SPY max pain, gamma exposure (GEX) & options open interest
State Street SPDR S&P 500 ETF Trust
As of close · updated after each US trading day's close · rank #3 by open interest · 1,424 sessions of history since Dec 1, 2020
SPY max pain · nearest expiration
762.00 for
1.0% above the 754.37 close
All-expiration max pain 755.00
Net GEX -1.04B (negative 12 sessions) GEX flip 764.21 (1.3% above) Put/call OI 1.85
Over the last 60 sessions to Nov 13, 2026, SPY closed between 733.11 and 779.14; nearest-expiration max pain ranged from 740.00 to 777.00. Latest max pain 762.00 for the Mon, Nov 16, 2026 expiration. 24 of 60 expirations in view closed nearer the prior-session max pain than the prior close.
- Close
- Max pain (nearest expiration)
- All-expiration max pain
- Expiry close nearer max pain
- nearer prior close
Markers sit on expiration sessions and compare that close with the prior session's max pain and close. Bars show net GEX, calls positive and puts negative. Descriptive history, not a forecast.
Over the past 252 sessions, SPY's expiration-day close was nearer the prior session's max pain than the prior close on 81 of 251 expirations (32%). Expiration record
SPY's nearest-expiration max pain is 762.00 for the Mon, Nov 16, 2026 expiration, 1.0% above the 754.37 close; all-expiration max pain is 755.00; the GEX flip is 764.21; net GEX is -1.04B (modeled dollar-delta change per $1 move); the put/call open-interest ratio is 1.85. These are whole-chain derived aggregates as of Nov 13, 2026 close.
SPY max pain and GEX snapshot
End-of-day snapshot for . Nearest-expiration max pain uses the expiry shown on its card; GEX uses the whole chain. Missing values are unavailable, not zero.
Prices are in US dollars per share. Net GEX is modeled dollar-delta change per $1 underlying move. Max pain minimizes aggregate intrinsic payout for that expiration; it is not a closing-price forecast. Signed GEX uses calls positive and puts negative, a model convention rather than observed dealer inventory. The flip is a confirmed zero crossing; walls locate side-specific concentrations, not guaranteed support or resistance.
Learn how to read the max pain payout example, GEX chart, gamma flip and walls, and open interest versus trading volume.
Does SPY close at max pain? Expiration record
Over the past 252 sessions, SPY's expiration-day close was nearer the prior session's max pain than the prior close on 81 of 251 expirations (32%). The median distance from the expiration close was 0.86% for max pain and 0.49% for an unchanged prior close; 146 of 251 closes finished within 1% of max pain.
| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
|---|---|---|---|---|---|
| 758.00 | 757.25 | 754.37 | -0.48% | Prior close | |
| 748.00 | 759.84 | 757.25 | +1.22% | Prior close | |
| 750.00 | 749.92 | 759.84 | +1.31% | Max pain | |
| 740.00 | 752.69 | 749.92 | +1.32% | Prior close | |
| 747.00 | 735.35 | 752.69 | +0.77% | Max pain | |
| 765.00 | 733.11 | 735.35 | -4.04% | Prior close | |
| 755.00 | 766.81 | 733.11 | -2.85% | Max pain | |
| 762.00 | 754.35 | 766.81 | +0.64% | Max pain | |
| 756.00 | 752.10 | 754.35 | -0.22% | Max pain | |
| 772.00 | 750.70 | 752.10 | -2.65% | Prior close |
Each expiration compares the last session before it, when it was the nearest expiration, with the close of the expiration session. Distances are percentages of that prior close. Underlying closes are not official option settlement values. The archive was reconstructed in September 2026, so it does not show what was published at the time. This is descriptive history, not a forecast. The site-wide 2025 max-pain study uses the same comparison on Thursday snapshots.
Advanced options analysis
Public aggregate analysis from the dated chain, normalized where possible for comparison across tickers. Catalyst intensity measures unusual pricing and activity; it does not identify an event, predict direction, or establish that an investment is attractive.
Strongest relative signals: volume/OI 0.66
SPY closed 5.6% below its gamma max of 796.65. It is 0.8% below the delta neutral price of 760.67. Total open interest is 17,271,043, -3.7% versus the previous session. Its options catalyst-intensity score is 42.7 out of 100, led by volume/OI 0.66. What gamma max means · What delta neutral means
Call versus put open interest changes
Growth compares outstanding contracts on each side. A positive growth gap favors calls; a negative gap favors puts. Standardized surprises compare each measure with its own prior history. These describe the OI balance, not IV skew or buying direction.
| Measure | Value |
|---|---|
| Call OI change, 1 session | -247,015 contracts · -3.9% |
| Put OI change, 1 session | -415,905 contracts · -3.6% |
| Call minus put OI growth, 1 session | -0.3 pp |
| Call OI change, 5 sessions | +265,991 contracts · +4.6% |
| Put OI change, 5 sessions | -45,281 contracts · -0.4% |
| Call minus put OI growth, 5 sessions | +5.0 pp |
| Daily call OI change surprise | -1.02σ (252 prior changes) |
| Daily put OI change surprise | -0.55σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.10σ (252 prior changes) |
History
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Analysis visualizations
Daily ticker aggregates through 2026-11-13. This analysis view omits individual contract fields.
To see all-expiration max pain over time, open the History chart and select “All-expiration max pain” under More series.
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Aggregate IV history
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What followed prior gamma-max crosses?
Each historical path starts at 0% on the cross date and follows the close for ten subsequent trading sessions. Cohorts use the same direction as labelled and require gamma max to be within 10% of the close on both crossing sessions.
