SPY 660 Put Surges to 108,685 Volume—A Closer Look at Today’s Most Active 0DTE Trade
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Today’s 660 Put Makes Up 3.5% of Total SPY Options Volume
If you blinked, you might have missed the surge: the SPY November 18, 2025 660 put, expiring today, dominated the options tape this morning with a massive 108,685 contracts traded—accounting for a notable 3.5% of all SPY options volume. The strike sits just $1.70 above the current price of SPY at $658.30 as of 10:59 AM, reflecting active hedging or speculative bets as volatility takes center stage.
Intraday Price Action Shows Traders Targeting Quick Moves
With SPY trading in a tight range of 656.80 to 664.26, the 660 put’s premium reacted sharply to intraday price swings. The contract opened at $1.80, hit a low of $1.25, soared as high as $4.60, and last changed hands at $3.70—a steep climb from yesterday’s $1.26 close. The volume spike highlights just how sensitive 0DTE (zero days to expiration) contracts are to quick moves and shifting market sentiment, with both buyers and sellers rushing to position for a volatile session’s end.
| Contract | Volume | Percent of Total | Trade Price VWAP | Open Interest (Prev. Day) | Price Range | Last Price |
|---|---|---|---|---|---|---|
| Nov-18-25 660 Put | 108,685 | 3.5% | $2.55 | 9,979 | $1.25 – $4.60 | $3.70 |
Order Flow Split: Retail Drives Action as Sentiment Remains Balanced
Digging into order flow reveals that small (retail) trades made up 62% of the day’s activity, while larger, institutional-style trades accounted for the remaining 38%. Interestingly, buying and selling activity was almost perfectly balanced—49.9% of contracts bought versus 50.1% sold. This balance signals that market participants remain split: some see further downside and want to hedge or profit from weakness, while others are betting the market might bounce back before the close.
Open Interest Spike Suggests Growing Demand for Protection
Open interest data, though not updated intraday, still paints a compelling backdrop. As of 7:00 AM, open interest for the 660 put jumped by 3,984 contracts to 9,979—suggesting heightened demand for protection or speculative exposure in the previous session. We won’t know until tomorrow how today’s outsized activity translates into opening or closing new positions, but the recent surge sets a bullish stage for options activity around this strike.
Takeaway: Heavy 0DTE Volume Reflects Cautious Sentiment Near Expiry
Today’s action in the SPY 660 put demonstrates how 0DTE options can become a magnet for both tactical hedging and aggressive speculation, especially with the underlying trading just below the strike. With option prices swinging from $1.25 to $4.60 and a surge in both volume and open interest, traders are expressing divergent views—but the scale and timing of activity hints at a cautious mood as expiry looms.
Will the split order flow resolve into a sharp late-day move? Or will sellers capitalize on premium decay as the clock winds down? Either way, today’s heavy volume is a reminder: when big trades cluster near key strikes and expiry, it’s a signal that the crowd expects fireworks—one way or another.
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