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Open Interest Analysis

OI Analysis — SPY · S&P 500 ETF

60 trading days · 2025-12-24 → 2026-03-23

SPY Close

$655.38

-2.69 (-0.41%)

Last updated: 2026-03-24 10:43 UTC

Today's Analysis

Plain-English interpretation of each OI signal for SPY

Between Walls
NO
$625
2ND
$640
DOM
$655.38

Outside the dominant wall range — directional momentum more likely than mean reversion.

Magnet Strength
0.83× Normal (0.7–1×)
Current OI
1,752,120
30d Avg OI
2,108,362

Near or below average — wall levels carry typical structural weight.

P/C Ratio
1.47
PUT HEAVY

Above 1.2 — more put OI than calls. Hedging demand elevated; market participants are positioned defensively.

Dominant Wall
$640
▼ Below spot

The highest OI concentration strike — the structural anchor dealers are most committed to hedging.

Distance to #1 Wall
$+15.38
+2.35%

Price is above the dominant wall — acts as support.

Wall Skew
-0.961
PUT HEAVY

Put-heavy at the dominant wall — put sellers defend this level. Acts as structural support/magnet.

NEUTRAL

OI Wall Signal

Based on dominant OI cluster analysis

Signal Strength 66/100

What This Means

Price has cleared the dominant OI wall. Heavy put OI below now acts as structural support. Momentum favors continuation higher. Look for dips to the broken wall level as entries.

P/C PUT HEAVY Magnet Normal (0.7–1×) Between walls No Dom. wall $640 Wall skew -0.961 PUT HEAVY
Expiry All ≤ 1 DTE ≤ 5 DTE ≤ 10 DTE ≤ 30 DTE

Dominant OI Walls vs Price

Scroll to zoom · Drag to pan · Wall thickness = relative OI

Show:
#1 Largest OI
#2
#3
Bullish candle
Bearish candle
Between two primary walls

Green shading marks days when price was sandwiched between the #1 (Dominant) and #2 OI walls by total magnitude. On these days, dealer delta-hedging on both sides creates a structural pin — historically price tends to stay inside this band. See the Was Price Between the Two Dominant Walls? section below for the full backtest.

Was Price Between the Two Dominant Walls?

Gold = #1 OI wall · Blue = #2 OI wall · Green band = price sandwiched between them · Orange dot = price outside both walls · Scroll to zoom · Drag to pan

OI Magnitude → Magnet Strength

When total OI is elevated vs its 30-day rolling average, does price stay within the wall range more often? Thesis: higher OI concentration = stronger dealer hedging = tighter containment.

Current Magnet Strength
Normal (0.7–1×)
Low (<0.7×)
100.0%
1 days · 1d
Normal (0.7–1×)
85.7%
15 days · 1d
Elevated (1–1.5×)
80.0%
5 days · 1d
High (1.5–2×)
71.4%
7 days · 1d
Very High (>2×)
100.0%
2 days · 1d

Containment Rate by OI Magnitude Bucket

OI ratio = today's total OI ÷ 30-day rolling average. Does elevated OI predict price staying inside the dominant wall range?

OI Level Days 1d 2d 5d 10d 20d
Low (<0.7×) 1 100.0% — — — —
Normal (0.7–1×) 15 85.7% 71.4% 57.1% 36.4% 75.0%
Elevated (1–1.5×) 5 80.0% 80.0% 100.0% 100.0% 50.0%
High (1.5–2×) 7 71.4% 71.4% 100.0% 100.0% 100.0%
Very High (>2×) 2 100.0% 100.0% 0.0% — —

Recent Backtest Periods

Last 50 trading days — did price stay inside the identified walls?

