM: +6% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 27% — very bullish vs sector

Activity

Unusual activity?

3.7

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 6.6% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +0.4% (5d) — stable

Sector Relative≥60%

Sector activity percentile 75% — active vs sector

Trade Quality

≥30%

Large trade volume 37% — institutional presence

Execution Urgency

≥60%

Aggressive execution 35% — patient

Flow Conviction

≥30

Conviction +7 (bullish) — mixed

Liquidity

Can I trade efficiently?

6.8

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks5/8 checks passed

Tradeable Spread

≤5.0%

Spread 3.1% — acceptable

Adequate OI

≥10,000

OI 6,122,968 — deep

Active Volume

≥500

Volume 404,294/day — active

Reasonable Cost

≤$0.50

$0.16 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 62% — wider than sector

Order Book Depth

≥100 contracts

Depth 224.1 contracts (bid:117.3 ask:106.8) — adequate

Execution Quality

<1.0%

Avg slippage 4.22% — poor

Timing

Is now a good time?

6.8

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -7.9% — contango

IV Percentile Clarity

<30 or >70

IV percentile 31% — neutral

Event Detection

≥10pts kink

IV kink -1.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 167.99 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +7% @ 54% consistency — unclear

Smart Money Timing

≥40 composite score

Score 67 (ITM 20% + inst 37%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls6.7

bullishIV cheap, mixed flow

Long Puts6.2

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put5.1

bullishIV too cheap, mixed flow

Covered Call4.6

bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.