SPY options: max pain, gamma exposure and walls
S&P 500 · close 754.21 (−0.40% on the day, +2.57% over 5 sessions)
Dealers were net short gamma (for 23 sessions): when the price moves, their hedging goes with it, which can let the move stretch. The call wall — the strike with the most call open interest in reach — stands at 800, 6.1% above the close, unchanged for 31 sessions. The put wall stands at 700, 7.2% below the close, unchanged for 36 sessions. Further out, 500 below holds more open interest than any strike near the price — long-dated positions and hedges, too far away to act as a level. Max pain for the front expiry is 762 (1.0% above the close). Implied volatility over 30 days is 15.0%, an IV rank of 27 on a scale where 0 is the lowest day of its own year and 100 the highest; realised volatility over 20 days is 22.2%. The options price a move of about ±4.3% over the next 30 days.
SPY levels tonight
| Level | Price | From the close | Note |
|---|---|---|---|
| Call wall | 800 | +6.1% | 31 sessions |
| Put wall | 700 | −7.2% | 36 sessions |
| Gamma flip | 759.99 | +0.8% | below it dealers are short gamma |
| Max pain, front expiry | 762 | +1.0% |
SPY max pain by expiration
For the nearest expiry, Nov 16, 2026 (3 days out), max pain is 762, 1.0% above the close. Max pain is the strike where the options of that expiry would be worth the least in total at expiry — the price at which option holders, all together, would lose the most. Open interest is as of the close of Nov 13, 2026.
| Expiry | Days | Max pain | From the close | Call OI | Put OI | Put / call | ATM IV | Priced move |
|---|---|---|---|---|---|---|---|---|
| Nov 16, 2026 | 3 | 762 | +1.0% | 136,692 | 144,077 | 1.05 | 11.5% | ±7.85 (1.0%) |
| Nov 17, 2026 | 4 | 754 | −0.0% | 45,977 | 52,207 | 1.14 | 13.7% | ±10.79 (1.4%) |
| Nov 18, 2026 | 5 | 756 | +0.2% | 55,874 | 78,222 | 1.40 | 15.1% | ±13.37 (1.8%) |
| Nov 19, 2026 | 6 | 755 | +0.1% | 30,020 | 42,835 | 1.43 | 15.6% | ±15.13 (2.0%) |
| Nov 20, 2026 | 7 | 758 | +0.5% | 824,391 | 2,893,147 | 3.51 | 16.0% | ±16.7 (2.2%) |
| Nov 23, 2026 | 10 | 757 | +0.4% | 14,834 | 22,405 | 1.51 | 14.6% | ±18.24 (2.4%) |
| Nov 24, 2026 | 11 | 755 | +0.1% | 14,607 | 11,090 | 0.76 | 14.8% | ±19.31 (2.6%) |
| Nov 25, 2026 | 12 | 758 | +0.5% | 6,088 | 9,801 | 1.61 | 14.9% | ±20.35 (2.7%) |
| Nov 27, 2026 | 14 | 760 | +0.8% | 209,135 | 176,571 | 0.84 | 14.4% | ±21.34 (2.8%) |
| Nov 30, 2026 | 17 | 751 | −0.4% | 244,666 | 600,270 | 2.45 | 13.9% | ±22.68 (3.0%) |
22 later expiries are in the expiry table below (download).
SPY and its option levels over the last year
The close, with the call wall and the put wall (the strikes the option book is heaviest at) and the gamma flip (the price where dealers’ net gamma changes sign). Each line is that day’s reading, not a level looked back on.
Implied against realised volatility
What the options charge for the next 30 days, against how much SPY actually moved over the last 20. A gap between the two is the market’s price for uncertainty.
Download SPY options history (CSV)
Every session we hold for SPY — 4,745 sessions, Jan 2008 → Nov 13, 2026 — as plain CSV files you can open in Excel, Python or any AI assistant. No account, no payment: press the button. A new row is added after each close.
one row per session: dealer gamma, vanna, charm, call and put walls, max pain, IV by tenor, skew, open interest, volume, flow — every column explained in the zip
the last session, expiry by expiry: open interest, volume, gamma, max pain, ATM IV, priced move
the last session, strike by strike: call and put open interest, gamma, volume
the last session by horizon (0–14, 15–45, 46–180 days): walls, max pain, gamma
The option series carries the daily close; the full price bars (open, high, low, volume) are not included. Data for research and education, not investment advice — see the terms.
How to read these figures
Gamma exposure (GEX)
How much dealers must buy or sell to stay hedged for each 1% move in the price. Long gamma means they trade against moves and dampen them; short gamma means they trade with moves and can amplify them. It is estimated from open interest and an assumption about which side dealers are on.
Call wall and put wall
The strikes where call and put open interest is heaviest within reach of the price. Prices often slow, or get pinned, near them into expiry; they are where a lot of hedging sits, not a guarantee.
Gamma flip
The price at which net dealer gamma changes sign. The same book acts as a brake above it and as an accelerator below it.
Max pain, IV rank and the priced move
Max pain is the strike where an expiry’s options are worth the least in total. IV rank places today’s implied volatility between the lowest (0) and the highest (100) of the last year. The priced move is what the options charge for the period, as a share of the price.
Every figure is end-of-day and describes how the option market is positioned. It is not a forecast of where SPY goes, and not advice. New to options? Start with Learn.
SPY options: questions and answers
What is SPY max pain today?
For the expiry of Nov 16, 2026, SPY max pain is 762, 1.0% above the close of 754.21 on Nov 13, 2026.
Where are the SPY call wall and put wall?
The call wall is 800 (6.1% above the close) and the put wall is 700 (7.2% below the close), as of the close of Nov 13, 2026.
Is SPY gamma exposure positive or negative?
Negative: dealers were net short gamma for 23 sessions, so their hedging tends to go with moves. Net GEX was −$8.64B per 1% move.
What is the SPY expected move?
The options price a move of about ±4.3% over the next 30 days, and ±7.85 to the expiry of Nov 16, 2026.
Can I download SPY historical options data?
Yes. SPY’s daily option series from Jan 2008 and its strike, expiry and event tables are CSV files on this page — no account and no payment.
SPY on the chart
Every session of SPY on one chart: the price with its walls and gamma flip, the market-maker view, the strike ladder and the expiries — open to everyone.
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