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SPY

SPDR S&P 500 ETFClose $704.08EOD only
Max Pain
$703.00
Next expiry Apr 22, 2026
Expected Move
±$6.10
0.9% from close
Price Gap
-1.08
Distance to max pain
IV Rank
10
Low premium
P/C OI
2.18
Slightly put-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Apr 21, 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 21, 2026 close
SPY Flow Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBullish
Confirmation: Positive GEX (+$199M) and pinning gamma near 709–712 with spot close to MP; strong call and put flow concentrated at those strikes supports range-bound lift.
Invalidation: Large put OI and elevated put/call OI ratio could overwhelm dealer positioning if selling intensifies; a spike above gamma_flip (530) or rising VIX would negate bias.
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.9% from MP; +0.5 VIX 19

Watch next session: Prints at 709–712; Gamma_flip and GEX moves; Put/Call OI shifts; VIX and spot vs MP

Flow Summary

Net premium: +$647.9M bullish

P/C volume ratio: 1.28

P/C OI ratio: 2.22

Market shows bullish-leaning pinning: dealer long-gamma and concentrated prints at 709–712 are anchoring price; heavy put OI is the main downside risk to monitor.

Notable Prints

#1
SPY 2026-04-22 $709.00 Put
Vol: 750,347
OI: 3,913
Vol/OI: 191.8x
IV: 3.7%
Notional: ~$2.3M
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#2
SPY 2026-04-22 $708.00 Put
Vol: 535,897
OI: 4,882
Vol/OI: 109.8x
IV: 4.9%
Notional: ~$1.1M
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#3
SPY 2026-04-22 $710.00 Put
Vol: 626,987
OI: 6,719
Vol/OI: 93.3x
IV: 3.3%
Notional: ~$6.9M
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#4
SPY 2026-04-22 $712.00 Call
Vol: 428,142
OI: 5,051
Vol/OI: 84.8x
IV: 1.5%
Notional: ~$428K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#5
SPY 2026-04-22 $711.00 Put
Vol: 174,750
OI: 2,213
Vol/OI: 79.0x
IV: 4.6%
Notional: ~$9.6M
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Concentrated same‑day/weekend calls printed around 709–712 (notable OI at 709/710/712); could reflect directional buys or short‑write structures.

Put additions: Significant put prints clustered 708–712 (4/22 expiries) plus flow nearer 699/646; some prints may be transient block activity.

GEX/DEX consistency: GEX +199M / DEX +314M are consistent with net neutral-to-bullish hedged profiles but are model‑sensitive; estimates depend on vega/gamma assumptions and intraday flow can shift readings.

OI clusters: Largest OI concentrations near 710 (both calls and puts) and a visible 709–712 cluster; clusters increase pin risk but do not guarantee pinning.

Hedging evidence: High put OI alongside call sales is suggestive of collar/short‑gamma hedging, though alternative explanations (directional bets, one‑off blocks) exist.

Max pain context: Spot sits ~0.9% from nominal MP; flows and positive GEX increase probability of pinning toward 710–712 but outcome remains uncertain.

Signal vs Noise

~Signal: concentrated same‑day prints at 708–712 raise pinning probability.
~Signal: positive GEX/DEX supports squeeze risk but is sensitive to model inputs and execution noise.
~Noise: small, low‑IV far‑OTM prints likely immaterial.

Key Conclusions

📌Higher chance of pinning near 710–712 given concentrated expiries and positive GEX, but not certain.
⚠️GEX/DEX readings useful but model‑dependent; treat as probabilistic signal and monitor intraday flow.
How to Use These Reports
This flow reflects the market close on April 22, 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.