Dist. #1 Wall
0–Any
Contained In Between Walls? Stock Performance
Date Close Put Wall Call Wall Range Dist. to #1 Wall Magnet Strength +1d +2d +5d +10d +20d +1d +10d
2026-03-23 $655.38
$640 #1
$660 #3
20.0 (3.0%)
2.35% $15.4
Normal (0.7–1×) — — — — — — —
2026-03-20 $648.57
$645 #2
$660 #1
15.0 (2.3%)
1.76% $11.4
Low (<0.7×) IN — — — — +1.05% —
2026-03-19 $659.80
$650 #2
$660 #1
10.0 (1.5%)
0.03% $0.2
High (1.5–2×) OUT IN — — — -1.70% —
2026-03-18 $661.43
$660 #1
$685 #3
25.0 (3.8%)
0.22% $1.4
High (1.5–2×) OUT OUT — — — -0.25% —
2026-03-17 $670.79
$660 #1
$685 #4
25.0 (3.7%)
1.61% $10.8
High (1.5–2×) IN OUT — — — -1.40% —
2026-03-16 $669.03
$660 #1
$685 #4
25.0 (3.7%)
1.35% $9.0
Very High (>2×) IN IN OUT — — +0.26% —
2026-03-13 $662.29
$660 #1
$675 #4
15.0 (2.3%)
0.35% $2.3
Very High (>2×) IN IN OUT — — +1.02% —
2026-03-12 $666.06
$660 #1
$675 #2
15.0 (2.2%)
0.91% $6.1
Normal (0.7–1×) IN IN OUT — — -0.57% —
2026-03-11 $676.33
$660 #1
$680 #3
20.0 (3.0%)
2.41% $16.3
Normal (0.7–1×) IN IN IN — — -1.52% —
2026-03-10 $677.18
$660 #1
$680 #5
20.0 (3.0%)
2.54% $17.2
Normal (0.7–1×) IN IN IN — — -0.13% —
2026-03-09 $678.27
$675 #1
$680 #4
5.0 (0.7%)
0.48% $3.3
Normal (0.7–1×) IN IN OUT OUT — -0.16% -3.38%
2026-03-06 $672.38
$660 #2
$675 #1
15.0 (2.2%)
0.39% $2.6
Normal (0.7–1×) OUT OUT IN OUT — +0.88% -3.54%
2026-03-05 $681.31
$680 #1
$700 #2
20.0 (2.9%)
0.19% $1.3
Normal (0.7–1×) OUT OUT OUT OUT — -1.31% -3.16%
2026-03-04 $685.13
$680 #2
$690 #1
10.0 (1.5%)
0.71% $4.9
Normal (0.7–1×) IN OUT OUT OUT — -0.56% -3.46%
2026-03-03 $680.33
$665 #1
$700 #3
35.0 (5.1%)
2.25% $15.3
Normal (0.7–1×) IN IN IN IN — +0.71% -1.40%
2026-03-02 $686.38
$675 #1
$700 #3
25.0 (3.6%)
1.66% $11.4
Normal (0.7–1×) IN IN IN OUT — -0.88% -2.53%
2026-02-27 $685.99
$675 #1
$700 #3
25.0 (3.6%)
1.60% $11.0
Normal (0.7–1×) IN IN OUT OUT — +0.06% -3.46%
2026-02-26 $689.30
$650 #1
$690 #4
40.0 (5.8%)
5.70% $39.3
Elevated (1–1.5×) IN IN IN IN — -0.48% -3.37%
2026-02-25 $693.15
$650 #1
$700 #6
50.0 (7.2%)
6.23% $43.1
Elevated (1–1.5×) IN IN IN IN — -0.56% -2.43%
2026-02-24 $687.35
$650 #1
$690 #4
40.0 (5.8%)
5.43% $37.4
Elevated (1–1.5×) OUT IN IN IN — +0.84% -1.48%
2026-02-23 $682.39
$650 #1
$690 #2
40.0 (5.9%)
4.75% $32.4
Elevated (1–1.5×) IN OUT IN IN IN +0.73% -0.60%
2026-02-20 $689.43
$650 #1
$690 #2
40.0 (5.8%)
5.72% $39.4
Elevated (1–1.5×) IN IN IN IN OUT -1.02% -2.47%
2026-02-19 $684.48
$650 #1
$700 #6
50.0 (7.3%)
5.04% $34.5
High (1.5–2×) IN IN IN IN IN +0.72% -0.46%
2026-02-18 $686.29
$650 #1
$695 #8
45.0 (6.6%)
5.29% $36.3
High (1.5–2×) IN IN IN IN IN -0.26% -0.17%
2026-02-17 $682.85
$670 #1
$695 #8
25.0 (3.7%)
1.88% $12.8
High (1.5–2×) IN IN IN IN IN +0.50% -0.37%
2026-02-13 $681.75
$655 #1
$695 #8
40.0 (5.9%)
3.92% $26.8
High (1.5–2×) IN IN IN IN IN +0.16% +0.68%
2026-02-12 $681.27
$550 #1
$685 #3
135.0 (19.8%)
19.27% $131.3
Normal (0.7–1×) IN IN OUT OUT IN +0.07% +0.69%
2026-02-11 $691.96
$600 #1
$696 #4
96.0 (13.9%)
13.29% $92.0
Normal (0.7–1×) IN IN IN IN IN -1.54% -0.38%
2026-02-10 $692.12
$685 #1
$700 #4
15.0 (2.2%)
1.03% $7.1
Normal (0.7–1×) IN OUT IN IN OUT -0.02% +0.15%
2026-02-09 $693.95
$600 #1
$700 #3
100.0 (14.4%)
13.54% $94.0
Normal (0.7–1×) IN IN IN IN IN -0.26% -0.95%
2026-02-06 $690.62
$600 #1
$700 #6
100.0 (14.5%)
13.12% $90.6
— IN IN IN IN IN +0.48% -1.19%
