GLD GEX Today — Gamma Flip & Key Levels
As of Fri 18 Sep 2026 close · all expirations
- Spot
- 401.17
- Gamma flip
- 389.362.9% below spot
- Regime
- Positive gamma
- Positive peak (P1)
- 450.00
- Negative peak (N1)
- 335.00
- Max pain
- 399.0022 Sep 2026 expiry
- Net GEX
- +655.8M
GLD is in positive gamma: the gamma flip at 389.36 is 2.9% below spot (401.17). Above the flip, dealers are long gamma and tend to dampen moves. The top positive gamma peak (P1) is at 450.00 (+12.2% from spot), where dealer hedging tends to stabilize price. The top negative gamma peak (N1) is at 335.00 (-16.5% from spot), a volatility trigger rather than support. The flip moved -0.6% since the previous snapshot (391.61 → 389.36).
GLD GEX levels — last 14 snapshots
| Snapshot | Spot | Gamma flip | P1 | N1 | Regime |
|---|---|---|---|---|---|
| 18 Sep 16:01 ET | 401.17 | 389.36 | 450.00 | 335.00 | Positive |
| 17 Sep 16:04 ET | 398.25 | 391.61 | 400.00 | 390.00 | Positive |
| 16 Sep 16:07 ET | 391.53 | 389.83 | 415.00 | 390.00 | Positive |
| 15 Sep 16:09 ET | 394.08 | 388.27 | 415.00 | 390.00 | Positive |
| 14 Sep 16:13 ET | 393.19 | 388.11 | 415.00 | 390.00 | Positive |
| 11 Sep 16:00 ET | 398.66 | 388.13 | 415.00 | 390.00 | Positive |
| 10 Sep 16:00 ET | 396.41 | 389.19 | 415.00 | 400.00 | Positive |
| 9 Sep 16:00 ET | 403.35 | 384.14 | 415.00 | 335.00 | Positive |
| 8 Sep 16:00 ET | 399.73 | 383.47 | 415.00 | 335.00 | Positive |
| 4 Sep 16:00 ET | 406.75 | 382.32 | 415.00 | 335.00 | Positive |
| 3 Sep 16:00 ET | 410.25 | 384.34 | 430.00 | 335.00 | Positive |
| 2 Sep 16:00 ET | 402.78 | 385.91 | 430.00 | 335.00 | Positive |
| 1 Sep 16:00 ET | 396.81 | 383.93 | 430.00 | 335.00 | Positive |
| 31 Aug 16:00 ET | 408.45 | 382.27 | 430.00 | 335.00 | Positive |
See GLD gamma exposure live
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About GLD options GEX
SPDR Gold Shares holds physical gold bullion and tracks the gold price net of fees. Contracts on GLD are American-style with share delivery. Because there is no company behind the fund, GLD positioning reflects views on gold itself, a price that can respond to inflation, interest-rate expectations, the dollar and demand for protection during market stress.
Every listed GLD expiration is summed into a single net GEX curve. The markers are the flip point, the long-gamma strikes P1 and P2, the short-gamma strikes N1 and N2 and max pain.
GLD levels can drift rather than jump. When positions are held for weeks or months, large strikes can stay in place across many snapshots and the flip moves gradually. That makes the GEX heatmap the most useful view here: a strike that has stayed bright for most of the 30-day window is more meaningful than a peak that appeared yesterday. Gold can still move sharply on central bank decisions or geopolitical shocks, and such moves can carry price through levels that looked stable. In positive gamma, expect GLD to respect nearby peaks more often; in negative gamma, trends can extend further. For a faster-moving precious metal, compare the SLV page.
This view is built from end-of-day open interest from the latest available report, published after the US close and unchanged until the next trading day.
FAQ
Does GLD hold physical gold?
Yes. SPDR Gold Shares is backed by physical gold bullion held in custody, and its share price follows the price of gold minus fund expenses.
Why is there no earnings effect on GLD gamma?
GLD tracks gold rather than a company, so there are no earnings reports to reshape its option chain. Its levels change with news that moves the gold price itself rather than with company-specific events.
Why use the heatmap for GLD?
A single daily profile shows where gamma sits today, while the 30-day heatmap shows how long each strike has carried it. That history helps separate levels that have held for weeks from peaks that appeared only recently.
When are GLD levels published?
GammaFlip rebuilds them each trading day using end-of-day open interest from the latest available report for every GLD expiry, and the update goes live after the US session ends.
Levels are derived from end-of-period options open interest and are published once a day. Educational information, not investment advice.