SPY Options Chain — Open Interest, Implied Volatility, Max Pain & Gamma Exposure
Analyze the complete SPY options chain including strike-level open interest, real-time implied volatility (IV), max pain levels, gamma exposure, dealer positioning, and options flow trends. This dashboard provides data-driven insights for traders building directional or hedging strategies around SPY.
Near-Term Options-Derived Market Structure
BULLISH BIAS
Reflecting options positioning and volatility conditions over the coming sessions.
The options data shows a moderate bullish tilt. There is some directional support, though momentum remains limited. Options Chian
On the put side, the bearish positioning looks mainly like hedging. This reflects caution and short-term protection rather than a true bearish call. Confidence: 83%
Current DPI is 0.141(neutral). ⏳ Neutral accumulation, DPI neutral, but makers are actively building positions.
Options Terrain Outlook (3-Month)
The market is positioned near a structural transition zone, where options exposure may shift the prevailing trading regime. Volatility conditions are elevated, implying wider and less stable price swings. Price action is strongly influenced by existing options constraints. Directional continuation remains uncertain and selective. Structural sensitivity is elevated around the 2026-10-16 options expiry. 90% confidence
Short-Term Options-Implied Price Range & Flow Structure (0DTE · Intraday Reference)
Expiry 2026-10-01 (DTE 0): Pinning structure with suppressed volatility. Option flow bias is bullish (0.50), pin strength 0.90.
Based on same-day expiring options (0DTE), the ATM straddle implies an 0.23% standardized 1-day equivalent move, serving as an intraday volatility reference.
The implied intraday range is approximately 757.27 — 765.56 , corresponding to +0.21% / -0.88% .
Estimated using ATM implied volatility, OTM option flow, and dealer hedging conditions to capture the market-implied price range.
Bullish flow suggests upside interest toward 766.01 (0.26% above spot).
Bearish positioning points to downside pressure toward 753.55 (1.37% below spot).
Options flow strength: 0.88 (0–1 scale). ATM Strike: 764.00, Call: 1.06, Put: 0.69, Straddle Cost: 1.76.
Price moves may extend once a direction forms. The short-term gamma flip is near 768.76 , with intermediate positioning around 768.99 . The mid-term gamma flip remains near 768.88.