SPY institutional options flow analysis — multi-leg block trades, dominant direction, and gamma analysis from the public options tape for February 23, 2026. Articles older than 60 days are public; a free account reads back to 30 days, Pro to 5, and AIme Premium reads today's unusual options trades with no delay.

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SPY Unusual Options Activity — 2026-02-23

Institutional flow on 2026-02-23

Multi-leg block trades, dominant direction, and gamma analysis

$8.4M2 trades
Long PutShort Put

Trade Details

BUY$675 PUT2026-03-03$5.8MLong Put
SELL$660 PUT2026-03-03$2.6MShort Put

The Options Desk tracks the move options price into every US earnings report the week of Sep 14, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.