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SPY

SPDR S&P 500 ETFClose $733.73EOD only

Max Pain

$739.00

Next expiry May 20, 2026

Expected Move

±$5.46

0.7% from close

Price Gap

+5.27

Distance to max pain

IV Rank

Low premium

P/C OI

2.46

Slightly put-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: May 19, 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 19, 2026 close

SPY Flow Report

Analysis based on market close May 20, 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 0.9% from MP; +1 VIX 17

Watch next session: SPY 740-741 strike activity; VIX below 17

Flow Summary

Net premium: +$1.3B bullish

P/C volume ratio: 0.90

P/C OI ratio: 2.47

Strong positive gamma and dealer hedging support upside, but large put buying at 739-740 suggests near-term resistance; overall bullish tilt with pinning near 740.

Notable Prints

SPY 2026-05-20 $739.00 Put

Vol: 241,995

OI: 1,761

Vol/OI: 137.4x

IV: 9.6%

Notional: ~$14.5M

Intent: Bearish

Dual read: Hedge

Read-through: Downside

SPY 2026-05-20 $738.00 Put

Vol: 219,281

OI: 1,854

Vol/OI: 118.3x

IV: 9.5%

Notional: ~$8.1M

Intent: Bearish

Dual read: Hedge

Read-through: Downside

SPY 2026-05-20 $741.00 Call

Vol: 372,518

OI: 4,804

Vol/OI: 77.5x

IV: 7.8%

Notional: ~$48.8M

Intent: Bullish

Dual read: Overwrite

Read-through: Upside

SPY 2026-05-20 $737.00 Put

Vol: 192,862

OI: 3,106

Vol/OI: 62.1x

IV: 9.6%

Notional: ~$4.2M

Intent: Bearish

Dual read: Hedge

Read-through: Downside

SPY 2026-05-20 $735.00 Put

Vol: 260,792

OI: 4,261

Vol/OI: 61.2x

IV: 10.1%

Notional: ~$2.1M

Intent: Bearish

Dual read: Hedge

Read-through: Downside

Institutional Positioning

Call additions: Modest call vol at 741,746,747 but dwarfed by puts.

Put additions: Massive put buying at 739-735 strikes; vol/oi ratios 48-137x.

GEX/DEX consistency: GEX+$467.7M and DEX+295M shares align, but heavy puts create tension.

OI clusters: Put OI concentrated ~740-735; call OI thin.

Hedging evidence: Heavy put adds likely hedging or bearish bets.

Max pain context: Spot near MP; gamma pinning expected.

Signal vs Noise

~Signal: put volume at 739,738,740 with extreme vol/oi indicates fresh positioning.

~Noise: put/call OI ratio 2.47 reflects legacy, not current flow.

~GEX positive supports pinning; gamma flip ~530 is approximate.

Key Conclusions

⚠️Aggressive put flow warns of downside risk, but GEX pinning may contain SPY near current levels.

📉High put volume at close strikes signals hedging or bearish tilt; monitor for follow-through.

📌GEX+ and DEX+ consistent with pinning; spot near max pain favors rangebound action.

How to Use These Reports

This flow reflects the market close on May 20, 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.