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SPY

SPDR S&P 500 ETFClose $704.08EOD only

Max Pain

$703.00

Next expiry Apr 22, 2026

Expected Move

±$6.10

0.9% from close

Price Gap

-1.08

Distance to max pain

IV Rank

Low premium

P/C OI

2.18

Slightly put-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: Apr 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

Apr 21, 2026 close

SPY Theta Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.9% from MP; +0.5 VIX 19

IV Environment

IV Regime

Low

IV vs VIX

Overall IV low vs spot VIX; ATM depressed, short-dated puts relatively rich

Favorable?

Term structure: Steep near-term put skew (1–9d) with higher puts into monthly expiries

📌Max‑pain concentrated at 705 with spot ~0.9% from MP

⚠️Very low ATM IV today but tail put IV elevated; elevated roll/assignment risk for short-dated puts

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+199.3M)

Gamma flip: ~$530.00 — Approx — based on put OI concentration of 215,049 (25.5% below spot)

OI concentrations: High put OI cluster ~25% below spot centered 701–705 (~215k contracts)

Verdict: Material pin risk for near expiries; likely order flow concentration, elevated assignment and roll capital needs

Premium Opportunities

Put credit spread

Sell 2026-05-29 $689.00/$684.00 put spread

Sell 2026-05-29 689/684 put spread to harvest elevated put premium while keeping risk defined.

Credit: $0.77-$0.95

Max loss: $4.05

BE: $688.05

Mgmt: Close or roll if SPY closes sustainably below 705 or VIX spikes >25; target 50–70% max gain exit.

Call credit spread

Sell 2026-05-29 $736.00/$739.00 call spread

Sell 2026-05-29 736/739 call spread to collect call premium with 1‑pt wing control.

Credit: $0.66-$0.81

Max loss: $2.19

BE: $736.81

Mgmt: Trim or roll if SPY rallies toward ~727–730 or VIX regime shifts; aim for 50%+ profit exit.

Iron condor

Sell 2026-05-29 $689.00/$686.00 put wing and $736.00/$740.00 call wing

Sell 689/686 put wing and 736/740 call wing 2026-05-29 to collect wider premium with defined risk.

Credit: $1.34-$1.64

Max loss: $2.36

BE: 687.36 / 737.64

Mgmt: Manage side approaching wings, tighten or roll if sustained touch below 695 or VIX>25.

Risk Alerts

!VIX spike above 25

!Sustained trade/touch below 695

!Large dealer GEX unwind or rapid shift in net premium position

!Elevated roll/assignment capital requirements for short-dated put sellers

How to Use These Reports

This theta reflects the market close on April 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.