GLD Short Put — Sep 18, 2026
Trade Setup
Current Stock Price
$257.50
Entry Price
$257.50
Target Price
$128.75
Stop Loss
$515.00
Expiration
Sep 18, 2026
Suggested Contracts
1
Strike Details
Sell 370P
Risk / Reward
Max Loss
$36742.50
Max Profit
$257.50
Analysis
GLD (SPDR Gold Shares) presents a short put opportunity with moderately elevated implied volatility. IV Rank 34. IV 2492.0% trades 383.0pp above 30-day HV (2109.0%). This setup favors net premium sellers.
Sell the $370 put for $2.58 credit. Naked single-leg exposure; collect premium from time decay if GLD stays above the strike. Underlying ~$398.47, 39 DTE. Max profit $258 per contract, max loss $36743, 0.7% return on risk, 84% POP. Breakeven at $367.43.
Management: take profit at ~50% of max profit ($129). Cut at 2x credit ($515 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 @ ~$398.82 Expiration: Sep 18, 2026 (39 DTE) Net credit (entry): ~$257.50 per spread Legs:
- Sell GLD Sep 18, 2026 $370 Put (delta -0.16, mid $2.58)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~3.5% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($129). Cut loss if position reaches 2x credit received ($515 loss). Roll if tested with > 14 DTE remaining.