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SPY

SPDR S&P 500 ETFClose $745.64EOD only

Max Pain

$739.00

Next expiry May 26, 2026

Expected Move

±$5.62

0.8% from close

Price Gap

-6.64

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.48

Slightly put-heavy

Consensus

4.0/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

SPY Flow Report

Analysis based on market close April 7, 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 April 7, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

5 / 10

base 4.5; +0.5 net premium and concentrated call pin/GEX near spot; -0.0 (regime mixed)

Watch next session: Call OI/premium flow around $670-$675 (near-term GEX pin region); Near-term put activity at $650-$645 (expiry benches 4/8-4/10)

Flow Summary

Net premium: +$37.5M bullish

P/C volume ratio: 1.41 — put-volume skew today (more put contracts traded)

P/C OI ratio: 2.14 — put-heavy open interest (positioned with more puts on the books)

Flow is mixed: intraday volume shows a put skew (P/C volume 1.41) and heavy structural put OI below spot, but net premium is positive $37.5M (bullish), driven by concentrated call buying and large call premium at strikes ~656–675. Dealers sit with negative GEX (~-$1.2B), so dealer hedging will amplify moves; near-term flow looks like call accumulation against a backdrop of put-heavy multi-expiry positioning.

Notable Prints

SPY 2026-04-08 $660 Call

Vol: 67,356

OI: 2,628

Vol/OI: 25.6x

IV: 37.9%

Notional: ~$32.3M

Intent: Large directional call accumulation (fresh bullish exposure into near-term expiries)

Dual read: Aggressive call buys (bullish) OR dealers/offshore desk selling calls (neutral overwriting) — but net premium support and clustered call pins point toward buy-side demand

Read-through: Significant near-term bullish conviction concentrated at-the-money; if sustained, will pull spot toward 666–675 where dealer gamma becomes a pin

SPY 2026-04-08 $656 Put

Vol: 49,176

OI: 1,603

Vol/OI: 30.7x

IV: 35.0%

Notional: ~$16.4M

Intent: Protective hedging / expiration hedges into 4/8; sizable put buying into the short-dated expiry

Dual read: Bought puts (defensive/protection) OR short-dated put selling (collect premium) — high IV and concentration near spot favors protective buying

Read-through: Shows two-way positioning: while calls accumulate higher, some players are hedging downside into near expiries — increases short-term range and dealer gamma trading

SPY 2026-04-10 $679 Call

Vol: 53,054

OI: 1,913

Vol/OI: 27.7x

IV: 24.1%

Notional: ~$3.08M

Intent: Directional call buying tied to slightly longer near-term expiry (4/10) — targeting rallies into 675–680

Dual read: Bullish buy vs. structured call leg for spread; lower IV than same-day suggests directional exposure

Read-through: Adds to call-side pressure above spot and supports the near-term pin zone 670–680

SPY 2026-04-13 $677 Call

Vol: 26,339

OI: 811

Vol/OI: 32.5x

IV: 20.1%

Notional: ~$3.5M

Intent: Directional call accumulation into the 4/13 expiry (bullish targeting mid-to-high 670s)

Dual read: Fresh bullish exposure OR spread leg for sellers of nearer-term premium; context favors buyers pushing longer-shorter call calendar

Read-through: Reinforces multi-expiry call demand centered ~673–678, feeding concentrated GEX pin points

SPY 2026-04-14 $668 Call

Vol: 15,767

OI: 339

Vol/OI: 46.5x

IV: 23.3%

Notional: ~$7.6M

Intent: Overt bullish call buy at 4/14 expiry, relatively large size vs OI — likely directional

Dual read: Aggressive buy-side directional vs. opening leg of spread; given net premium and clustered other calls, leans bullish

Read-through: Completes pattern of call accumulation across adjacent expiries — increases chance spot gravitates toward 670–675 in short run

Institutional Positioning

Call additions: Concentrated call premium and OI build between $660–$680 (notable net premium positives at $660, $656, $655, $668, $675). Near-term GEX concentration shows pin magnets at $666, $670, $671, $673, $675 (1.0–2.4% above spot).

Put additions: Large structural put OI far below spot (big clusters at $535, $500, $590, $525, $510 and heavy OI in $600-$630 region), plus near-term defensive buying at $656/$653/$652 for expiries 4/8–4/10.

GEX/DEX consistency: Mixed — positive localized call flow aligns with short-term call pinning, but aggregate GEX is negative (~-$1.2B), so dealer hedging will amplify intraday moves and likely produce two-way chop.

OI clusters: Largest OI clusters: deep puts at $535 (204,237 OI), $500 (162,803), $590 (162,637) and near-spot put concentrations $640 (57,081 OI) and $620 (56,191 OI); call OI concentrations on near-term expiries are centered $675 (6,244), $678 (6,211), $673 (5,603), $680 (4,670), $670 (4,567). These create a lower structural put floor (~$495-$600) and a near-term call pin band ~670–678.

Hedging evidence: Clear evidence of protective short-dated put buying (4/8 strikes $652–$656/$653) and long-dated structural puts acting as portfolio floors. Minimal evidence of widespread collars; activity looks split between directional call accumulation and discrete protective put buys.

Max pain context: Near-term max pain pins sit below spot (4/7 $651 → 4/10 $656) but MP trend is rising over expiries (MP rises toward ~$680 in later expirations). Current spot is above near-term MP which combined with call accumulation suggests dealers will defend the 670–675 zone as a short-term magnet.

Signal vs Noise

~Heavy activity in expiries 4/08–4/10 (many large vol/OI ratios) suggests a mix of short-dated hedging and expiry rolls — some prints (esp. large 4/8 puts) are likely expiry-hedge related, not pure directional conviction.

~Some large call prints across adjacent near-term expiries appear as legged calendar/spread fills — isolated call prints should be viewed in context of the multi-expiry call build rather than as single-expiry directional bets.

~Deep structural put OI (500s–535) is long-term positioning/portfolio insurance and not a near-term bearish trigger for moves within the next week.

Key Conclusions

🐂Net premium is net bullish (+$37.5M) with concentrated call accumulation around $660–$680, increasing probability of spot gravitating into the 670–675 pin band.

⚖️Flow is mixed: intraday put volume and heavy put OI keep a material downside hedge footprint while buy-side is layering calls — outcome depends on whether call flows persist.

🔁Large short-dated prints (4/8–4/10) likely include expiry hedges/rolls; treat some of the put prints as expiry-related noise unless repeated tomorrow.

🧭Key levels to watch: support cluster near $650–$656 (near-term put buying / MP area) and resistance/pin magnet band $666–$675 (concentrated GEX & call OI).

⚠️Dealers are net short gamma (~-$1.2B). Expect amplified intraday moves and dealer-driven mean reversion around the identified pin band.

How to Use These Reports

This flow reflects the market close on April 7, 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.

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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.