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SPY

SPDR S&P 500 ETFClose $756.48EOD only

Max Pain

$750.00

Next expiry Jun 1, 2026

Expected Move

±$4.32

0.6% from close

Price Gap

-6.48

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.63

Slightly put-heavy

Consensus

4.0/10

Bullish tilt

Published snapshot: May 29, 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 29, 2026 close

SPY Flow Report

Analysis based on market close April 13, 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 13, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.3% from MP; +0.5 VIX 19

Watch next session: Large executed call/put prints at $685-$686 (near-term GEX concentration); Continuation of heavy put prints at $682-$684 expirations (would signal dealer/pass-through hedging or directional put demand)

Flow Summary

Net premium: +$1.8B bullish

P/C volume ratio: 1.45 — put-volume skewed but not extreme given near-expiry activity

P/C OI ratio: 2.25 — open-interest biased to puts (larger structural put OI lower strikes) while todays executed premium is call-heavy

Todays session shows large, concentrated call premium flow at and just above spot (strikes $678-$686) producing a strong short-term bullish read while structural OI remains weighted to deep/long-dated puts. Dealer positioning (GEX +$2.3B) and near-term GEX clusters at $685-$686 reinforce a pin/bull-support regime; unusual short-dated put prints complicate the picture but are likely expiry/pinning driven.

Notable Prints

SPY 2026-04-13 $683 Put

Vol: 288,701

OI: 846

Vol/OI: 341.2x

IV: 4.6%

Notional: ~$288,701

Intent: Aggressive short-dated put activity tied to expiry/pinning (could be dealer pass-through or directional put selling/buying near 0dte)

Dual read: Could be buyers of protection (directional bearish) or sellers/positioning into expiry (neutral/pin maintenance); small per-contract notional (last=$0.01) reduces directional conviction

Read-through: High-volume, low-price prints at the 0dte $683 put look like expiry flow that reinforces pinning risk around $677-$684 rather than a large fresh directional hedge.

SPY 2026-04-14 $684 Put

Vol: 45,410

OI: 133

Vol/OI: 341.4x

IV: 9.2%

Notional: ~$4.5M

Intent: Meaningful short-dated put opening/closing into 1d expiry; size and last=$1.00 imply real premium transfer (either directional put buying or dealer flip hedging)

Dual read: Bought protection (bearish) or sold into liquidity to manage delta/GEX (neutral); context of large call premium leans toward hedging by counterparties to call buying

Read-through: This print is a high-significance input: non-trivial notional (~$4.5M) at 1d expiry. If continued, it could force dealer delta buys or sells intraday depending on net-side — monitor immediate gamma hedging flows.

SPY 2026-04-13 $684 Put

Vol: 156,152

OI: 624

Vol/OI: 250.2x

IV: 3.4%

Notional: ~$312,304

Intent: 0dte put activity concentrated at strike very near spot — typical of pin-related positioning or expiry compression

Dual read: Could be short sellers pinning into expiry or buyers/offloading of residual risk; low IV and low last price point to late-stage expiry flows

Read-through: Supports the immediate pin/pinning thesis; creates short-term volatility around the $677-$685 corridor but not a long-dated directional repositioning.

SPY 2026-05-08 $671 Put

Vol: 16,271

OI: 158

Vol/OI: 103.0x

IV: 16.9%

Notional: ~$9.98M

Intent: Genuine protective put buying into May (longer-dated directional hedge)

Dual read: Primarily downside protection for large equity exposure (bearish hedge) vs structured buyer layering that could be part of collars

Read-through: Notable because of material notional and IV — institutional protective hedging exists below spot and is separate from 0-2d expiry pin flow.

SPY 2026-04-14 $682 Put

Vol: 78,759

OI: 952

Vol/OI: 82.7x

IV: 10.2%

Notional: ~$4.8M

Intent: 1d put volume at $682 suggests active participation around EM lower bound — could be protective or dealer flow linked to call buys

Dual read: Directional protection (buyer) or sold liquidity for dealers managing call exposure (neutral)

Read-through: Reinforces focus on the $682-$686 corridor; if prints continue, dealers will be forced into delta adjustments that amplify price moves near those strikes.

Institutional Positioning

Call additions: Heavy executed call premium concentrated at $680-$686 (Top Premium Flow: $680 net $120.2M; $681 net $224.1M; $682 net $230.6M; $683 net $168.0M; $684 net $111.4M; $685 net $87.1M). Near-term OI cluster: $685 (55,531 OI), $677 (38,321 OI).

Put additions: Large structural put OI rests well below spot (notable concentration at $535 PUT OI=204,067; $650 PUT OI=164,019; multiple large long-dated put clusters). Some shorter-dated protective activity at $671 (May) and active 1-2d put prints at $682-$686.

GEX/DEX consistency: Yes — positive Total GEX +$2.3B and concentrated near-spot GEX at $685/$686 (+$763.9M, +$474.6M) align with heavy call premium and pinning behavior; DEX +274.9M shares supports dealer delta exposure that could buy into dips.

OI clusters: Largest OI clusters create two regime features: deep structural put floor (massive OI in $495-$650 band) that provides long-term downside support, and call/OI concentration near $685-$690 that acts as a short-term pin/wall. Specific clusters: $685 call wall (55,531 OI), $660 put (62,667 OI), and the top long-dated $535 put (204,067 OI).

Hedging evidence: Mixed. Evidence of longer-dated protective buys (May $671 put notional ~ $10M) and sizeable short-dated put executions that look like expiry hedging. Minimal clear collar flows in near-term chain; dealers likely short gamma and hedging delta into the $682-$686 corridor.

Max pain context: Max pain is flat around ~$677 across expirations. Spot ($686.10) sits ~1.3% above MP, so current flow and GEX pinning are consistent with dealers defending a pin zone slightly below spot ($677-$684) while call buyers push the front-week premium up.

Signal vs Noise

~Large 0dte/1d put prints (2026-04-13/14 $682-$687 puts) are likely expiry/pin-related flow, not clear long-dated directional commitment.

~Top Premium Flow calls at $680-$686 may include overwritten/structured flows vs pure buys — treat isolated fills as part of likely call-heavy spread activity unless accompanied by OI build.

~High P/C OI ratio (2.25) reflects existing structural put blocks — not all put OI is active directional hedging today (long-dated protective positions).

~Some prints with extremely low last prices (e.g., $0.01-$0.02 on 0dte) produce large vol/OI ratios but small economic impact; these are noisy expiry compressions.

Key Conclusions

🐂Front-week flow is bullish: +$1.8B net premium and concentrated call premium at $680-$686 combined with GEX +$2.3B favor upside/support into the week.

📍Pin corridor set: near-term GEX & OI pin magnet sits in the $682-$686 area (GEX concentration +$763.9M at $685 and +$474.6M at $686).

⚠️Heavy short-dated put prints (0dte/1d at $682-$684) are noisy but can trigger amplified dealer hedging intraday — watch delta flows at open.

🛡️Structural downside protection remains large (deep put OI: $535 PUT OI=204,067 and clustered $495-$650 put floor) — long-term tail support is intact even if near-term is bullish.

👀Watch whether call OI at $685/$686 builds (confirming bullish dealer compression) or if executed near-term put buying persists (which would flip dealer hedging into selling and invalidate the bullish bias).

How to Use These Reports

This flow reflects the market close on April 13, 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.