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SPY

SPDR S&P 500 ETFClose $710.14EOD only

Max Pain

$690.00

Next expiry Apr 20, 2026

Expected Move

±$4.66

0.7% from close

Price Gap

-20.14

Distance to max pain

IV Rank

High premium

P/C OI

2.40

Slightly put-heavy

Consensus

6.5/10

Range bias

Published snapshot: Apr 17, 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

Apr 17, 2026 close

SPY Flow Report

Analysis based on market close April 10, 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 10, 2026. A newer flow report is available for April 17, 2026.

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Flow Verdict

Confidence:

5 / 10

base 5.0; flow pre-classified Bearish; GEX positive (+$403.7M) creates pinning that mutes downside (-1 carry in precompute), net premium negative

Watch next session: Put volume and premium flow at 675-685 (Apr expiries) — continuation would reinforce bearish positioning; Any fresh call OI build at 685/677 (dealer GEX pin) that pushes net premium positive or reduces P/C to <1.2

Flow Summary

Net premium: -$20.2M bearish

P/C volume ratio: 2.07 — heavy put-dominant volume (extreme)

P/C OI ratio: 2.18 — sustained put-heavy positioning vs call OI

Large, concentrated put buying across near-term expirations with sizable long-dated tail put accumulation. Dealers sit with +$403.7M GEX (pinning) and call OI clusters at 677/685, which should create a localized pin even as the flow signal is net bearish; net premium and P/C ratios point to institutional put accumulation and protective/tail hedging.

Notable Prints

SPY260413P00680000 PUT $680.00 exp 2026-04-13

Vol: 96,147

OI: 3,006

Vol/OI: 32.0x

IV: 11.5%

Notional: ~$29.7M

Intent: Near-term directional put buying / protective hedges for positions into the Apr13 expiry

Dual read: Aggressive buy of puts (bearish protection) OR large seller overwriting into puts (less likely given vol profile and net premium)

Read-through: Material bearish bet or protection concentrated at-the-money for Apr13; this is the largest single-notional near-term put flow and underpins the negative net premium figure.

SPY260413P00681000 PUT $681.00 exp 2026-04-13

Vol: 50,206

OI: 1,103

Vol/OI: 45.5x

IV: 11.2%

Notional: ~$18.1M

Intent: Directional/defensive put purchases into Apr13

Dual read: Purchased puts (bearish/protective) or option sellers taking liquidity (less likely given size and vol/oi)

Read-through: Reinforces the Apr13 ATM put buying theme — large concentrated short-dated protection that could push dealer hedging flows intraday.

SPY260522P00535000 PUT $535.00 exp 2026-05-22

Vol: 150,317

OI: 495

Vol/OI: 303.7x

IV: 36.3%

Notional: ~$11.3M

Intent: Long-dated tail hedges / institutional catastrophe protection

Dual read: Tail-protection buys (likely) OR a very small number of sellers rolling large notional (unlikely given IV and vol/oi)

Read-through: Significant long-dated accumulation far below spot: institutional tail hedging or structured product layering for extreme downside protection.

SPY260522P00585000 PUT $585.00 exp 2026-05-22

Vol: 75,316

OI: 150

Vol/OI: 502.1x

IV: 28.3%

Notional: ~$11.6M

Intent: Long-dated downside protection (tail hedge) or speculative bearish positioning

Dual read: Bought as tail protection or part of a larger structured hedge; possible block trades creating high vol/oi as new positions open

Read-through: Complementary to $535 buys — pattern shows institutions buying multi-horizon downside insurance, not isolated retail activity.

Institutional Positioning

Call additions: Modest call OI concentrated at $685.00 (56,497 OI) and $677.00 (44,851 OI) — dealers hold positive GEX around these strikes, creating a pin magnet near $677–$685.

Put additions: Large put accumulation across expiries: heavy Apr13 ATM/ITM puts (680/681/679) and sizable long-dated tail puts at $535/$585/$485 (May22); near-term put clusters also at $660.00 (40,881 OI).

GEX/DEX consistency: Mixed: Flow classification is Bearish, but GEX is +$403.7M (dealer long-gamma) which supports pinning around 677–685; that GEX makes sharp downside moves harder despite net negative premium.

OI clusters: Major call OI clusters: $685 (56,497), $677 (44,851), $690 (13,904). Major put OI clusters: deep structural puts around $535 (204,111), $530 (163,310), and near-term $660 (40,881); $650 shows large OI (15,197) and $630 (11,336) pockets.

Hedging evidence: Clear evidence of protective and tail hedging: short-dated ATM/ITM put buys (Apr13) look like position protection; large far-OTM May puts are classic institutional tail hedges. Little evidence of symmetric collar selling — flow is put-heavy.

Max pain context: Max pain pins are below spot ($664–$672 range) but MP trend is rising toward $680 over expirations; dealer pinning at $677–$685 plus put accumulation suggests spot may be held near the upper end of near-term EM while positioning remains defensive.

Signal vs Noise

~Large vol/oi in May22 deep OTM puts ($535, $585, $485) likely represents long-dated tail hedges rather than immediate directional bets — treat as hedging not short-term bearish signal.

~High Apr13 volumes at ATM strikes could include expiration-driven rolls or portfolio protection ahead of expiry; watch whether positions are closed or carried forward.

~Call OI clusters at $677/$685 appear structural (dealer inventory) and function as pinning forces — not fresh bullish directional prints.

~Some high vol/oi ratios on small OI (e.g., OI < 500) are block trades creating noisy vol/oi spikes; interpret these by notional rather than ratio alone.

Key Conclusions

🐻Net premium -$20.2M with P/C volume 2.07 — clear institutional put demand across expirations (Apr short-dated and May tail puts).

📌Dealers are long-gamma (+$403.7M GEX) and concentrated call OI at $677–$685 which creates a pin magnet that will likely mute intraday downside despite put accumulation.

🛡️Large Apr13 ATM put notional (~$29.7M at $680; ~$18.1M at $681) signals active near-term protective buying — expect dealer delta-hedging flows on any intraday weakness.

🎯Key intraday levels to watch: support cluster near $674–$677 (EM/near-term pin) and resistance/pin at $685; breaches outside 2d EM [$673.63-$685.29] would change the setup.

⚠️Long-dated deep OTM put accumulation ($535/$585 May) is tail-hedging — influential structurally but not immediate price-driving unless realized volatility spikes.

How to Use These Reports

This flow reflects the market close on April 10, 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.