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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
15
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 Theta Report
Analysis based on market close May 19, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Put Credit Spreads
Invalidation: Break below $714 support or VIX above 22
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.4% from MP; +0.5 VIX 18

IV Environment

IV Regime
Low
IV vs VIX
IV slightly above VIX (18.5 vs 18.1)
Favorable?
No

Term structure: Near-term put skew elevated; longer-term flat around 18%

⚠️Put skew elevated, heavy hedging demand
📉Put OI ratio 2.46, bearish bias

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-1.2B)

Gamma flip: ~$530.00 — Approx — based on put OI concentration of 215,229 (27.8% below spot)

OI concentrations: Put OI heavy at $530-$560 (27.8% below spot) and max pain $737

Verdict: Downward bias; spot $719 below max pain $737, heavy put OI below spot may act as support, but risk of pin.

Premium Opportunities

#1
Put diagonal
Sell 2026-06-18 $719.00 put / buy 2026-08-21 $730.00 put
Sell near-term put (15.2 IV), buy back-month put (14.5 IV) to capture premium decay and bearish skew.
Debit: $11.33-$13.84
Max loss: $13.84
BE: Path-dependent
Mgmt: Monitor support at $714; adjust if broken or VIX spikes above 22.

Risk Alerts

!High put/call OI ratio 2.46 indicates bearish sentiment
!Negative dealer GEX ($-1.2B) can amplify downside moves
How to Use These Reports
This theta reflects the market close on May 19, 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.