GLD Iron Condor — Aug 21, 2026

GLD (SPDR GOLD TR GOLD SHS) presents a iron condor opportunity with moderately elevated implied volatility. IV Rank 39. IV 2492.0% trades 383.0pp above 30-day HV (2109.0%). This setup favors net premium sellers.

Sell the $355 put and the $400 call (both ~15-30 delta), each protected by a long wing. The position profits if GLD closes between the breakevens at expiration. Underlying ~$377.32, 59 DTE. Max profit $393 per contract, max loss $608, 64.6% return on risk, 53% POP. Breakevens at $351.07 and $403.93.

Management: take profit at ~50% of max profit ($196). Cut at 2x credit ($785 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.

Underlying: GLD @ ~$377.32 Expiration: Aug 21, 2026 (59 DTE) Legs:

• Sell GLD Aug 21, 2026 $355 Put (delta -0.26, mid $5.83)
• Buy GLD Aug 21, 2026 $345 Put (delta -0.19, mid $4.03)
• Sell GLD Aug 21, 2026 $400 Call (delta 0.28, mid $6.25)
• Buy GLD Aug 21, 2026 $410 Call (delta 0.20, mid $4.13)

Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~3.0% of mid) before sending.

Take profit at 50% of max profit ($196). Cut loss if position reaches 2x credit received ($785 loss). Roll if tested with > 14 DTE remaining.