SPX Options Key Levels — 2026-10-12 Expiration
As of 2026-10-11 21:36 ET, S&P 500 Index (SPX) max pain for the 2026-10-12 expiration is $7790 with the stock at $7811.54; the gamma flip is $7795.02; dealers are in positive gamma (net GEX 8.4B); options imply a ±0.40% move by expiration.
| Spot price | $7811.54 |
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| Max pain | $7790 |
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| Gamma flip | $7795.02 |
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| Call Wall | $7800 (5,719 open interest) |
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| Put Wall | $7800 (4,787 open interest) |
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| Net gamma exposure (GEX) | 8.4B — positive gamma |
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| Implied move | ±0.40% (±$30.91) |
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| At-the-money implied volatility | 9.5% |
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| Put/call open interest ratio | 1.55 |
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| Call / put open interest | 153,576 / 238,470 |
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| Call / put volume | 7,341 / 5,861 |
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What is SPX max pain today?
$7790 for the 2026-10-12 expiration, 0.3% below the current price of $7811.54.
What is SPX gamma exposure (GEX)?
Net GEX is 8.4B (positive gamma), with the gamma flip at $7795.02.
Where are the SPX call wall and put wall?
Call wall $7800 (resistance), put wall $7800 (support).
SPX Dealer Positioning Insights
- Positive Gamma Environment — Dealers are long gamma — they buy dips and sell rips, dampening moves. Expect mean-reversion and range-bound trading.
- High Put/Call OI Ratio (1.55) — Put open interest dominates, indicating hedging/bearish positioning. Extreme readings can be contrarian bullish.
- Max Pain @ $7790.0 — Spot is 0.3% above Max Pain. Gravitational pull may increase as expiry approaches.
- Support $7800.0 / Resistance $7800.0 — Put Wall at $7800.0 acts as support. Call Wall at $7800.0 acts as resistance. Net gamma concentration creates dealer hedging flows at these levels.
- Expected Move (Straddle-mid): ±0.40% ($30.91) — ATM straddle-mid implies a ±0.40% move by expiry. Range: $7780.63 — $7842.45
Largest SPX Open Interest Strikes
Calls: $7910 (6,187), $7940 (5,944), $7800 (5,719), $8040 (5,213), $8010 (5,164). Puts: $7275 (14,946), $7600 (11,548), $7500 (9,494), $6600 (7,051), $6300 (6,479).
Later SPX expirations: 2026-10-13, 2026-10-14, 2026-10-15, 2026-10-16, 2026-10-19, 2026-10-20, 2026-10-21, 2026-10-22.
Max pain is the strike at which option holders lose the most at expiration. Gamma exposure (GEX) estimates how much options dealers must hedge as the stock moves: positive gamma tends to dampen moves, negative gamma amplifies them, and the gamma flip is the price where net GEX changes sign. Call and put walls are the strikes where call and put gamma exposure is most concentrated, often read as resistance and support. Methodology
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