09/25/12 – If you look at the SPY weekly, you will notice this week the open interest looks very different from the past few months. During this market melt-up the put OI has dominated calls. The calls at times were almost non-existent. That has made a major change this week. Now, notice the SPY price action. Since the SPY monthly still looks relatively typical with calls only slightly elevated, you need to take the SPY action week by week. A bulls best scenario is to have all that option premium disappear into thin air, running the SPY near the put side this week. You would then love to see 100K puts and 20K calls for next week. Again, take week by week, but more education is all. —To clarify, this doesn’t mean SPY will fall off a cliff this week, it says will have a hard time going up is all.
05/28/12 - Not sure if this is one of the few times excessive calls out of the blue is a good thing for bulls.
I do not have any stats on the SPY and OI/Max Pain. It is an ETF which brings in so many variables, opposed to a single stock. Regardless, I will put it up to show the OI data.