SPDR S&P 500 ETF Trust (SPY)
SPDR S&P 500 Max Pain By Strike
SPY trades at $657.4, pinned near the near-term max pain of $655 expiring Sep 15, 2025 (2 days). Price stability likely with balanced options positioning at this level. Max pain is stable across expirations ($555-$656), indicating stable market expectations. Key magnetic zone at 655 where 5 expirations converge.
SPDR S&P 500 Max Pain By Expiry
Max pain for SPY shows stable levels around 635.03, reflecting balanced market expectations. The 16% spread signals divergent expectations across timeframes. Most levels below 657.4 may cap rallies. Strong magnetic level at 655 (5 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 15, 2025 | 655 | -2.40 (-0.37%) |
| Sep 16, 2025 | 655 | -2.40 (-0.37%) |
| Sep 17, 2025 | 650 | -7.40 (-1.13%) |
| Sep 18, 2025 | 645 | -12.40 (-1.89%) |
| Sep 19, 2025 | 635 | -22.40 (-3.41%) |
| Sep 22, 2025 | 656 | -1.40 (-0.21%) |
| Sep 23, 2025 | 655 | -2.40 (-0.37%) |
| Sep 24, 2025 | 655 | -2.40 (-0.37%) |
| Sep 25, 2025 | 655 | -2.40 (-0.37%) |
| Sep 26, 2025 | 648 | -9.40 (-1.43%) |
| Sep 30, 2025 | 641 | -16.40 (-2.49%) |
| Oct 3, 2025 | 645 | -12.40 (-1.89%) |
| Oct 10, 2025 | 650 | -7.40 (-1.13%) |
| Oct 17, 2025 | 644 | -13.40 (-2.04%) |
| Oct 24, 2025 | 653 | -4.40 (-0.67%) |
| Oct 31, 2025 | 634 | -23.40 (-3.56%) |
| Nov 21, 2025 | 640 | -17.40 (-2.65%) |
| Nov 28, 2025 | 635 | -22.40 (-3.41%) |
| Dec 19, 2025 | 610 | -47.40 (-7.21%) |
| Dec 31, 2025 | 604 | -53.40 (-8.12%) |
| Jan 16, 2026 | 600 | -57.40 (-8.73%) |
| Jan 30, 2026 | 640 | -17.40 (-2.65%) |
| Feb 20, 2026 | 645 | -12.40 (-1.89%) |
| Feb 27, 2026 | 651 | -6.40 (-0.97%) |
| Mar 20, 2026 | 610 | -47.40 (-7.21%) |
| Mar 31, 2026 | 630 | -27.40 (-4.17%) |
| Jun 18, 2026 | 600 | -57.40 (-8.73%) |
| Jun 30, 2026 | 645 | -12.40 (-1.89%) |
| Sep 18, 2026 | 640 | -17.40 (-2.65%) |
| Dec 18, 2026 | 555 | -102.40 (-15.58%) |
| Jan 15, 2027 | 640 | -17.40 (-2.65%) |
| Dec 17, 2027 | 600 | -57.40 (-8.73%) |