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SPY

SPDR S&P 500 ETFClose $710.14EOD only
Max Pain
$690.00
Next expiry Apr 20, 2026
Expected Move
±$4.66
0.7% from close
Price Gap
-20.14
Distance to max pain
IV Rank
61
High premium
P/C OI
2.40
Slightly put-heavy
Consensus
6.5/10
Range bias
Published snapshot: Apr 17, 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
Apr 17, 2026 close
SPY AI Consensus Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Conviction
6.5

out of 10

6.5 because dealer gamma and rich short‑vol incentives support the pin, but sizable institutional flow leaning and the potential for sudden macro-driven realized vol raise the probability of a breakout, preventing higher conviction.

Where Perspectives Agree

All perspectives converge on a short-vol, range-bound thesis centered on a $705 pin: market structure and option selling incentives favor collecting premium around that node rather than a directional breakout.

Where They Diverge

Flow signals (large institutional buys and persistent delta accumulation) conflict with the range-bound thesis by implying a one-sided buildup that would lift spot through the pin; that undermines the theta/directional recommendation to sell tight wings if those flows persist.

Top Trade
via theta

Sell Jun 18 $700/$705/$730/$735 iron‑condor for net credit (collect premium), targeting defined risk income pre-earnings window.

Key Risk

A sustained break below $695 (print and close below) triggers dealer gamma unwind and stop cascades that remove the pin — downside would accelerate toward $685-$675, invalidating the short‑vol stance.

How to Use These Reports
This ai consensus reflects the market close on April 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.