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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 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.0% from MP

Watch next session: Net call premium at $677/$680 — sustained lift or unwind; Large put prints around $650-$675 that flip net premium negative

Flow Summary

Net premium: +$217.9M bullish

P/C volume ratio: 1.71 — volume skewed to puts today (put-heavy by volume)

P/C OI ratio: 2.17 — overall OI is put-heavy (deeper put positioning versus calls)

Flow shows heavy net premium into calls concentrated at/just below spot (notably $677, $685, $695) while open interest remains dominated by deep put clusters (most large OI at $630, $615, $640 and the structural put floor $495-$630). Dealer GEX is strongly positive (+$1.2B) and near-term GEX concentration pins between $675-$680, producing a pinning regime where short-dated call buying is holding spot near $679.91 despite larger put OI further out.

Notable Prints

SPY 2026-04-13 $677 Call

Vol: 83,972

OI: 75,516

Vol/OI: 1.1x

IV: 13.8%

Notional: ~$73,075,649 (top premium flow figure)

Intent: Fresh directional call buying / speculative directional positioning into near-term expiries

Dual read: Aggressive outright call buys (bullish) or large blocks structured/traded vs stock (could be dealers/clients creating spreads)

Read-through: Large, concentrated call premium at $677 aligns with dealer GEX pinning at $675-$680 and is the single most significant short-term bullish pressure point. This print is large enough to move dealer hedges and sustain spot near current levels.

SPY 2026-04-13 $685 Call

Vol: 127,814

OI: 94,481

Vol/OI: 1.4x

IV: 11.7%

Notional: ~$61,132,886 (top premium flow figure)

Intent: Directional call accumulation / upside hedge by institutions

Dual read: Overt bullish purchases or calls sold as part of call-spread structures (less gamma for sellers)

Read-through: Large activity out to $685 reinforces a short-term skew to upside option exposure; combined with the $677 activity this suggests institutions/flow players are loading calls across the spot band rather than only selling premium.

SPY 2026-04-10 $680 Put

Vol: 112,893

OI: 1,316

Vol/OI: 85.8x

IV: 15.8%

Notional: ~$25.9M (112,893 * $2.29 * 100)

Intent: Short-dated directional puts into expiration (4/10) — expiry-driven positioning or cash-secured hedges

Dual read: Client buying puts (bearish/hedge) OR closing/rolling trades around expiry executed in big blocks (neutral if part of expiration churn)

Read-through: Very large same-day volume vs small OI indicates expiry-driven flow — this creates short-term downward gamma for dealers if buys are net, but the prevailing GEX +1.2B and concentrated call premium likely have offsetting pin forces near $675-$680.

SPY 2026-04-10 $679 Put

Vol: 85,899

OI: 473

Vol/OI: 181.6x

IV: 16.1%

Notional: ~$15.97M (85,899 * $1.86 * 100)

Intent: Same-session expiration put activity — likely short-dated hedging or expiry positioning

Dual read: Overnight bearish bets or intra-day/expiry-driven positioning (could be dealers facilitating flow)

Read-through: Extremely high vol/OI signals this is predominantly expiration-centric flow and less a durable structural shift in longer-dated positioning.

Institutional Positioning

Call additions: Material call premium concentrated at $675-$695 (notably $677, $680, $685, $695) across the next two expirations — active buying/accumulation at/just below spot.

Put additions: Large long-dated and structural put OI clusters centered at $630, $615, $640 and a broad put floor $495-$630 (big OI at $535, $590, $530 in longer curves). Short-dated heavy put volume is concentrated on the 4/10 expiry (677-682 strikes) — likely expiry-specific hedging.

GEX/DEX consistency: Yes — positive GEX (+$1.2B) and concentrated near-term positive GEX at $675-$680 align with the call-heavy net premium and pinning regime; dealer hedging should create buying into weakness around the pin band.

OI clusters: Near-term call OI clusters: $675 (28,847), $680 (21,457), $677 (15,776), $679 (14,498). Large put OI clusters deeper: $630 (126,627), $615 (92,344), $640 (87,816), $625 (72,548), $645 (52,409). Calls create a short-term pin/wall around $675-$680; puts create a longer-term support band in the low 600s.

Hedging evidence: Strong evidence of expiry-driven hedging (4/10) and longer-dated protective put concentration in the 615-645 band. Minimal evidence of systematic collaring today — more of a bifurcated structure: short-dated call accumulation vs long-dated put protection.

Max pain context: Max Pain is rising across expirations (short-term MP near $654 → longer expiries trending to $680). Near-term expiries still show MP lower than spot, but the immediate pin forces at $675-$680 (GEX) are holding spot above those MPs for now.

Signal vs Noise

~Large volumes in 4/10 puts (e.g., $680P, $679P, $677P, $678P, $681P) are predominantly expiry-driven (same-day) and likely include rolling/expiry hedging — treat as short-lived directional signal unless similar flow repeats in multi-day windows.

~High put OI at $630/$615/$640 are structural protective positions (long-dated hedges) and not immediate bearish flow despite large notional; they represent a put floor rather than active daily directional pressure.

~Heavy call volume at $677/$685 may include spread structures (call ladders or verticals) executed as large blocks — isolated prints can look like aggressive outright buys but may be part of hedged structured trades.

~Dealer rebalancing / market-maker gamma hedging around the pin band ($675-$680) explains much of the intraday buying pressure — much of the short-term flow is dealers hedging client activity, not pure directional conviction.

Key Conclusions

📌Pinning regime: concentrated GEX (+$107.8M at $680, +$70.7M at $679, +$58.7M at $677) is actively holding spot near $679.91

🐂Net premium strongly bullish: +$217.9M with large call flow at $677 and $685 — dealers must hedge, supporting spot

⚠️Put volume is heavy by ratio (P/C vol 1.71) and OI is put-heavy (P/C OI 2.17); large structural put clusters (630/615/640) provide downside support but reflect longer-term hedging

🧭Short-dated expiry prints (4/10) dominate the unusual activity list — treat as expiry-driven; watch if similar-sized flow persists into longer-dated expiries before raising conviction of a regime shift

🕵️If calls at $677-$685 continue to print and net premium remains elevated, expect dealers to keep pinning between $675-$680; a flip in net premium or repeat large put buys around 650-670 would invalidate the bullish tilt

How to Use These Reports

This flow reflects the market close on April 9, 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.