SPY
SPDR S&P 500 ETFClose $745.64EOD onlyThis page reflects SPY options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 8, 2026. A newer flow report is available for May 22, 2026.
View latest reportFlow Verdict
Watch next session: Large put prints / sustained volume into 2026-04-09 strikes 664–668 (expiration day flow); Call OI / premium build at $680–$685 (dealer pinning pressure vs outright call buying)
Flow Summary
Net premium: -$47.0M bearish
P/C volume ratio: 1.84 — put-volume dominant (heavy put demand today)
P/C OI ratio: 2.11 — put-heavy positioning (OI shows structural put concentration)
Notable Prints
Read-through: Material notional and concentrated at-the-money for 4/10 expiry — evidence of aggressive near-term downside insurance or bearish directional positioning targeting a move back toward the MP band.
Read-through: Extremely high Vol/OI implies a fresh, concentrated trade — immediate directional pressure into the last 1-2 session expiries and increased near-term downside gamma exposure for dealers.
Read-through: Concentrated activity one strike below spot for same-day expiry — supports thesis of dealers needing to hedge downside flow into the MP window.
Read-through: Reinforces short-dated put pressure across the 664–668 band; risk of intra-session moves as gamma hedging amplifies dealer flows.
Institutional Positioning
Call additions: Some call OI concentration at $675–$680–$685 (near-term: 13,120 OI @ $680; 7,890 OI @ $685; 25,436 vol at $675 on chain) — suggests dealers/providers are positioned for pinning in the high-670s to 680s.
Put additions: Heavy put demand and structural OI concentrated lower: $630–$650 cluster (notably $650 put OI 25,037 in near-term list and massive long-dated puts at $630/$600 and lower in top OI strikes), plus large single-strike long-dated puts ($535 PUT OI 204,186). Net premium today concentrated as significant put buying at $660/$650/$640 bands (see Top Premium Flow showing strong negative nets at $660, $650 and $670).
GEX/DEX consistency: Partially consistent: Flow regime is bearish (net premium negative), but Total GEX is strongly positive (+$993.7M) producing pinning/gamma buybacks around high-670s. That creates a tug: institutions adding puts while dealers remain long-gamma and concentrated at ~675–680.
OI clusters: Largest OI clusters sit deep in puts (example: $535 PUT OI=204,186; $630 PUT OI=147,920; $600 PUT OI=137,483) and near-spot call OI pockets at $675–$680 (call OI 13,120 @ $680, 7,890 @ $685). These create a structural floor in the 495–630 range (pre-computed) and a short-term pin/wall in the 675–680 band.
Hedging evidence: Strong evidence of short-term protective put buying (4/9–4/10 expiries). Long-dated put clusters and the heavy near-term put prints point to both tactical hedges and possible speculative downside. Minimal clear collar construction visible in today’s top prints — activity looks like pure put accumulation rather than systematic collaring.
Max pain context: Max pain is lower ($655–$658 for the next expiries) and trending higher across expirations; spot ($676.01) sits above near-term MP, so flow looks aimed at nudging spot back toward the MP band while dealers’ positive GEX pins price in the high-670s.
Signal vs Noise
Key Conclusions
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