Home Options SPYReports

SPY

SPDR S&P 500 ETFClose $742.72EOD only

Max Pain

$734.00

Next expiry May 22, 2026

Expected Move

±$4.93

0.7% from close

Price Gap

-8.72

Distance to max pain

IV Rank

Low premium

P/C OI

2.45

Slightly put-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: May 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

May 21, 2026 close

SPY Flow Report

Analysis based on market close May 21, 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 0.5% from MP; +1 VIX 17

Watch next session: Watch price reaction at 738; Monitor gamma flip near 530

Flow Summary

Net premium: +$1.5B bullish

P/C volume ratio: 0.88

P/C OI ratio: 2.45

Heavy 0DTE call activity at 738 and positive GEX support near-term bullish momentum. Low VIX below 17 confirms lack of downside risk. Bullish bias with upside target 745.

Notable Prints

SPY 2026-05-21 $742.00 Put

Vol: 265,667

OI: 1,141

Vol/OI: 232.8x

IV: 1.6%

Notional: ~$797K

Intent: Bearish hedging

Dual read: Speculation on drop

Read-through: Tail risk

SPY 2026-05-21 $743.00 Put

Vol: 231,101

OI: 1,241

Vol/OI: 186.2x

IV: 0.0%

Notional: ~$5.8M

Intent: Bearish position

Dual read: Covering shorts

Read-through: Expects downside

SPY 2026-05-21 $739.00 Call

Vol: 362,374

OI: 2,312

Vol/OI: 156.7x

IV: 10.9%

Notional: ~$147.5M

Intent: Bullish speculation

Dual read: Covering calls

Read-through: Upside bias

SPY 2026-05-21 $737.00 Put

Vol: 379,906

OI: 3,607

Vol/OI: 105.3x

IV: 6.4%

Notional: ~$380K

Intent: Deep OTM put buying

Dual read: Hedging tail

Read-through: Fear of selloff

SPY 2026-05-21 $744.00 Call

Vol: 528,535

OI: 5,405

Vol/OI: 97.8x

IV: 2.6%

Notional: ~$2.1M

Intent: Bullish gamble

Dual read: Short covering

Read-through: Momentum bet

Institutional Positioning

Call additions: 739C, 744C, 742C, 743C with high vol/oi; bullish bets near MP.

Put additions: Heavy puts at 737-743 strikes; low IV suggests hedging rather than directional.

GEX/DEX consistency: GEX +946M, DEX +289M shares; aligned with pinning regime.

OI clusters: Largest OI at 740-743; put OI heavy below spot, call OI above.

Hedging evidence: Close-to-the-money put purchases indicate collars or protective puts.

Max pain context: Spot at MP ($~741); pinning expected with low vol.

Signal vs Noise

~Signal: GEX positive and near MP pinning; high call vol at 739-744.

~Noise: OTM put volume with extreme vol/oi ratios (e.g., 742P, 743P) likely manipulation.

Key Conclusions

🐻Heavy put OI but low IV suggests hedging not bearish bet.

🐂Call additions at 739-744 show bullish positioning.

⚖️Regime: low vol, pinning at MP; flow mixed but gamma supportive.

How to Use These Reports

This flow reflects the market close on May 21, 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.