SPY
SPY is a data page on the Options desk of Glassbox Auditing. Open SPY contracts cluster at prices that dealers hedge around; those clusters often act as levels the index pauses at or moves quickly through.
Last updated: .
What is on this page today?
- SPY: negative gamma, price 3.6% below zero gamma — spot 735.44 · call wall 800.00 · put wall 725.00 · zero gamma 763.20 · 43 of 56 Big Tech names in negative gamma (NYSE Arca, 6 Nov 2026) SPY
- SPY options: open bets tilt -4, close to balanced — out-of-the-money call against put open interest, all expirations · most call open interest at 770 (+4.7%, 62K) · most put open interest at 700 (-4.8%, 167K) · put/call open interest 1.34 · as of 06 Nov 16:14 ET (U.S. options exchanges, 6 Nov 2026) SPY
- SPY options price a ±5.3% move over about a month (696.30 - 774.58) — the 15-30 day expirations · ±3.70% on average over the past year · as of 06 Nov 16:14 ET (U.S. options exchanges, 6 Nov 2026) SPY
Where does the data come from?
Items on this page come from NYSE Arca; U.S. options exchanges. Each item links to its own source. All sources, how items are checked.
What does this page lead to?
- Dealer Gamma (Options): SPY's open interest by strike is what Dealer Gamma prices; a ceiling or floor here is a strike where the assumed dealer hedging is heaviest. (either way, depending on the cause; next session; economy scale) Source: Dealer gamma computed by the terminal (Black-Scholes greeks from closing mids; dealers assumed long calls and short puts).
- Fear Gauge (VIX) (Briefing): SPY and S&P 500 index puts are the main hedge for stock portfolios; when more put protection is opened, the implied volatility the VIX measures tends to rise. Put-heavy positioning is mostly hedging, not proof of a fall. (moves the same way; same day; economy scale) Source: Cboe VIX index data (daily history and delayed quotes).
- Live Now (Markets): Strikes with the largest open interest are where hedging flows concentrate, so near expiration SPY's price often slows or settles near them; Live Now shows the price against those levels. (either way, depending on the cause; same day; economy scale) Source: Robinhood options market data (OPRA).
- Kalshi (Markets): SPY options and Kalshi's S&P 500 range contracts price the same outcome, so where option traders place their bets and the crowd's range on Kalshi tend to move together. (moves the same way; same day; economy scale) Source: Kalshi prediction markets.
- Federal Reports (Calendar): SPY options expiring just after a CPI, jobs or Fed date tend to cost more, since those days move the index most; Federal Reports gives the dates. (either way, depending on the cause; days before each release; economy scale) Source: Robinhood options market data (OPRA).
What feeds this page?
- Fear Gauge (VIX) (Briefing): The VIX is computed from S&P 500 option prices, so a higher VIX means SPY options cost more to hold for protection or for a bet on a move. (moves the same way; same day; economy scale) Source: Cboe VIX index data (daily history and delayed quotes).
- Federal Reports (Calendar): SPY options expiring just after an FOMC decision or CPI release carry extra premium for the event, which falls away once the number is out. (moves the same way; days before each release; economy scale) Source: Robinhood options market data (OPRA).
- Live Now (Markets): The day's option trades open or close SPY contracts; the next morning's open interest on Options/SPY shows which bets stayed open and where the ceilings and floors moved. (either way, depending on the cause; next morning; economy scale) Source: Robinhood options market data (OPRA).