Figures as of the 28 Oct 2026 close; published 29 Oct 2026.
Max Pain Alignment for Expiry
SPY max pain for the Oct 28 2026 0 DTE expiry stands at 768.00 which means the strike carrying the highest combined call and put open interest value sits 2.12 below the 770.12 spot and creates a 0.28 percent gap that defines the minimum aggregate option market value level.
The chart data range from 550 to 950 strikes shows the full open interest distribution without truncation which means the 768.00 level balances the visible call and put curves at that single expiry.
Expiry Cluster Across Dates
Max pain levels for the next ten expiries range from 730.00 to 820.00 which means the nearest front-month dates cluster between 765.00 and 772.00 and keep the 0 DTE reference anchored 2.12 points below spot.
Oct 29 2026 prints 768.00 and Oct 30 2026 prints 765.00 which means successive dates shift the balance point by no more than 3 points until the second week out.
Market Value and Skew Data
No numerical gamma or delta exposure figures appear in the data slice which means higher-order hedging effects cannot be quantified from this source and leaves the equilibrium read limited to the max pain strike alone.
| Strike | Max Pain vs Spot | Implication |
|---|---|---|
| 768.00 | -2.12 (-0.28%) | Lowest total payout point for aggregate open interest at this expiry |
| 770.12 | 0.00 | Current print sits above the balance level and widens the gap by 0.28 percent |
Scenario Weights and Triggers
Price holds above 768.00 carries 55 weight because the 0.28 percent gap keeps the minimum payout equilibrium intact. A move below 768.00 triggers 30 weight because the gap closes and pins pressure increases on the single expiry. An expansion beyond 775.00 draws 15 weight because that level sits outside the front cluster range and would require a shift in the wider max pain range of 730.00 to 820.00 across the next ten expiries.
Risk and Visibility Factors
Risk sits at 28 percent driven by the 2.12 point gap between max pain and spot because any settlement exactly at 768.00 trims the largest total payout across the 0 DTE open interest curve.
| Experience Level | What to Watch on Tape |
|---|---|
| Beginner | Track how the 768.00 strike balances call and put open interest at expiry |
| Intermediate | Compare the 0.28 percent gap to prior 0 DTE sessions for convergence speed |
| Advanced | Monitor whether the 765.00 to 772.00 cluster across near dates holds or migrates |
Positioning Pressure shows call heavy flows align with the 768.00 equilibrium without offsetting puts.
Neutral equilibrium rests 2.12 points below spot for the 0 DTE expiry.
This is analysis, not financial advice. Always manage your risk.
