SPDR S&P 500 ETF Trust (SPY)
SPDR S&P 500 Max Pain By Strike
SPY trades at $636.92, pinned near the near-term max pain of $646 expiring Sep 2, 2025 (0 days). Price stability likely with balanced options positioning at this level. Max pain is stable across expirations ($555-$650), indicating stable market expectations. Key magnetic zone at 645 where 8 expirations converge.
SPDR S&P 500 Max Pain By Expiry
Max pain for SPY shows stable levels around 630.22, reflecting balanced market expectations. The 15% spread signals divergent expectations across timeframes. Levels distributed around 636.92. Strong magnetic level at 645 (8 expirations). Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.
Max Pain Table
| Expiration Date | Max Pain | Max Pain vs Current Price |
|---|---|---|
| Sep 2, 2025 | 646 | 9.08 (1.43%) |
| Sep 3, 2025 | 645 | 8.08 (1.27%) |
| Sep 4, 2025 | 645 | 8.08 (1.27%) |
| Sep 5, 2025 | 641 | 4.08 (0.64%) |
| Sep 8, 2025 | 645 | 8.08 (1.27%) |
| Sep 9, 2025 | 645 | 8.08 (1.27%) |
| Sep 10, 2025 | 650 | 13.08 (2.05%) |
| Sep 11, 2025 | 650 | 13.08 (2.05%) |
| Sep 12, 2025 | 640 | 3.08 (0.48%) |
| Sep 19, 2025 | 625 | -11.92 (-1.87%) |
| Sep 26, 2025 | 645 | 8.08 (1.27%) |
| Sep 30, 2025 | 630 | -6.92 (-1.09%) |
| Oct 3, 2025 | 645 | 8.08 (1.27%) |
| Oct 10, 2025 | 650 | 13.08 (2.05%) |
| Oct 17, 2025 | 635 | -1.92 (-0.30%) |
| Oct 31, 2025 | 625 | -11.92 (-1.87%) |
| Nov 21, 2025 | 635 | -1.92 (-0.30%) |
| Nov 28, 2025 | 630 | -6.92 (-1.09%) |
| Dec 19, 2025 | 600 | -36.92 (-5.80%) |
| Dec 31, 2025 | 600 | -36.92 (-5.80%) |
| Jan 16, 2026 | 600 | -36.92 (-5.80%) |
| Jan 30, 2026 | 637 | 0.08 (0.01%) |
| Feb 20, 2026 | 650 | 13.08 (2.05%) |
| Feb 27, 2026 | 648 | 11.08 (1.74%) |
| Mar 20, 2026 | 600 | -36.92 (-5.80%) |
| Mar 31, 2026 | 625 | -11.92 (-1.87%) |
| Jun 18, 2026 | 595 | -41.92 (-6.58%) |
| Jun 30, 2026 | 645 | 8.08 (1.27%) |
| Sep 18, 2026 | 640 | 3.08 (0.48%) |
| Dec 18, 2026 | 555 | -81.92 (-12.86%) |
| Jan 15, 2027 | 645 | 8.08 (1.27%) |
| Dec 17, 2027 | 600 | -36.92 (-5.80%) |