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SPY

SPDR S&P 500 ETFClose $711.21EOD only

Max Pain

$705.00

Next expiry Apr 23, 2026

Expected Move

±$3.94

0.6% from close

Price Gap

-6.21

Distance to max pain

IV Rank

Low premium

P/C OI

2.22

Slightly put-heavy

Consensus

7.5/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

SPY Flow Report

Analysis based on market close April 23, 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 0.1% from MP; +0.5 VIX 19

Watch next session: Watch price vs concentrated 706–712 strikes for roll/assignment activity; VIX moves and DEX changes; New large call prints that offset negative GEX

Flow Summary

Net premium: -$343.1M bearish

P/C volume ratio: 1.39

P/C OI ratio: 2.27

Flow is dominated by heavy put-heavy activity and negative GEX/DEX in a low-volatility, trending-gamma regime; spot near MP keeps risk two-sided but overall tilt is downside.

Notable Prints

SPY 2026-04-23 $712.00 Put

Vol: 218,120

OI: 1,910

Vol/OI: 114.2x

IV: 15.1%

Notional: ~$94.7M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SPY 2026-04-23 $708.00 Call

Vol: 303,474

OI: 3,454

Vol/OI: 87.9x

IV: 0.0%

Notional: ~$7.3M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SPY 2026-04-23 $706.00 Put

Vol: 381,176

OI: 4,529

Vol/OI: 84.2x

IV: 4.8%

Notional: ~$2.3M

Intent: speculative/hedge buy

Dual read: protective vs directional

Read-through: strengthens bearish skew

SPY 2026-04-23 $707.00 Put

Vol: 471,571

OI: 5,740

Vol/OI: 82.2x

IV: 4.7%

Notional: ~$8.5M

Intent: protective/short hedge

Dual read: directional bearish vs hedge

Read-through: adds put pressure

SPY 2026-04-23 $711.00 Put

Vol: 413,158

OI: 5,072

Vol/OI: 81.5x

IV: 13.1%

Notional: ~$133.5M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Short-dated call prints clustered 710–713; some low-IV prints suggest liquidity-taking rather than directional buying

Put additions: Notable put prints 706–712 with heavy volume at 706–707 and 712; could reflect hedges or directional bearish exposure

GEX/DEX consistency: Flow and negative GEX (~-$565M) tilt bearish but DEX short exposure and low-IV prints leave room for liquidity-driven flow

OI clusters: OI concentrated around 710–713 (calls) and ~215k puts ~25% below spot; expiries concentrated near 2026-04-23

Hedging evidence: High put OI and put-call OI skew consistent with protective hedges or cash-secured puts; net negative premium suggests dealer short exposure but not uniquely directional

Max pain context: Max pain sits near 710–712; short-dated concentration raises pin risk as a possibility rather than a certainty

Signal vs Noise

~Signal: clustered short-dated activity 706–713 with outsized volume

~Signal: negative GEX aligns with dealer short delta exposure

~Noise: multiple low-IV call prints point to liquidity provision/take liquidity rather than pure directional bets

Key Conclusions

⚠️Short-dated cluster 706–713 elevates pin risk near 710–712 but low-IV prints mean liquidity-taking is an alternative explanation

📉Negative GEX + heavy put OI can amplify downside if vol rises; positioning may reflect hedges or directional shorts

🔍Flow is coherent yet ambiguous—monitor next sessions to distinguish hedging vs directional delta bleed

How to Use These Reports

This flow reflects the market close on April 23, 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.