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SPY

SPDR S&P 500 ETFClose $741.25EOD only

Max Pain

$736.00

Next expiry May 21, 2026

Expected Move

±$5.88

0.8% from close

Price Gap

-5.25

Distance to max pain

IV Rank

Low premium

P/C OI

2.47

Slightly put-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: May 20, 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 20, 2026 close

SPY Flow Report

Analysis based on market close March 26, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from March 26, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

8 / 10

base 5; +2.5 massive net put premium (-$1.92B) & GEX alignment; +0.5 P/C OI extreme (1.92); +0.5 spot below MP and moving away; -0.5 low IV (20.8%) suggests some complacency

Watch next session: $640 PUT OI (144K) for defense; Spot vs $657 Max Pain pin; Any call flow to challenge $650-$654 put walls

Flow Summary

Net premium: -$1.92B bearish

P/C volume ratio: 1.14 — put-dominant

P/C OI ratio: 1.92 — extreme put lean in positioning

Aggressive put premium buying dominates, creating a massive negative net premium. The flow is bearish and defensive, with positioning heavily skewed to puts. The market is paying significant premiums for downside protection near-term, overriding typical max pain pin mechanics.

Notable Prints

SPY 3/26 $652 Call

Vol: 364,043

OI: 2,136

Vol/OI: 170.4x

IV: 9.6%

Notional: ~$25.4M (Premium Flow)

Intent: Short call (sold) as part of a bear call spread or covered write

Dual read: Sold (bearish/neutral) or bought (bullish breakout)

Read-through: Given the massive negative net premium at this strike (-$240M), this is almost certainly a short call. Sellers are collecting premium, capping upside near $652. The high volume vs. OI suggests new positioning, not just rolling.

SPY 3/26 $649 Put

Vol: 277,611

OI: 3,326

Vol/OI: 83.5x

IV: 0.0%

Notional: ~$131.3M (Premium Flow)

Intent: Long put (bought) for downside protection or delta-hedging

Dual read: Bought (bearish) or sold (bullish)

Read-through: Zero IV indicates these are deep ITM puts, likely bought for delta-hedging or protective purposes. This is a large, direct bearish bet or hedge just $4 below spot, representing significant premium paid for protection.

SPY 3/26 $650 Call

Vol: 290,640

OI: 2,104

Vol/OI: 138.1x

IV: 7.6%

Notional: ~$20.98M (Premium Flow)

Intent: Short call (sold) for premium income

Dual read: Sold (bearish/neutral) or bought (bullish)

Read-through: Another major premium seller strike. Net premium of -$205.9M confirms heavy short call flow, creating a layered resistance wall at $650 alongside $652.

SPY 3/26 $654 Call

Vol: 238,305

OI: 1,540

Vol/OI: 154.7x

IV: 11.9%

Notional: ~$15.38M (Premium Flow)

Intent: Short call (sold) as part of a bear call spread or covered write

Dual read: Sold (bearish/neutral) or bought (bullish)

Read-through: Net premium of -$192.8M confirms selling. This establishes another cap just above spot, part of a layered resistance from $649-$654 constructed via premium selling.

SPY 3/26 $651 Call

Vol: 292,179

OI: 750

Vol/OI: 389.6x

IV: 8.9%

Notional: ~$20.98M (Premium Flow)

Intent: Short call (sold), likely closing or rolling

Dual read: Sold (bearish/neutral) or bought (bullish)

Read-through: Extremely high volume vs. low OI suggests this is trade closure or rolling. The negative net premium (-$205.9M) points to selling, reinforcing the bearish flow theme of call supply.

Institutional Positioning

Call additions: Minimal. Any call flow is heavily net sold, as seen in premium data at strikes $650-$654.

Put additions: Significant protective/long put buying at $649 (ITM) and massive OTM put OI concentrated at $535 (203K), $540 (154K), $630 (152K).

GEX/DEX consistency: Yes — strongly aligned. Negative GEX (-$3.1B) is pro-cyclical (trending regime), meaning dealers are short gamma and will amplify moves. This aligns perfectly with bearish flow and put buying.

OI clusters: Major PUT walls at $535 (203K OI), $540 (154K), $630 (152K). Major CALL walls at $650-$654 (constructed via premium selling). The $640 put also has 144K OI.

Hedging evidence: Clear and layered. Large ITM put buying at $649 for near-term protection, and massive OI in far OTM puts ($535-$540) suggests longer-term tail risk hedging. This is a defensive institutional posture.

Max pain context: Max Pain at $657, spot at $645.17 (1.8% below). Spot is being pulled *away* from max pain, suggesting strong directional selling pressure and put buying are overriding typical pin mechanics.

Signal vs Noise

~High-volume, low-IV (0%) $649 Puts are ITM hedging/position closing, not a new directional signal, but they confirm large bearish delta.

~Massive volume in 3/26 weekly calls (e.g., $648C 294K vol) is likely short covering or MM delta-hedging against the put flow, not bullish initiation.

~The $460 and $465 Call premium is from far OTM, low-dollar calls—likely lottery tickets or spread legs, not meaningful directional bets for near-term price action.

~$549 Call premium is also far OTM and not relevant to near-term price action.

Key Conclusions

🐻Net premium flow overwhelmingly bearish (-$1.9B), dominated by put buying/call selling

⚡Negative GEX (-$3.1B) in trending regime will amplify any downward move

🧱Call walls at $650-$654 from premium selling cap near-term rallies

📍Spot below max pain ($645 vs $657) but moving away, suggesting strong directional bearish force overriding pin

How to Use These Reports

This flow reflects the market close on March 26, 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.