SPY Options Flow
SPDR S&P 500 ETF Trust
Track SPY options flow, gamma exposure, and unusual activity in real-time.
Recent SPY Options Flow
Live institutional order flow from the Options Flow scanner
| Time | Type | Strike | Expiry | Premium | Sentiment |
|---|---|---|---|---|---|
| 3:58 PM | CALL SWEEP | $595 | 2/21/26 | $287,500 | BULLISH |
| 3:42 PM | PUT BLOCK | $585 | 2/28/26 | $184,000 | BEARISH |
| 3:15 PM | CALL SWEEP | $592 | 2/21/26 | $462,000 | BULLISH |
| 2:58 PM | PUT BLOCK | $588 | 3/7/26 | $325,000 | BEARISH |
| 2:31 PM | CALL SWEEP | $590 | 3/21/26 | $618,000 | BULLISH |
| 1:47 PM | CALL BLOCK | $600 | 4/17/26 | $891,000 | BULLISH |
| 12:18 PM | PUT SWEEP | $580 | 2/28/26 | $156,000 | BEARISH |
| 11:32 AM | CALL BLOCK | $598 | 3/7/26 | $537,000 | BULLISH |
Double-click any trade in the live product to see detailed charts and P&L tracking
SPY Gamma Exposure Dashboard
Interactive GEX analysis with heatmap, chart, and table views
| Strike | 2/21 | 2/24 | 2/28 | 3/21 | 3/7 | 4/18 |
|---|---|---|---|---|---|---|
| $610 | 175.0M | 148.8M | 122.5M | 70.0M | 96.3M | 43.8M |
| $608 | 200.0M | 170.0M | 140.0M | 80.0M | 110.0M | 50.0M |
| $606 | 235.0M | 199.8M | 164.5M | 94.0M | 129.3M | 58.8M |
| $604 | 280.0M | 238.0M | 196.0M | 112.0M | 154.0M | 70.0M |
| $602 | 335.0M | 284.8M | 234.5M | 134.0M | 184.3M | 83.8M |
| $600 | 400.0M | 340.0M | 280.0M | 160.0M | 220.0M | 100.0M |
| $598 | 380.0M | 323.0M | 266.0M | 152.0M | 209.0M | 95.0M |
| $596 | 360.0M | 306.0M | 252.0M | 144.0M | 198.0M | 90.0M |
| $594 | 330.0M | 280.5M | 231.0M | 132.0M | 181.5M | 82.5M |
| $592 | 300.0M | 255.0M | 210.0M | 120.0M | 165.0M | 75.0M |
| $590 | 250.0M | 212.5M | 175.0M | 100.0M | 137.5M | 62.5M |
| $588 | 190.0M | 161.5M | 133.0M | 76.0M | 104.5M | 47.5M |
| $586 | 120.0M | 102.0M | 84.0M | 48.0M | 66.0M | 30.0M |
| $584 | 50.0M | 42.5M | 35.0M | 20.0M | 27.5M | 12.5M |
| $582 | -20.0M | -17.0M | -14.0M | -8.0M | -11.0M | -5.0M |
| $580 | -80.0M | -68.0M | -56.0M | -32.0M | -44.0M | -20.0M |
| $578 | -80.0M | -68.0M | -56.0M | -32.0M | -44.0M | -20.0M |
| $576 | -75.0M | -63.8M | -52.5M | -30.0M | -41.3M | -18.8M |
| $574 | -70.0M | -59.5M | -49.0M | -28.0M | -38.5M | -17.5M |
| $572 | -75.0M | -63.8M | -52.5M | -30.0M | -41.3M | -18.8M |
| $570 | -60.0M | -51.0M | -42.0M | -24.0M | -33.0M | -15.0M |
SPY Options Market Statistics
Key metrics for SPDR S&P 500 ETF Trust
About SPY Options
SPY tracks the S&P 500 index and is the most liquid options market in the world. As the primary vehicle for institutional hedging, SPY flow reveals how large players are positioning around macro events, FOMC meetings, and market structure. The explosion of 0DTE (zero days to expiration) options on SPY has fundamentally changed dealer gamma dynamics, creating intraday gamma walls that act as price magnets.
Reading SPY Options Flow
SPY flow separates into three distinct layers: institutional hedging (large blocks with long expiries), 0DTE day-trading flow (concentrated at round strikes), and event-driven positioning ahead of CPI/FOMC. When you see multi-million-dollar call sweeps with 30-60 DTE, that's institutional conviction. When you see $200K call blocks at the money expiring same-day, that's gamma scalpers pinning.
SPY Gamma Exposure Insights
SPY's GEX profile is dominated by round-number strikes (570, 575, 580) where open interest clusters. The 0DTE market creates massive daily gamma walls that dissolve overnight. Watch for the flip level - when spot is above it, dealers are long gamma and dampen volatility by fading moves. Below it, they're short gamma and chase trends, amplifying volatility into the close.
Related Concepts
Learn more about the key terms for SPY options trading
Frequently Asked Questions
SPY options flow tracks large institutional orders in S&P 500 options - sweeps, blocks, and unusual activity that signal how hedge funds and market makers are positioning. Because SPY is the most liquid options market, its flow data provides the cleanest signal of institutional intent.
SPY GEX shows where dealers hold gamma positions. Positive GEX (gamma walls) act as price magnets - dealers hedge by fading moves, creating support/resistance. Negative GEX creates volatility acceleration zones. The flip level divides these regimes - above it, dealers dampen moves; below it, they amplify them.
Unusual SPY options activity (large sweeps or blocks significantly above average volume) often precedes market moves. Multi-million dollar call sweeps with 30+ DTE suggest institutional bullish positioning. Massive put blocks near the money indicate hedging or bearish bets. Context matters - check expiry, strike selection, and recent news.
SPY options are the primary vehicle for event hedging. Ahead of FOMC meetings, institutions load up on straddles and wings to protect against volatility. The 0DTE market explodes on decision days as traders bet on the immediate price reaction. Watch for post-announcement flow - that's where conviction shows.
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