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SPY

SPDR S&P 500 ETFClose $758.54EOD only

Max Pain

$751.00

Next expiry Jun 2, 2026

Expected Move

±$3.19

0.4% from close

Price Gap

-7.54

Distance to max pain

IV Rank

Low premium

P/C OI

2.25

Slightly put-heavy

Consensus

4.0/10

Bullish tilt

Published snapshot: Jun 1, 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

Jun 1, 2026 close

SPY Flow Report

Analysis based on market close April 17, 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 17, 2026. A newer flow report is available for May 22, 2026.

View latest report

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.0% from MP; +1 VIX 17

Watch next session: Monitor prints/vol at 704–712 strikes; Track gamma_flip level and dex GEX changes; VIX and spot vs MP divergence; Net premium/put-call flow direction

Flow Summary

Net premium: +$1.1B bullish

P/C volume ratio: 1.19

P/C OI ratio: 2.40

Pinning bias: dealer hedging from large short‑dated prints (puts+calls) produced positive GEX and likely price pin; break below flip level, widening spot/MP gap, or rising VIX would invalidate.

Notable Prints

SPY 2026-04-17 $710.00 Put

Vol: 807,035

OI: 109

Vol/OI: 7404.0x

IV: 0.6%

Notional: ~$2.4M

Intent: sell_flow

Dual read: hedge_or_directional

Read-through: pinning

SPY 2026-04-17 $709.00 Put

Vol: 683,327

OI: 214

Vol/OI: 3193.1x

IV: 2.0%

Notional: ~$683K

Intent: sell_flow

Dual read: hedge_or_directional

Read-through: pinning

SPY 2026-04-17 $707.00 Put

Vol: 357,470

OI: 561

Vol/OI: 637.2x

IV: 4.1%

Notional: ~$357K

Intent: sell_flow

Dual read: hedge_or_directional

Read-through: pinning

SPY 2026-04-20 $710.00 Put

Vol: 119,602

OI: 200

Vol/OI: 598.0x

IV: 7.4%

Notional: ~$25.2M

Intent: sell_flow

Dual read: hedge_or_directional

Read-through: near_term_hedge

SPY 2026-04-17 $706.00 Put

Vol: 273,238

OI: 810

Vol/OI: 337.3x

IV: 5.7%

Notional: ~$273K

Intent: sell_flow

Dual read: hedge_or_directional

Read-through: pinning

Institutional Positioning

Call additions: Intraday institutional‑sized call prints concentrated at 711–712 (exp 4/17); notable OI there but many nearby expiries are low‑price noise, so pinning should be treated as tentative unless prints constitute a material share of local OI

Put additions: Heavy same‑day put flow clustered 704–710 with sizable buys around 705–710; concentration increases short‑term downside sensitivity

GEX/DEX consistency: GEX +$2.8B and DEX +327M are directionally consistent with upside gamma support, but noisy expiries and concentrated puts make the net effect ambiguous

OI clusters: Largest OI clusters: calls ~711–712 and puts ~704–710; intraday prints appear trade‑sized versus many small expiring contracts, limiting confidence in a firm pin

Hedging evidence: Put OI and call prints are consistent with collars/structured selling as a hypothesis — cannot confirm; request trade‑level/venue data or IV time‑series to validate hedging intent

Max pain context: Spot ~4% above MP; tentative pin toward call cluster possible but conditional on print size vs expiring noise

Signal vs Noise

~Signal: concentrated intraday institutional‑sized prints at 711–712 calls and 705–710 puts — potential short‑term pin if prints are a material share of OI

~Signal: positive GEX/DEX supports gamma‑skewed dynamics reducing realized vol on modest moves

~Noise: many low‑price expiring contracts and wash‑trade‑like ticks inflate apparent flow and OI ratios

Key Conclusions

📌Tentative pin toward 711–712 — depends on whether intraday prints are a material share of nearby OI.

⚠️Put concentration 704–710 raises tail risk; verify hedging hypothesis with trade‑level or IV time‑series to confirm structured selling.

How to Use These Reports

This flow reflects the market close on April 17, 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.