0 DTE Max Pain Pin
SPY closes at 757.29 against the 0 DTE max pain strike of 757.00 because the strike with the highest combined call and put open interest value sits exactly there which means dealer gamma hedging stays minimal until expiry rolls. The 0.29 point gap equals 0.04 percent which keeps price action pinned within that narrow band on the final session. No gamma or delta exposure numbers appear in the data slice so positioning walls cannot be quantified beyond the max pain level itself.
Forward Expiry Shifts
Next day max pain rises to 758.00 which would shift the pin 1.00 higher if volume rolls forward because open interest concentrates at the new strike. The 1 DTE level sits 0.71 above the current print which means any overnight flow that carries into the next session pulls the magnet modestly upward. Later expiries show wider dispersion with Nov 16 at 763.00 and Dec 18 at 746.00 which bracket potential drift once the 0 DTE contract settles.
Cross-Expiry Cluster
| Expiry | Max Pain | Distance from 757.29 | Implication |
|---|---|---|---|
| Nov 12 2026 0 DTE | 757.00 | -0.29 (-0.04%) | Immediate pin holds because volume clusters at that strike |
| Nov 13 2026 1 DTE | 758.00 | +0.71 (0.09%) | Next session magnet moves 1.00 higher once roll occurs |
| Nov 16 2026 4 DTE | 763.00 | +5.71 (0.75%) | Resistance forms at that level if price extends beyond 758 |
Positioning Mechanics
Price sits 0.29 above the 0 DTE max pain which means settlement mechanics reference the 757 strike as the centre of gravity rather than a distant attractor. Support holds at 750.00 from the Dec 31 expiry max pain because that strike shows the next largest open interest cluster below price. Any sustained move higher first tests the 763.00 level from Nov 16 before extending because that strike carries the largest cluster above current price.
Scenario Triggers
40 percent probability the pin remains at 757 if no material open interest rolls overnight because the 0 DTE cluster stays dominant. 35 percent probability the pin shifts to 758 on Nov 13 once volume carries forward because the 1 DTE max pain level sits 0.71 higher. 25 percent probability price tests 763 if the gap to 0 DTE max pain widens beyond 1 percent because fresh open interest would need to form at higher strikes first.
Experience Levels to Monitor
| Level | What to Watch on Tape |
|---|---|
| Beginner | Track how 0 DTE max pain distance from spot affects closing range on expiry day |
| Intermediate | Compare successive daily max pain prints to see when the magnet migrates by 1.00 point or more |
| Advanced | Monitor open interest changes at 757 versus 758 strikes across the final two sessions to gauge roll impact |
Price sits on 0 DTE max pain so dealer gamma hedging stays minimal until expiry rolls.
This is analysis, not financial advice. Always manage your risk.
