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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 22, 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: Monitor put volume at 747-748 strikes; Watch for breach of 748 resistance

Flow Summary

Net premium: +$480.9M bullish

P/C volume ratio: 0.95

P/C OI ratio: 2.48

Massive put buying at 747-748 despite positive gamma and net flow suggests institutional downside hedging concentration, pointing to bearish bias with key resistance at 748.

Notable Prints

SPY 2026-05-22 $747.00 Put

Vol: 532,562

OI: 1,041

Vol/OI: 511.6x

IV: 0.0%

Notional: ~$57.5M

Intent: Put buy

Read-through: Bearish bet near ATM

SPY 2026-05-22 $746.00 Put

Vol: 489,278

OI: 1,623

Vol/OI: 301.5x

IV: 0.0%

Notional: ~$13.2M

Intent: Put buy

Read-through: Bearish at lower strike

SPY 2026-05-22 $748.00 Put

Vol: 248,589

OI: 1,648

Vol/OI: 150.8x

IV: 0.0%

Notional: ~$53.2M

Intent: Put buy

Read-through: Bearish at higher strike

SPY 2026-05-26 $747.00 Put

Vol: 41,503

OI: 386

Vol/OI: 107.5x

IV: 7.4%

Notional: ~$13.8M

Intent: Put buy

Read-through: Longer-term bearish

SPY 2026-05-22 $747.00 Call

Vol: 581,882

OI: 5,834

Vol/OI: 99.7x

IV: 2.6%

Notional: ~$2.3M

Intent: Call buy

Read-through: Bullish speculation

Institutional Positioning

Call additions: 0DTE call buying at $747-$748 (10x OI) - gamma scalping

Put additions: Heavy 0DTE put buying at $744-$749 (100x OI) - hedging or directional

GEX/DEX consistency: GEX +$1.7B, DEX +293M shares; aligned with net call premium

OI clusters: Put OI wall 28.9% below spot (~215k contracts)

Hedging evidence: Large put volumes across strikes suggest position hedging

Max pain context: Spot above MP, low vol, pinning to ~$742-$744 expected

Signal vs Noise

~0DTE put buying is real flow but expires today, limited persistence

~Call volume spikes at $747-$748 may be algorithmic gamma scalping

~Net premium positive despite high put/call OI ratio

~VIX 16.7 indicates low fear, but put buying signals caution

Key Conclusions

🛡️Institutions aggressively hedging downside with 0DTE puts at $744-$749

⚖️Positive gamma and delta suggest upward drift, but 0DTE flow may engineer pin

How to Use These Reports

This flow reflects the market close on May 22, 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.