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SPY

SPDR S&P 500 ETFClose $708.72EOD only

Max Pain

$701.00

Next expiry Apr 21, 2026

Expected Move

±$3.85

0.5% from close

Price Gap

-7.72

Distance to max pain

IV Rank

Low premium

P/C OI

2.18

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 20, 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 20, 2026 close

SPY Flow Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.3% from MP; +0.5 VIX 20

Watch next session: net premium and GEX movement; spot vs MP relative to gamma_flip; VIX >20 or sustained call print follow-through

Flow Summary

Net premium: -$347.2M bearish

P/C volume ratio: 1.25

P/C OI ratio: 2.18

Bearish tilt: pronounced put concentration and large intraday put volume with negative GEX drive downside risk; persistent large call buying or spot strength above the gamma flip would invalidate. Monitor premium, GEX and VIX for confirmation.

Notable Prints

SPY 2026-04-21 $707.00 Call

Vol: 629,937

OI: 2,730

Vol/OI: 230.8x

IV: 9.5%

Notional: ~$23.3M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SPY 2026-04-21 $706.00 Call

Vol: 479,197

OI: 2,983

Vol/OI: 160.6x

IV: 12.1%

Notional: ~$41.7M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SPY 2026-04-21 $704.00 Put

Vol: 459,578

OI: 3,725

Vol/OI: 123.4x

IV: 1.3%

Notional: ~$6.0M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SPY 2026-04-21 $706.00 Put

Vol: 751,752

OI: 6,745

Vol/OI: 111.5x

IV: 0.0%

Notional: ~$29.3M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SPY 2026-04-21 $705.00 Call

Vol: 250,236

OI: 2,582

Vol/OI: 96.9x

IV: 15.4%

Notional: ~$50.3M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Notable short-dated call prints 706–711; these may reflect flow/hedge trades or OTC compression rather than directional new longs — treat as ambiguous.

Put additions: Concentrated short-dated puts centered 704–706 with high OI/volume; pattern is consistent with bearish exposure but could also be protective hedging by longs.

GEX/DEX consistency: Negative GEX (~-$685M) alongside DEX buybacks (+297.6M shares) is consistent with dealer short-delta hedging pressure, though causality is not certain without trade-level IDs.

OI clusters: Largest OI: 705P ~9.8k, 706P ~6.7k, 708C ~10.2k, 711C ~7.3k; max pain area sits near 705–706.

Hedging evidence: Elevated put-call OI ratio (~2.18), big put prints and negative net premium suggest hedging/put buying, but some call activity could offset or be non-directional.

Max pain context: Spot ~0.3% from MP; short-dated flow implies elevated pin risk in 704–711 band, though outcomes depend on late-session flow.

Signal vs Noise

~Signal: concentrated short-dated put OI at 705–706 with heavy volume — a meaningful bearish/hedging signal but not proof of directional intent.

~Signal: negative GEX plus DEX buys aligns with dealer hedging pressure, yet alternative explanations (flow purchase, rebalancing) exist.

~Noise: large call prints may be transient OTC/flow trades or compression and should not be overinterpreted without fills/side data.

Key Conclusions

⚠️Short-dated positioning clustered 704–706 suggests downside/hedging risk; dealer short-delta exposure is likely but not certain.

🔎Pin/max-pain risk around 705–706 into expiry; watch EOD delta and IV moves to distinguish genuine gamma/pin dynamics from flow noise.

How to Use These Reports

This flow reflects the market close on April 21, 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.