GLD Short Call — Sep 18, 2026
Trade Setup
Current Stock Price
$371.90
Entry Price
$296.00
Target Price
$148.00
Stop Loss
$592.00
Expiration
Sep 18, 2026
Suggested Contracts
1
Strike Details
Sell 409C
Risk / Reward
Max Loss
$81800.00
Max Profit
$296.00
Analysis
GLD (SPDR Gold Shares) presents a short call opportunity with moderately elevated implied volatility. IV Rank 31. IV 2492.0% trades 383.0pp above 30-day HV (2109.0%). This setup favors net premium sellers.
Sell the $409 call for $2.96 credit. Naked single-leg exposure; collect premium from time decay if GLD stays below the strike. Underlying ~$371.43, 56 DTE. Max profit $296 per contract, max loss $81800, 0.4% return on risk, 85% POP. Breakeven at $411.96.
Management: take profit at ~50% of max profit ($148). Cut at 2x credit ($592 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.
Setup Instructions
Underlying: GLD @ ~$373.06 Expiration: Sep 18, 2026 (56 DTE) Net credit (entry): ~$296.00 per spread Legs:
- Sell GLD Sep 18, 2026 $409 Call (delta 0.15, mid $2.96)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~6.1% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($148). Cut loss if position reaches 2x credit received ($592 loss). Roll if tested with > 14 DTE remaining.