Crosses below gamma max 1 completed Day +10 paths · latest Feb 23, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 1 | -0.4% | -0.4% to -0.4% | 0% | – | – |
| Day +2 | 1 | -0.2% | -0.2% to -0.2% | 0% | – | – |
| Day +3 | 1 | -0.3% | -0.3% to -0.3% | 0% | – | – |
| Day +4 | 1 | -0.0% | -0.0% to -0.0% | 0% | – | – |
| Day +5 | 1 | +1.0% | +1.0% to +1.0% | 100% | – | – |
| Day +6 | 1 | +0.9% | +0.9% to +0.9% | 100% | – | – |
| Day +7 | 1 | -0.1% | -0.1% to -0.1% | 0% | – | – |
| Day +8 | 1 | +0.4% | +0.4% to +0.4% | 100% | – | – |
| Day +9 | 1 | +1.4% | +1.4% to +1.4% | 100% | – | – |
| Day +10 | 1 | +0.8% | +0.8% to +0.8% | 100% | – | – |
Crosses above gamma max 1 completed Day +10 paths · latest Feb 22, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 1 | +0.1% | +0.1% to +0.1% | 100% | – | – |
| Day +2 | 1 | -0.3% | -0.3% to -0.3% | 0% | – | – |
| Day +3 | 1 | -0.1% | -0.1% to -0.1% | 0% | – | – |
| Day +4 | 1 | -0.3% | -0.3% to -0.3% | 0% | – | – |
| Day +5 | 1 | +0.1% | +0.1% to +0.1% | 100% | – | – |
| Day +6 | 1 | +1.1% | +1.1% to +1.1% | 100% | – | – |
| Day +7 | 1 | +0.9% | +0.9% to +0.9% | 100% | – | – |
| Day +8 | 1 | -0.1% | -0.1% to -0.1% | 0% | – | – |
| Day +9 | 1 | +0.4% | +0.4% to +0.4% | 100% | – | – |
| Day +10 | 1 | +1.4% | +1.4% to +1.4% | 100% | – | – |
Returns are close-to-close after the labelled number of subsequent trading sessions. The confidence floor is the closest-to-zero bound of the order-statistic median interval; it is zero when that interval spans zero. Its coverage is nominally at least 90% under independent observations. Historical paths can overlap, so the interval and floor are descriptive uncertainty guides rather than formal coverage guarantees. Historical, not a forecast.
Last 252 sessions
| Sessions closed above gamma max | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 41 |
| Prior-year sessions closer to gamma max | 86.9% of 252 |
| Prior-year sessions closer to delta neutral | 37.3% of 252 |
| Open interest percentile (1y) | 59th |
| Daily open interest change versus prior year | -0.69σ (-662,920 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.3% |
| Open interest change, 21 sessions | -8.2% |
| History available | Dec 1, 2020 → Nov 13, 2026 |
Recent crosses
- closed below delta neutral at 757.25 vs 757.93 (-0.1%)
- closed above delta neutral at 759.84 vs 756.86 (+0.4%)
- closed below delta neutral at 733.11 vs 765.25 (-4.4%)
- closed above delta neutral at 766.81 vs 763.74 (+0.4%)
- closed below delta neutral at 769.36 vs 769.77 (-0.1%)
- closed above delta neutral at 769.66 vs 766.94 (+0.4%)
- closed below delta neutral at 763.96 vs 768.19 (-0.6%)
- closed above delta neutral at 769.05 vs 768.34 (+0.1%)
- closed below delta neutral at 763.25 vs 770.24 (-0.9%)
- closed above delta neutral at 771.79 vs 769.26 (+0.3%)
In today's screens
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Questions people ask about SPY
What is SPY's max pain for the nearest expiration?
As of Nov 13, 2026 close, nearest-expiration max pain is 762.00 for the Mon, Nov 16, 2026 expiration. It is a payout-minimizing strike for one expiration. An all-expiration pooled value is a different comparison, and neither establishes where the underlying will close. Max pain definition and worked payout example.
Our 2025 max-pain study compares historical Thursday levels with Friday underlying closes and an unchanged-price baseline. Its scope and results are separate from this current ticker snapshot.
Is SPY max pain a reliable closing-price forecast?
Over the past 252 sessions, SPY's expiration-day close was nearer the prior session's max pain than the prior close on 81 of 251 expirations (32%). The median distance from the expiration close was 0.86% for max pain and 0.49% for an unchanged prior close. Past expirations do not predict the next one. See the expiration record.
What do SPY's gamma exposure and gamma flip show?
Signed net GEX is -1,042,860,189 as of Nov 13, 2026 close. The confirmed GEX flip is 764.21. Net GEX has been negative for the last 12 sessions and negative on 165 of the past 252. These aggregate model outputs use calls positive and puts negative. Their sign does not identify dealers' actual positions or predict the next move. How to interpret GEX, gamma flip and walls.
Where is SPY's gamma max today?
As of Nov 13, 2026, the gamma max for SPY is 796.65, +5.6% from the 754.37 close. Gamma max is the underlying price at which the summed gamma of every open contract is largest; how it is computed and why it matters.
Is SPY above or below its delta neutral price?
SPY closed below delta neutral: 754.37 against a delta neutral price of 760.67. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SPY have?
17,271,043 contracts of open interest across 8,613 listed contracts on Nov 13, 2026, -3.7% versus the previous session. What open interest measures.
Levels are recomputed after every trading day from licensed end-of-day options data; only derived aggregates are published. Methodology · Data and licence · Not investment advice.