94,882 131 155,739 132 Between the 131 and the 132 strike there are two big chunks of call outstanding interest with a bunch of interest on the 131 put. does that mean that on expiration the SPY will probably be at 132 maybe 131.80-132.10?
It's not about pinning. It's about selling premium on the swings to extremes of the ranges. 129 -132 range for Feb outlier 128 - 133 Would not be surprised to see a 131-133 range til oe The large open put interest from 125 up offers support short term but it can be wrong 10-20% of the time.
large open interest can have an affect since that is where the long gamma people have the most gamma and theta. they are trying to scalp their gamma and can sometimes keep the range tight around a strike in a quiet market.