# SPY — Max Pain / GEX · GammaGrid demo

**Gamma weather: Storm.** This chain has no gamma flip inside its strike range, so only the sign of gamma is known — negative, hedging amplifies moves. *(next 26 days · 9 expiries)*

| Level | Value |
|---|---|
| Price | 764.29 |
| Call wall | 800.00 |
| Put wall | 535.00 |
| Gamma flip | — |
| Net GEX | -584.2 M |

## Max pain and dealer gamma by expiry

Nearest expiries first. Max pain is the strike where open interest would expire worth the least; the expected move is one standard deviation from at-the-money implied volatility; net GEX is the dealers' estimated gamma exposure for that expiry, positive damps moves and negative amplifies them.

| Expiry | Max pain | Expected move | Range | Call wall | Put wall | Net GEX | Contracts |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | 760.00 | ±0.6% | 759.50 – 769.08 | 765.00 | 700.00 | 24.9 M | 48 |
| 2026-09-15 | 765.00 | ±0.9% | 757.66 – 770.92 | 770.00 | 760.00 | -73.5 M | 43 |
| 2026-09-16 | 765.00 | ±1.2% | 754.77 – 773.81 | 770.00 | 735.00 | 0.8 M | 35 |
| 2026-09-17 | 760.00 | ±1.5% | 753.04 – 775.54 | 775.00 | 745.00 | 4.9 M | 36 |
| 2026-09-18 | 755.00 | ±1.7% | 751.06 – 777.52 | 790.00 | 520.00 | -456.5 M | 585 |
| 2026-09-25 | 766.00 | ±2.3% | 746.74 – 781.84 | 800.00 | 745.00 | -28.1 M | 278 |

28 expiries in the chain; the page lists every one.

## About these numbers

Computed by GammaGrid from the SPY options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-09-13T04:12:59.146795 UTC; this page follows the collection, roughly every fifteen minutes while the market is open.

Other views of SPY: [Overview](https://app.gammagrid.io/demo/t/SPY.md) · [GEX Heatmap](https://app.gammagrid.io/demo/t/SPY/heatmap.md) · [Volatility (IV)](https://app.gammagrid.io/demo/t/SPY/volatility.md).

Canonical page: <https://app.gammagrid.io/demo/t/SPY/max-pain> · The demo shows the free list only; a GammaGrid account watches any US-listed ticker with options, replays earlier collections and opens every contract: <https://app.gammagrid.io/>