SPY spot sits at $778.57 into Monday's Oct 12 expiry. Max pain for that date: $774.00, roughly $4.60 below. QQQ's at $751.27, DIA at $516.11, same cycle. Nothing's moved since Friday's close, markets are shut through Sunday. #OPEX

SPY spot sits at $778.57 into Monday's Oct 12 expiry. Max pain for that date: $774.00, roughly $4.60 below. QQQ's at $751.27, DIA at $516.11, same cycle. Nothing's moved since Friday's close, markets are shut through Sunday. #OPEX
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SPY's max pain sits right at spot, $771.35, into Monday's weekly expiry. QQQ trades $744.50 against a $737 max pain, about 1% above it. DIA sits $517.49 versus a $512 max pain. The wider the gap into expiry, the more dealer hedging flow can drag price toward the pin. #OPEX
Max pain is the strike where the most options expire worthless.
SPY's max pain for today's expiry sits at $766, spot trades $771.58, about $5.60 above the pin.
That pull toward the strike is dealers unwinding hedges as gamma decays into the close.
Pin effect strengthens hour by hour today. #OPEX
SPY closed Friday at $764.29. Dealer put gamma bottoms near -$1.8B to -$2B in the 750-760 strike band. Call gamma turns positive just above spot, right where the flip sits. #OPEX