GLD’s $925K Call Spread Sees Quick 2.4% Gain: Technical Uptrend Contrasts with Bearish Options Skew
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Large Volume Call Spread in GLD Nets Immediate Gains
On October 15, 2025, a substantial options trade on SPDR Gold Shares (GLD) drew attention: a 380-385 call spread comprising 6,888 contracts was executed at a VWAP price of $2.69 per spread, expiring November 21, 2025. Within 45 minutes, the spread increased in value to $2.75, netting the buyers a 2.4% gain—or roughly $41,328—after GLD’s stock price climbed $1.30, from $385.93 to $387.23. The buyer risked over $925,000 for a chance to make nearly $797,000 if GLD remains above $385 at expiration.
| Details | Values |
|---|---|
| Expiration Date | Nov 21, 2025 |
| Strike Prices | 380 - 385 (Call Spread) |
| Contracts Traded | 6,888 |
| VWAP Trade Price | 2.69 |
| Spread Price at 10:15am | 2.75 |
| Notional Premium Paid | ˜$925,000 |
| Potential Maximum Profit | ˜$797,000 |
| Days to Expiration | 37 |
| Reference Stock Price | 385.93 ? 387.23 (+1.30) |
| View Full Multi-Leg Trade |
Strategy Focus: Risk and Reward in This Call Spread
The mechanics of this call spread show that buyers paid a net premium of $2.69, seeking to capture the $5 spread minus their cost—making $2.31 per contract if GLD finishes above $385 by November 21. Their break-even point is $382.69. A price move above $385 unlocks maximum profit, while anything below $380 leaves the premium at risk.
Technical Indicators Show Strong Bullish Momentum for GLD
GLD’s technicals underline significant upward momentum. The current price ($387.23) is 16.2% above the 50-day average and 34.5% above the 250-day average, and just 1.3% away from the 52-week high. Every moving average points up, with the 20-day MA up 8.9% over price and a clear uptrend. Versus SPY, GLD has outperformed on all major durations, returning 58.0% over one year compared to SPY’s 15.8%—a trend seen in shorter time frames as well.
| Duration | GLD Return | Low | High | SPY Return |
|---|---|---|---|---|
| Today | +1.7% | 384.92 | 387.62 | +1.1% |
| 2 Week | +8.9% | 351.40 | 387.62 | +0.5% |
| 1 Month | +15.4% | 333.81 | 387.62 | +2.1% |
| 3 Month | +25.7% | 300.96 | 387.62 | +7.4% |
| 6 Month | +30.7% | 291.78 | 387.62 | +24.9% |
| 1 Year | +58.0% | 236.13 | 387.62 | +15.8% |
| YTD | +59.9% | 242.05 | 387.62 | +15.1% |
| 3 Year | +153.1% | 150.57 | 387.62 | +93.0% |
| 5 Year | +117.2% | 150.57 | 387.62 | +101.8% |
GLD broke through daily resistance of 385.02—another bullish technical signal—although it remains just 1.3% from its recent 52-week high, possibly signaling overbought territory for short-term traders.
Option Skew Indicator: Slightly Bearish Forward Sentiment
Despite the strong technical momentum, the options market tells a different story. The 30-day implied volatility skew stands at a 3% rank—one of its lowest levels this year—indicating bearish sentiment among option traders. In short, while the call spread bet aligns with recent upward price momentum, market-makers are not signaling strong upside through skew. The bearish skew means the options market is pricing in more risk for downside or limited confidence in a breakout beyond current highs.
Key Takeaways: Divergent Signals Offer Insight for Traders
This high-volume call spread in GLD shows how traders are seeking to capitalize on strong momentum while using a defined-risk strategy. The technical uptrend is unmistakable, with price action and relative returns versus SPY providing further confirmation. But the low implied volatility skew serves as a caution—some options participants remain skeptical about GLD’s continued rally.
If you want to explore more call spreads or similar multi-leg trades, check out the Market Chameleon Multi-Leg Options Screener for live insights and trade analytics. And for a breakdown of the full GLD call spread trade, visit the multi-leg trade analyzer.
Bottom line: GLD bulls are making well-defined bets amid strong price action, but watch for possible pullbacks if bearish option skew proves prescient. This setup is one to monitor as the November expiration approaches.
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