SPDR Gold Shares (GLD)
SPDR Gold Shares · GLD · data through 2026-10-16 · free to read
GLD unusual options activity and options flow
What is the options flow saying about GLD?
On 2026-10-16, SPDR Gold Shares (GLD) traded $82.8M of call premium against $72.2M of put premium, 53% of it on the call side. The tape leans balanced. Volume and open interest below, updated after each close.
The session's options tape
How much open interest is standing
Across 90 sessions to 2026-10-16, GLD carries 418k of call open interest against 417k of puts, a put/call ratio of 1.0. Open interest is what is still on the book, as opposed to what changed hands today.
Where the premium has gone over three months
From 2026-07-21 to 2026-10-16, cumulative call premium reached $10.4B against $7.0B on puts, a net of +$3.3B. One day's flow is noise; the cumulative line is where a lean shows up.
GLD gamma exposure
Where is dealer gamma on GLD?
As of 2026-10-16, dealer gamma on SPDR Gold Shares (GLD) is negative, so dealer hedging amplifies moves. The sign has flipped 16 times over the window shown. A flip matters more than the level: it changes whether hedging flow works with the move or against it.
What dealer gamma has done
Total dealer gamma exposure on GLD over 90 sessions, 2026-06-12 to 2026-10-16. The sign flipped 16 times in that window.
When dealer gamma is positive, hedging leans against the move and tends to compress the range. When it is negative, hedging runs with the move and tends to extend it. The flip is the event worth watching, not the level.
Common questions about GLD
What does the options flow on GLD actually mean?
It is the money that changed hands in GLD options on 2026-10-16: $82.8M paid for calls, $72.2M for puts. Premium is the better read than contract count, because a thousand cheap far-dated calls and one large near-dated block are not the same conviction, and only premium tells them apart.
Is heavy call buying in GLD bullish?
Not by itself. 53% of GLD's premium sat on the call side, and a good share of any day's call volume is someone hedging a short, closing a position, or a market maker managing inventory. Flow says where money went, never why. It is one input among several, which is how it is weighted on the desk.
What is the difference between volume and open interest on GLD?
Volume is what traded today: 202379 calls and 194695 puts. Open interest is what is still on the book afterwards, currently 418k of calls against 417k of puts. Volume can spike and vanish the same day; open interest rising means positions were opened rather than closed.
What is dealer gamma exposure on GLD?
It is the aggregate gamma the market makers who sold GLD options are carrying. It matters because they hedge it, and that hedging is real buying and selling in the stock. As of 2026-10-16 it is negative.
What happens when GLD gamma is positive versus negative?
Positive gamma means dealers sell into strength and buy weakness, which compresses the range and makes moves fade. Negative gamma means they do the opposite, selling weakness and buying strength, which extends moves. Same stock, opposite character, depending only on which side dealers are on.
Why do the sign flips matter more than the level?
Because the flip is when the behaviour changes. GLD has flipped 16 times across the window shown here. A large positive number tells you little on its own; crossing zero tells you hedging flow just switched from working against the move to working with it.
More on GLD
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