SPY 0DTE 758 Call Surges to 217,134 Contracts—Large Traders Account for 61% of Flow
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By 10:59 AM today, the SPY May-29-26 758 Call—expiring at the close—dominated the options order book. With 217,134 contracts traded, this single strike made up 8.9% of all SPY option volume in the session so far. The magnitude of this activity stands out, especially given its zero days to expiration (0DTE) and proximity to the underlying price.
Price Action: Option Trades Across a Wide Range as SPY Hovers Below Strike
The SPY underlying price traded between $755.10 and $758.08 during the morning, holding just below the 758 strike. The 758 Call option saw a low trade at $0.46 and reached as high as $1.31, moving with intraday volatility. Its last trade before this report was at $0.46, below the VWAP of $0.89 and slightly under its opening trade price of $0.57.
| Contract | Volume | VWAP | Open | High | Low | Last |
|---|---|---|---|---|---|---|
| May-29-26 758 Call | 217,134 | 0.89 | 0.57 | 1.31 | 0.46 | 0.46 |
Order Flow Shows Institutional Tilt: 61% of Trades Are Large-Scale
What really stands out is the breakdown of today’s order flow: 61% of the activity is coming from large or professional accounts. In contrast, retail and smaller trades make up only 39%. Furthermore, the traded volume skewed slightly to the sell side, with 53.6% sold versus 46.4% bought. This could indicate that more market participants are taking in premium, betting SPY will not close above 758, or they may be hedging other positions.
| Percent Bought | Percent Sold | Large/Pro | Retail |
|---|---|---|---|
| 46.4% | 53.6% | 61% | 39% |
Open Interest Jumps Overnight, But Today's Builds Won’t Be Seen Until Tomorrow
Heading into the session, the open interest for this contract rose by 10,219 to reach 12,905 as of this morning. While we’ll have to wait until tomorrow to see how today’s massive trading shifts the open interest, the jump suggests recent traders have been busy establishing new exposure ahead of what could be a pivotal final trading day for this contract.
Takeaway: Heavy 0DTE Call Activity Reveals Strategic Tension as SPY Trades Near Key Level
With the SPY 758 Call expiring in hours and underlying price just $2.20 below, this surge in volume—especially from larger traders—implies institutional investors are either bracing for a sharp move higher or capitalizing on short-term volatility. The skew toward selling hints at profit-taking or defensive tactics, a theme worth monitoring as expiration approaches.
For investors, this spike in 0DTE call activity offers a live snapshot of market uncertainty. Will SPY make a late-day rally and push through 758—or are most traders collecting premium in anticipation of a flat finish? Either way, watching how the final volume and open interest numbers shake out by tomorrow morning could reveal how expectations played out versus reality.
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