Last week here we had three expirations that didn’t give much in the way of a “best pin,” but did offer information about where there would be high put support and/or call resistance. I mentioned the high puts at 276 for Friday’s expiration and said that upon a first touch or break of that it would offer a good risk to reward long trade. That happened on Monday morning and worked out. As explained last week, since continual touches or moves below high puts weaken them it didn’t offer the same set-up upon a second move under them. In the end SPY did stay under those puts to close below them. Monday and Wednesday did pin as you can see at the bottom of this post.
If you have not yet subscribed to my weekly freebie you can do so below to get next weeks free trade IDEA (not alert – if you want an alert you need to be a subscriber) sent to your mailbox Monday morning.
Last weeks Freebie was GOOGL and worked great. In fact, almost all targets were hit minus the last one by only $1.50. At SassyOptions premium we took GOOGL calls from $3.30 to $8.80 and then again from $2.41 to $3.90. The stats for the weekly freebie since I began sending them are as follows:
- 15 wins (I only count wins when they are either big wins or where there was enough time to take profits).
- 4 that didn’t trigger
- 4 scratch trades
- 1 loss
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Open Interest: If you want more information on how to read the high calls and puts in the open interest see here.
SPY-M: (12 of 17 for pins since Monday expiration inception).* Monday’s expiration currently suggests that price will close at or above 275 due to all the put support. The current best pin is 275, but there is less call resistance if price can keep pushing higher. Price closed Friday right under 275 so if it opens below there and doesn’t quickly get back over those puts then it could lead to a swift move through the puts to around 272 due to delta hedging. The longer price stays under 275 the harder it will be to recover throughout the day. If price does open above these puts or does bounce quickly over them then it increases the chance that price closes at or above 275 on Monday.
SPY-W: (70 of 93 pins since Wednesday expiration inception).* Wednesday’s expiration doesn’t have much in the way of put support as of now. There is very minor support at 277 and 275, but if price is below there already it’s not strong enough to pull price up. Furthermore, if price does open above those levels, but is very weak then those puts are not strong enough to keep it up. To the upside there is strong call resistance at 281 so if SPY finally rally’s next week it’s unlikely to hold above 281 by Wednesday expiration. 
SPY-F: (54 of 86 pins since I began tracking Friday’s).* Similar to Wednesday’s open interest there is not much put support for Friday’s either. Again there is some minor put support, mainly at 275 and 270, but nothing strong enough to be relevant. To the upside however, there is resistance that begins eat 279 with the highest strike being at 283. As of now it suggests that price will have difficulty getting to 280 next week and if it does it will have difficulty remaining above it. 
Pinning Stuff:
*An explanation as to how I define range pinning can be found here. More information about what pinning is can be found under the education section or here.
Monday 6/18: Successful pin. 
Wednesday 6/20: Successful pin.
Friday 6/22: Failed to the downside.
Tags: max pain, open interest, option trading, options, options expiration, options pin, S&P 500, SPX, spy
SPY Open Interest Range for Mon, Wed & Quarter End Expiration
Last week here we had three expirations that didn’t give much in the way of a “best pin,” but did offer information about where there would be high put support and/or call resistance. I mentioned the high puts at 276 for Friday’s expiration and said that upon a first touch or break of that it would offer a good risk to reward long trade. That happened on Monday morning and worked out. As explained last week, since continual touches or moves below high puts weaken them it didn’t offer the same set-up upon a second move under them. In the end SPY did stay under those puts to close below them. Monday and Wednesday did pin as you can see at the bottom of this post.
If you have not yet subscribed to my weekly freebie you can do so below to get next weeks free trade IDEA (not alert – if you want an alert you need to be a subscriber) sent to your mailbox Monday morning.
Last weeks Freebie was GOOGL and worked great. In fact, almost all targets were hit minus the last one by only $1.50. At SassyOptions premium we took GOOGL calls from $3.30 to $8.80 and then again from $2.41 to $3.90. The stats for the weekly freebie since I began sending them are as follows:
Join SassyOptions: If you are a short term trader join us at SassyOptions Premium and take advantage of all its offerings that will help make you a better and more profitable trader.
Open Interest: If you want more information on how to read the high calls and puts in the open interest see here.
SPY-M: (12 of 17 for pins since Monday expiration inception).* Monday’s expiration currently suggests that price will close at or above 275 due to all the put support. The current best pin is 275, but there is less call resistance if price can keep pushing higher. Price closed Friday right under 275 so if it opens below there and doesn’t quickly get back over those puts then it could lead to a swift move through the puts to around 272 due to delta hedging. The longer price stays under 275 the harder it will be to recover throughout the day. If price does open above these puts or does bounce quickly over them then it increases the chance that price closes at or above 275 on Monday.
SPY-W: (70 of 93 pins since Wednesday expiration inception).* Wednesday’s expiration doesn’t have much in the way of put support as of now. There is very minor support at 277 and 275, but if price is below there already it’s not strong enough to pull price up. Furthermore, if price does open above those levels, but is very weak then those puts are not strong enough to keep it up. To the upside there is strong call resistance at 281 so if SPY finally rally’s next week it’s unlikely to hold above 281 by Wednesday expiration.
SPY-F: (54 of 86 pins since I began tracking Friday’s).* Similar to Wednesday’s open interest there is not much put support for Friday’s either. Again there is some minor put support, mainly at 275 and 270, but nothing strong enough to be relevant. To the upside however, there is resistance that begins eat 279 with the highest strike being at 283. As of now it suggests that price will have difficulty getting to 280 next week and if it does it will have difficulty remaining above it.
Pinning Stuff:
*An explanation as to how I define range pinning can be found here. More information about what pinning is can be found under the education section or here.
Monday 6/18: Successful pin.
Wednesday 6/20: Successful pin.
Friday 6/22: Failed to the downside.
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Tags: max pain, open interest, option trading, options, options expiration, options pin, S&P 500, SPX, spy