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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 20, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

9 / 10

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

Watch next session: Monitor 706–710 print follow-through; Track GEX/Dex change into close; Watch VIX and spot gap at open

Flow Summary

Net premium: +$307.4M bullish

P/C volume ratio: 1.26

P/C OI ratio: 2.18

Spot at MP with pinning gamma, mixed flow but net positive GEX; heavy short-dated prints concentrated around 706–710 suggest option-driven pinning unless stronger selling or VIX lift erodes positioning.

Notable Prints

SPY 2026-04-20 $709.00 Call

Vol: 661,294

OI: 4,128

Vol/OI: 160.2x

IV: 1.1%

Notional: ~$3.3M

Intent: short‑dated call selling or naive buy

Dual read: dealer sell to offset puts vs speculative buy

Read-through: offsets put flow; mixed pinning signals

SPY 2026-04-20 $707.00 Put

Vol: 717,971

OI: 6,536

Vol/OI: 109.8x

IV: 2.8%

Notional: ~$718K

Intent: same‑day put buying to hedge or push pin

Dual read: protective hedge vs directional bearish bet

Read-through: concentrated downside interest near MP

SPY 2026-04-20 $708.00 Put

Vol: 727,701

OI: 7,302

Vol/OI: 99.7x

IV: 1.6%

Notional: ~$2.2M

Intent: large hedge/flow sell to pin 708

Dual read: dealer hedging vs client directional

Read-through: reinforces put‑side pinning at 707–708

SPY 2026-04-20 $708.00 Call

Vol: 624,288

OI: 6,318

Vol/OI: 98.8x

IV: 0.0%

Notional: ~$39.3M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SPY 2026-04-20 $707.00 Call

Vol: 276,307

OI: 3,483

Vol/OI: 79.3x

IV: 3.4%

Notional: ~$49.2M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Same-day call blocks concentrated 708–710; largest 710 call ~12.7k OI (durable but includes some one-offs).

Put additions: Put prints concentrated 706–709 with elevated put OI; PC OI ratio >2.1 suggests skewed downside exposure.

GEX/DEX consistency: Positive GEX (~+$10.3M) with notable DEX buying; overall flow tends to support pinning dynamics but not conclusively.

OI clusters: OI clusters: puts 706–709 (~6–7k each) and calls 708–710 (~6–12k); distinguish persistent OI from single large prints.

Hedging evidence: Signs of short-dated protective puts and dealer delta sell hedges around 706–709; some prints consistent with algos/leg rolls rather than long-term hedges.

Max pain context: Spot near max pain; estimated probability of pin near 708–709 ~40–60% given aligned GEX/DEX and concentrated OI, but confidence reduced by suspected algo/roll noise.

Signal vs Noise

~Signal: concentrated high-volume strikes 706–710 with persistent OI (signal)

~Signal: GEX+DEX alignment increases pinning likelihood but is probabilistic (signal)

~Noise: single huge volume prints and low-IV executed legs likely algos/rolls (noise)

Key Conclusions

📌Moderate chance (≈40–60%) of short-term pin near 708–709; treat as probabilistic, not certain.

⚠️Put-heavy footprint increases downside hedging risk; monitor intraday delta flows and filter suspected algo/roll prints.

How to Use These Reports

This flow reflects the market close on April 20, 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.