GLD Long Put — 2026-08-21

GLD (SPDR Gold Shares) shows bearish unusual options activity: $1817K of buyer-initiated unusual put flow (100% put-dominant) detected across near-term expirations, with a peak vol/OI ratio of 0.1x on the 370 put. IV rank is 30 (low) — cheap enough to buy the naked long put outright for full convexity. Buy the $374 put expiring 2026-08-21 (25 DTE) at mid $8.13 per share ($813 per contract). Breakeven at $365.88; net delta 0.49.

Underlying: GLD @ ~$373.68 | 2026-08-21 (25 DTE) | Net debit (entry): ~$813 per contract. Use limit orders at the mid or slightly worse.

MAX LOSS: Limited to the premium paid ($813 per contract). This is a defined-risk debit trade. | IV RISK: IV rank is 30 — reasonable for buying options. | TIMING: 25 DTE — unusual flow is a near-term signal; act promptly or the setup may stale. Close or take profit before expiration week to avoid gamma risk. | SECTOR: GLD is in ETF — avoid concentration with other open ETF positions. | EXECUTION: Use limit orders at mid or slightly worse. Verify the bid-ask before sending; do not chase with market orders. | EVENTS: Check for upcoming earnings, FDA decisions, or macro prints within the trade window that could cause outsized gap risk.