0 DTE Max Pain Level
SPY 0 DTE max pain sits at 758.00 because that strike records the lowest aggregate option market value for writers which means any close below it leaves writers with higher payouts on net open interest.
Price Deviation from Pin
Current price prints at 750.99 which sits 7.01 or 0.93 percent below the 758.00 level because the session closed without gamma exposure data to quantify hedging flows which means no measurable pinning force operates today.
Yesterday the 0 DTE max pain stood at 757.00 against a 757.29 print so the shift to 758.00 combined with the 6.30 point price drop widens the gap and removes the narrow band that previously limited intraday range.
Nearest Strike Cluster
The 750.00 strike forms the nearest lower cluster because chart data shows elevated option market value there which means any further downside tests would first encounter support only if fresh volume reinforces that level.
| Strike | Distance from Price | Implication |
|---|---|---|
| 758.00 | +7.01 (+0.93%) | Nearest resistance because max pain value peaks here and any rally must overcome that open interest concentration first. |
| 750.00 | -0.99 (-0.13%) | Immediate support because the chart registers the next material option market value block which limits further slippage unless volume breaks it. |
Forward Expiry Max Pain Shifts
Nov 16 max pain rises to 762.00 which sits 11.01 above the current print because open interest rolls forward and that level would act as the next magnet once the 0 DTE contract settles.
| Expiry | Max Pain | Distance from 750.99 | Implication |
|---|---|---|---|
| Nov 16 2026 | 762.00 | +11.01 (+1.47%) | Next session pin because 3 DTE open interest concentrates there and any overnight flow carries that higher level into play. |
| Nov 17 2026 | 754.00 | +3.01 (+0.40%) | Short-term bracket because 4 DTE value sits closer and brackets drift once the front week expires. |
| Nov 20 2026 | 758.00 | +7.01 (+0.93%) | Weekly alignment because monthly open interest resets at the same 758 strike which extends the resistance zone beyond 0 DTE. |
Scenario Probabilities
Price reclaims 758.00 before expiry carries 35 weight because that closes the gap to max pain and forces dealer re-hedging higher. A test of 750.00 support registers 40 weight because the 0.93 percent shortfall already places price inside that cluster and any volume spike would confirm it. Drift between 750.00 and 758.00 holds 25 weight because absence of gamma data leaves no wall to enforce either side until the next expiry rolls.
Experience Level Observations
| Level | What to Watch on Tape |
|---|---|
| Beginner | Track how far price sits from the single 758.00 max pain strike and note whether the gap narrows or widens into the close. |
| Intermediate | Compare the 0 DTE gap of 7.01 against the next expiry at 762.00 to see whether the magnet shifts or stays anchored. |
| Advanced | Observe volume at the 750.00 and 758.00 strikes because those clusters determine whether the 0.93 percent deviation persists without gamma quantification. |
Market Insight notes bullish options sentiment points to upside pressure toward 758.00 max pain.
SPY at 750.99 versus 758.00 max pain leaves no visible gamma wall to pin price today.
This is analysis, not financial advice. Always manage your risk.