2026-02-05 $677.62
$585 #1
$680 #4
95.0 (14.0%)
13.67% $92.6
— OUT OUT OUT OUT IN +1.92% +1.74%
2026-02-04 $686.19
$585 #1
$700 #8
115.0 (16.8%)
14.75% $101.2
— IN IN IN IN IN -1.25% -0.25%
2026-02-03 $689.53
$585 #1
$710 #8
125.0 (18.1%)
15.16% $104.5
— IN IN IN IN IN -0.48% -0.47%
2026-02-02 $695.41
$585 #1
$710 #10
125.0 (18.0%)
15.88% $110.4
— IN IN IN IN IN -0.85% -1.81%
2026-01-30 $691.97
$585 #1
$695 #7
110.0 (15.9%)
15.46% $107.0
— OUT IN IN IN IN +0.50% -1.48%
2026-01-29 $694.04
$665 #1
$700 #12
35.0 (5.0%)
4.18% $29.0
— IN IN IN IN IN -0.30% -1.84%
2026-01-28 $695.42
$665 #1
$700 #16
35.0 (5.0%)
4.37% $30.4
— IN IN IN IN IN -0.20% -0.50%
2026-01-27 $695.49
$665 #1
$700 #12
35.0 (5.0%)
4.38% $30.5
— IN IN IN IN IN -0.01% -0.48%
2026-01-26 $692.73
$665 #1
$700 #10
35.0 (5.0%)
4.00% $27.7
— IN IN IN IN IN +0.40% +0.18%
2026-01-23 $689.23
$665 #1
$690 #8
25.0 (3.6%)
3.52% $24.2
— OUT OUT OUT OUT IN +0.51% +0.20%
2026-01-22 $688.98
$600 #1
$690 #4
90.0 (13.1%)
12.91% $89.0
— IN OUT OUT IN IN +0.04% -1.65%
2026-01-21 $685.40
$550 #1
$690 #5
140.0 (20.4%)
19.75% $135.4
— IN IN OUT IN IN +0.52% +0.12%
2026-01-20 $677.58
$550 #1
$680 #3
130.0 (19.2%)
18.83% $127.6
— OUT OUT OUT OUT OUT +1.15% +1.76%
2026-01-16 $691.66
$600 #1
$695 #5
95.0 (13.7%)
13.25% $91.7
— IN IN IN OUT IN -2.04% +0.54%
2026-01-15 $692.24
$680 #1
$700 #8
20.0 (2.9%)
1.77% $12.2
— IN OUT IN IN IN -0.08% -0.04%
2026-01-14 $690.36
$680 #1
$700 #8
20.0 (2.9%)
1.50% $10.4
— IN IN IN IN IN +0.27% +0.53%
2026-01-13 $693.77
$680 #1
$700 #7
20.0 (2.9%)
1.98% $13.8
— IN IN IN IN IN -0.49% +0.24%
2026-01-12 $695.16
$680 #1
$700 #6
20.0 (2.9%)
2.18% $15.2
— IN IN OUT IN IN -0.20% +0.05%
2026-01-09 $694.07
$680 #1
$700 #7
20.0 (2.9%)
2.03% $14.1
— IN IN IN IN IN +0.16% -0.19%
The # badge shows each wall's OI rank across all strikes that day — the put/call wall is always the highest-OI strike on each side of price, but may not be the top strike overall. #1 = highest OI of all strikes · #2 = second highest · #5+ = lower-ranked wall (still the strongest on its side of price) · Dist. to #1 Wall — how far closing price was from the single highest OI strike that day, as a %. The slider filters to days where price was within that distance — useful for studying behavior when price is hugging the dominant wall vs. far from it. ≤1% = very tight · 1–3% = close · Bracketed Days Only — filters to days where price was sandwiched between the #1 and #2 OI walls (strongest structural pinning) · * OI projected from prior day due to API lag · IN = price stayed inside [put_wall, call_wall] · OUT = broke through

How to Read This Chart

Wall Thickness

Each horizontal band is sized proportionally to that wall's OI relative to the global maximum across all dates. A thick wall = massive open interest concentration. Dealers must hedge this position, creating a structural price magnet.

Wall Color

Blue walls sit above price — they act as resistance. Dealers are short calls here and sell delta on rallies. Red walls sit below price — they act as support. Dealers are short puts and buy delta on dips.

Wall Rank (#1–#5)

Rank 1 is the single largest OI concentration that day. Rank 2–5 are the next largest. Toggle each on/off to focus on specific levels. The #1 wall is the strongest structural anchor; #2–3 create a secondary range.