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SPY

SPDR S&P 500 ETFClose $733.73EOD only

Max Pain

$739.00

Next expiry May 20, 2026

Expected Move

±$5.46

0.7% from close

Price Gap

+5.27

Distance to max pain

IV Rank

Low premium

P/C OI

2.46

Slightly put-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: May 19, 2026 close

End-of-day snapshot

This page reflects SPY options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 19, 2026 close

SPY Flow Report

Analysis based on market close May 19, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.4% from MP; +0.5 VIX 18

Watch next session: Monitor put/call volume ratio; Watch VIX trend

Flow Summary

Net premium: -$73.4M bearish

P/C volume ratio: 1.19

P/C OI ratio: 2.46

Heavy put buying and negative GEX dominate, signaling near-term downside bias. Unusual call volume in OTM strikes suggests speculative upside hedges, but net premium flow favors puts. Market awaits catalyst.

Notable Prints

SPY 2026-05-19 $734.00 Call

Vol: 393,446

OI: 1,656

Vol/OI: 237.6x

IV: 1.4%

Notional: ~$3.9M

Intent: Aggressive call buying

Dual read: Speculative or gamma hedge

Read-through: Bullish bias but limited

SPY 2026-05-19 $733.00 Call

Vol: 271,693

OI: 1,290

Vol/OI: 210.6x

IV: 0.0%

Notional: ~$17.9M

Intent: Heavy volume call accumulation

Dual read: Possibly hedging put position

Read-through: Price likely to rise

SPY 2026-05-20 $734.00 Call

Vol: 60,564

OI: 399

Vol/OI: 151.8x

IV: 12.5%

Notional: ~$15.5M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SPY 2026-05-19 $736.00 Call

Vol: 510,180

OI: 3,378

Vol/OI: 151.0x

IV: 2.9%

Notional: ~$510K

Intent: Lottery ticket buying

Dual read: Could be short squeeze speculation

Read-through: Low probability high payoff

SPY 2026-05-19 $733.00 Put

Vol: 473,037

OI: 4,440

Vol/OI: 106.5x

IV: 2.3%

Notional: ~$3.8M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Heavy OTM call buying near expiry, likely noise.

Put additions: Elevated put flow; net premium negative; institutional hedging.

GEX/DEX consistency: Negative GEX (-$1.2B) and positive DEX (+289M) align with trending gamma.

OI clusters: Massive put OI ~215k 27.8% below spot; potential support.

Hedging evidence: Puts dominate flow; collars likely.

Max pain context: Spot at MP; pin action expected.

Signal vs Noise

~High put/call ratios signal real hedging.

~Unusual prints with extreme vol/oi ratios are expiration noise.

~Negative net premium and GEX confirm institutional put demand.

Key Conclusions

🛡️Institutions are hedging downside with puts.

⚠️Dealers short gamma; potential volatility.

🎯Large put OI cluster below spot acts as magnet.

How to Use These Reports

This flow reflects the market close on May 19, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.