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SPY

SPDR S&P 500 ETFClose $742.31EOD only

Max Pain

$735.00

Next expiry May 14, 2026

Expected Move

±$3.93

0.5% from close

Price Gap

-7.31

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.54

Slightly put-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: May 13, 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 13, 2026 close

SPY Flow Report

Analysis based on market close May 14, 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); +0.5 spot 1.2% from MP; +1 VIX 17

Watch next session: SPY 747-749 cluster

Flow Summary

Net premium: +$1.1B bullish

P/C volume ratio: 1.12

P/C OI ratio: 2.57

SPY at 748, GEX $1.2B, put/call ratio 0.95. Heavy put buying at 747, call selling at 750. Dealer gamma hedging neutral. Low VIX (12) supports range. Net premium flat. Bias neutral.

Notable Prints

SPY 2026-05-14 $747.00 Put

Vol: 465,627

OI: 376

Vol/OI: 1238.4x

IV: 2.3%

Notional: ~$1.4M

Intent: Hedge downside

Read-through: Massive vol suggests pinning.

SPY 2026-05-14 $749.00 Put

Vol: 241,272

OI: 370

Vol/OI: 652.1x

IV: 1.3%

Notional: ~$18.6M

Intent: Pin near 749

Read-through: Active expiration positioning.

SPY 2026-05-14 $746.00 Put

Vol: 413,955

OI: 717

Vol/OI: 577.3x

IV: 3.4%

Notional: ~$828K

Intent: Tail hedge

Read-through: Cheap OTM puts.

SPY 2026-05-14 $748.00 Put

Vol: 448,576

OI: 1,005

Vol/OI: 446.3x

IV: 1.5%

Notional: ~$6.7M

Intent: Pinning

Read-through: High vol at 748.

SPY 2026-05-14 $745.00 Put

Vol: 361,102

OI: 1,556

Vol/OI: 232.1x

IV: 4.6%

Notional: ~$722K

Intent: Speculative tail

Read-through: Deep OTM puts.

Institutional Positioning

Call additions: Minimal; notable 749C volume 746k but OTM and near exp.

Put additions: Heavy: massive vol at 745-749 strikes, low OI opening positions; also July 460P/530P tail hedges.

GEX/DEX consistency: Yes; GEX +$1.7B, DEX +341M shares positive, pinning support.

OI clusters: Put OI concentrated below spot; flip at 530. Near-term strikes see new OI building.

Hedging evidence: Strong: near-dated put walls and far OTM puts as tail hedges.

Max pain context: Spot above MP; gamma pinning likely holds upside bias with hedge below.

Signal vs Noise

~Signal: massive put buying 745-749 for today (opening positions, likely hedging).

~Signal: far OTM July puts (460,530) as tail hedge or crash protection.

~Noise: 749C high vol but near-zero premium; retail speculation.

~Noise: moderate put/call volume ratio (1.12) masks directional flow; focus on unusual prints.

Key Conclusions

🛡️Institutions hedging downside aggressively near spot with heavy put buying.

📉Tail risk hedges (July 530P vol 200k) suggest preparation for downside shock.

🟢Positive GEX/DEX and above-MP spot support near-term pinning higher.

How to Use These Reports

This flow reflects the market close on May 14, 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.