Every trading day, about an hour after the close · as of Fri, Nov 13, 2026

SPY and QQQ options today: max pain, gamma exposure and walls

Where the option book of the two biggest funds stands after the close — read in plain words, with the last 20 sessions.

SPY and QQQ after the close of Nov 13, 2026: dealer gamma, call wall, put wall, gamma flip, max pain, priced move and implied volatility, with the last three months of price and walls

SPY today — the S&P 500

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.

What changed since Nov 12, 2026

SPY max pain this week and this month

ExpiryDateDaysMax painFrom the closePriced movePut / call OI
Next expiryNov 16, 20263762+1.0%±7.85 (1.0%)1.05
This week (Friday)Nov 20, 20267758+0.5%±16.7 (2.2%)3.51

SPY max pain and gamma history — the last 20 sessions

SessionCloseMax pain (front)Call wallPut wallGamma flipNet GEXIV 30dPut / call
Nov 13, 2026754.21762800700759.93−$8.64B15.0%1.85
Nov 12, 2026757.21758800700761.94−$5.35B14.7%1.84
Nov 11, 2026759.79748800700760.64−$818.7M13.9%1.87
Nov 10, 2026749.96750800700760.03−$9.44B15.6%1.92
Nov 9, 2026752.65740800700761.02−$6.59B16.0%1.94
Nov 6, 2026735.34747800700760.82−$13.50B20.2%1.94
Nov 5, 2026733.13765800700765.6−$16.14B21.9%2.05
Nov 4, 2026766.73755800700768.44−$899.3M13.4%2.06
Nov 3, 2026754.4762800700769.33−$12.28B16.6%2.10
Nov 2, 2026752.4756800700768.99−$11.58B16.8%2.09
Oct 30, 2026755.69772800700773.05−$11.01B15.4%2.12
Oct 29, 2026769.5765800700772.14−$9.77B13.1%2.16
Oct 28, 2026772.31768800700772.56−$1.26B13.4%2.16
Oct 27, 2026769.67767800700772.63−$3.38B14.0%2.19
Oct 26, 2026765.29767800700772.82−$9.56B14.5%2.19
Oct 23, 2026759.91766800700773.66−$14.82B15.3%2.18
Oct 22, 2026763.97770800700774.16−$12.44B15.0%2.14
Oct 21, 2026773.1769800700774.07−$1.64B13.4%2.17
Oct 20, 2026769.01769800700774.02−$6.19B13.6%2.19
Oct 19, 2026766.54770800700772.74−$7.85B14.1%2.17

Every session back to 2008, with about a hundred more columns: download the SPY history (CSV, no account) · the whole SPY page: SPY max pain by expiration, walls and gamma · the SPY chart

QQQ today — the Nasdaq-100

Dealers were net short gamma (for 25 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 700, 3.0% above the close, unchanged for 5 sessions. The put wall stands at 650, 4.4% below the close, unchanged for 6 sessions. Max pain for the front expiry is 686 (0.9% above the close). Implied volatility over 30 days is 25.2%, an IV rank of 55 on a scale where 0 is the lowest day of its own year and 100 the highest; realised volatility over 20 days is 35.3%. The options price a move of about ±7.2% over the next 30 days.

What changed since Nov 12, 2026

QQQ max pain this week and this month

ExpiryDateDaysMax painFrom the closePriced movePut / call OI
Next expiryNov 16, 20263686+0.9%±12.62 (1.9%)1.30
This week (Friday)Nov 20, 20267698+2.7%±27.23 (4.0%)0.96

QQQ max pain and gamma history — the last 20 sessions

SessionCloseMax pain (front)Call wallPut wallGamma flipNet GEXIV 30dPut / call
Nov 13, 2026679.89686700650692.87−$4.42B25.2%1.11
Nov 12, 2026688.2685700650694.03−$1.84B24.7%1.12
Nov 11, 2026690.38674700650692.59−$1.12B23.3%1.12
Nov 10, 2026674.81675700650690.53−$4.42B25.0%1.11
Nov 9, 2026678.77667700650693.9−$3.33B24.8%1.09
Nov 6, 2026656.19663800650693.57−$5.48B29.7%1.11
Nov 5, 2026647.77710800600694.4−$7.16B33.8%1.21
Nov 4, 2026691.85693800670712.62−$6.51B22.4%1.23
Nov 3, 2026685.34695800670716.66−$6.68B27.6%1.26
Nov 2, 2026681.89697800670722.16−$7.19B27.1%1.32
Oct 30, 2026690.53715800670727.07−$7.43B24.5%1.36
Oct 29, 2026715.33723800700723.67−$9.13B21.1%1.39
Oct 28, 2026725.48719800670728.87−$2.45B20.7%1.41
Oct 27, 2026721.24715800670728.56−$3.06B21.6%1.41
Oct 26, 2026712.12715800700728.02−$5.82B22.9%1.41
Oct 23, 2026704.39721800700731.43−$7.47B24.7%1.43
Oct 22, 2026704.56726800700732.91−$9.65B25.3%1.45
Oct 21, 2026725.21720800700730.87−$3.56B21.3%1.44
Oct 20, 2026717.5720800700733.51−$6.39B21.7%1.43
Oct 19, 2026718.28719800700732.6−$5.66B21.7%1.40

Every session back to 2008, with about a hundred more columns: download the QQQ history (CSV, no account) · the whole QQQ page: QQQ max pain by expiration, walls and gamma · the QQQ chart

Questions and answers

What is SPY max pain today?

For the next expiry, Nov 16, 2026, SPY max pain is 762 — 1.0% above the close of 754.21 on Nov 13, 2026.

What is SPY max pain this week?

For Friday’s expiry, Nov 20, 2026, SPY max pain is 758, 0.5% above the close.

Is SPY gamma positive or negative today?

Negative: dealers were net short gamma for 23 sessions at the close of Nov 13, 2026, net GEX −$8.64B per 1% move; the gamma flip is 759.93.

What is QQQ max pain today?

For the next expiry, Nov 16, 2026, QQQ max pain is 686 — 0.9% above the close of 679.89 on Nov 13, 2026.

What is QQQ max pain this week?

For Friday’s expiry, Nov 20, 2026, QQQ max pain is 698, 2.7% above the close.

Is QQQ gamma positive or negative today?

Negative: dealers were net short gamma for 25 sessions at the close of Nov 13, 2026, net GEX −$4.42B per 1% move; the gamma flip is 692.87.

When is this report updated?

Every trading day, about an hour after the close, from the same-day option chains — and checked again overnight when the full end-of-day data arrives. The picture and the figures on this page are replaced together.

New to these words? Ten short lessons

What is max pain?Gamma exposure (GEX)The gamma flipCall wall and put wallThe expected movePut/call ratioIV rank and IV percentileOpen interest vs volumeHow to read an options chain0DTE options

The same reading for every other fund and stock: all ETFs · all stocks · what changed across the whole market: Today. Every figure is end-of-day option positioning — not a forecast, not advice.