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SPY

SPDR S&P 500 ETFClose $738.18EOD only

Max Pain

$735.00

Next expiry May 13, 2026

Expected Move

±$3.62

0.5% from close

Price Gap

-3.18

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.57

Slightly put-heavy

Consensus

6.5/10

Downside lean

Published snapshot: May 12, 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

May 12, 2026 close

SPY Flow Report

Analysis based on market close May 13, 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 1.0% from MP; +1 VIX 18

Watch next session: 745; 740

Flow Summary

Net premium: +$1.7B bullish

P/C volume ratio: 1.26

P/C OI ratio: 2.54

Heavy put flow near 740-744 dominates, but positive gamma and dealer long prevent downside. Mixed bias with bearish tilt. VIX 18.

Notable Prints

SPY 2026-05-13 $743.00 Put

Vol: 280,760

OI: 190

Vol/OI: 1477.7x

IV: 0.0%

Notional: ~$9.8M

Intent: Put opening

Read-through: 0dte

SPY 2026-05-13 $742.00 Put

Vol: 333,691

OI: 795

Vol/OI: 419.7x

IV: 0.9%

Notional: ~$1.0M

Intent: Put opening

Read-through: 0dte

SPY 2026-05-13 $744.00 Put

Vol: 114,368

OI: 342

Vol/OI: 334.4x

IV: 0.0%

Notional: ~$13.7M

Intent: Put opening

Read-through: 0dte

SPY 2026-05-13 $741.00 Put

Vol: 280,782

OI: 1,110

Vol/OI: 253.0x

IV: 2.3%

Notional: ~$842K

Intent: Put opening

Read-through: 0dte

SPY 2026-05-14 $743.00 Put

Vol: 42,576

OI: 188

Vol/OI: 226.5x

IV: 7.5%

Notional: ~$8.5M

Intent: Put opening

Dual read: Roll from 0dte?

Read-through: Next day

Institutional Positioning

Call additions: Light call flow; 744C 358k vol (closing) and 600C 15k (speculative)

Put additions: Heavy put buying 740-743 strikes; 740P 336k vol (opening)

GEX/DEX consistency: GEX +1.4B bullish, DEX long, consistent with pinning

OI clusters: OI concentration: 740P 2775, 744C 3439; gamma flip 530 (put-heavy)

Hedging evidence: Put accumulation near spot indicates hedging or bearish bets

Max pain context: Spot at MP; pinning supported by dealer gamma long

Signal vs Noise

~Heavy put volume near spot (signal)

~Far OTM gamma flip at 530 (noise)

~600C call low OI (noise)

~744C high vol but low OI (likely closing, noise)

Key Conclusions

🧱Put wall builds at 740-743 suggests local resistance

📌Dealer gamma long supports pinning at MP

⚖️Mixed flow with put skew keeps bias cautious

How to Use These Reports

This flow reflects the market close on May 13, 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.