SPY unusual options activity
flagged contracts · flag history · dealer gamma and max pain on one page
On 2026-10-23, SPY had 11 unusual option contracts flagged, $2.5M net flagged premium (calls led). Delayed snapshot as of 22:30 UTC.
Flag history
SPY flagged days (archived record)
| Date | Flagged contracts | Net premium |
|---|---|---|
| Sep 30, 2026 | 8 | $8.8M |
| Oct 6, 2026 | 11 | $3.8M |
| Oct 7, 2026 | 11 | $3.9M |
| Oct 8, 2026 | 12 | $5.4M |
| Oct 9, 2026 | 11 | $3.3M |
| Oct 12, 2026 | 11 | $1.9M |
| Oct 13, 2026 | 9 | $2.6M |
| Oct 14, 2026 | 15 | $8.2M |
| Oct 15, 2026 | 12 | $5.6M |
| Oct 16, 2026 | 10 | $13.1M |
| Oct 19, 2026 | 10 | $3.0M |
| Oct 20, 2026 | 13 | $3.3M |
| Oct 21, 2026 | 10 | $4.2M |
| Oct 22, 2026 | 15 | $5.3M |
| Oct 23, 2026 | 11 | $2.5M |
Gex snapshot
SPY dealer gamma levels, Oct 23, 2026
| Level | Value | Meaning |
|---|---|---|
| Spot at snapshot | $761.1 | Underlying price the snapshot was computed from |
| Call wall | $762 | Strike with the largest positive dealer gamma |
| Put wall | $760 | Strike with the largest absolute negative dealer gamma |
| Zero gamma flip | none inside tracked strikes | Level where net gamma exposure changes sign |
| Net gamma sign | negative (short gamma: dealer hedging amplifies moves) | Above a flip: pinning. Below: amplification |
| Total GEX | $-16.9B | Dollars of dealer gamma exposure per 1% move |
| Snapshot time | 2026-10-23T22:30:38.030Z | Delayed snapshot, not a live quote |
Max pain
| Expiration | Max pain | From spot | Strikes |
|---|---|---|---|
| 2026-10-23 | $766 | +0.6% | 40 |
| 2026-10-26 | $766 | +0.6% | 40 |
| 2026-10-27 | $767 | +0.8% | 40 |
How to read this
Each row is a single option contract our scanner flagged as unusual: volume far above the standing open interest (at least 2.5x and at least 500 contracts traded), with a real premium. Vol/OI is the ratio of today's volume to open interest: the higher it is, the more of the day's volume was fresh positioning rather than existing holdings. Premium is last price times volume, an approximation of the money that moved through the contract, not a settled tape total. Contracts are re-scanned about every 15 minutes during market hours; this page is the settled end-of-day record.
Related
SPY gamma exposure levels · SPY max pain · Unusual options activity glossary · Options flow Academy lesson
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FAQ
What is unusual options activity on SPY?
On 2026-10-23, 11 SPY contracts were flagged (volume at least 2.5x open interest, at least 500 contracts traded), with $2.5M net premium. Calls led flagged premium.
How many times was it flagged recently?
Across the 15 archived days, SPY was flagged on 15 days with 169 contracts total.
Where is dealer gamma on this ticker?
The 2026-10-23 snapshot puts the call wall at $762 and the put wall at $760 with negative net gamma exposure.