Options & FlowUpdated daily after close
SPY Options Volume: Daily Call & Put Volume with the Put/Call Ratio
Cleared contract volume for SPY options from the Options Clearing Corporation — every US options exchange, two years of history. Calls and puts charted separately against SPY, plus the put/call volume ratio with a customer-only line that strips out market-maker hedging flow.
Today's reading
On June 15, 2026, 14.5M SPY puts and 14.5M calls traded across all US options exchanges — a put/call volume ratio of 1.00 (prior session 0.98), the 13th percentile of the last two years. Customer accounts alone ran 0.96. Figures are cleared contract totals from the Options Clearing Corporation.
Source
OCC cleared volume (all US options exchanges), daily
Methodology
Put vs call contract totals + customer/market-maker split
Updates
Daily after market closeLast: 2026-06-15
P/C volume ratio2026-06-15 · close
1.00
▲ from 0.98
Puts traded ÷ calls traded, all exchanges, cleared by OCC.
Put volume
14.5M
Call volume
14.5M
Customer-only P/C
0.96
Put premium
$1.0B
Call premium
$2.2B
Range:
01
Call volume
SPY call contracts tradedSPY price (right)
02
Put volume
SPY put contracts tradedSPY price (right)
03
Put/Call volume ratio
Puts ÷ calls per session. SPY structurally trades more puts than calls (it's the market's hedging vehicle) — judge readings against the series' own range, not 1.0.
P/C volume ratio Parity (1.0)SPY price (right)
How SPY Options Volume Works
- 1Pull cleared volume from the OCC after every closeThe Options Clearing Corporation clears every US options exchange, so its daily figures are the consolidated, authoritative count — not a single-exchange sample. Each evening we fetch SPY’s cleared contract volume split by puts vs calls and by account type (customer, firm, market maker).
- 2Chart calls and puts separately against SPYCall volume and put volume each get their own chart with the SPY price overlaid, so you can see how activity expands and contracts around rallies, selloffs, and expiration cycles.
- 3Compute the put/call volume ratio — total and customer-onlyTotal put volume ÷ call volume is the classic sentiment read. We also compute the ratio from customer accounts alone, stripping out market-maker hedging flow — a cleaner view of what traders are actually choosing to do.
- 4Publish a dated, plain-English readingEvery update is stamped to the session it was cleared for. Spikes in the ratio mark fear; depressed readings mark complacency — both are context, not timing signals.
Who Uses SPY Options Volume
Swing traders
Watch for put-volume spikes into selloffs — capitulation-style hedging days often cluster near short-term lows.
Options traders
Compare the customer-only ratio against the total: when they diverge, dealer hedging is driving the tape, not directional opinion.
Market-internals watchers
Pair the volume ratio with P/C open interest (the standing book) — volume is the day’s vote, OI is the accumulated position.
Pro Tips
01
Volume is flow, OI is stock
Put/call VOLUME measures today’s activity; put/call OPEN INTEREST measures the standing book. A volume spike that doesn’t move OI was day-traded; one that does was positioned.
02
Use the customer-only line for sentiment
Market makers buy and sell mechanically as hedges. The customer-account ratio is closer to genuine directional opinion — divergences between the two lines are informative on stress days.
03
Extremes mean more than levels
SPY put volume usually exceeds call volume (it’s the market’s hedging vehicle), so the ratio lives above 1.0. Readings pushing the top of the two-year range mark fear; unusually low readings mark complacency.
Common Issues & Solutions
The ratio is almost always above 1.0 — is that bearish?▾
No. SPY is the market’s default hedging instrument, so put volume structurally exceeds call volume. Judge readings against the series’ own range, not against 1.0.
Volume looks huge on some Fridays▾
Options expiration days (especially monthly and quarterly OpEx) mechanically inflate volume as positions roll. Compare like-for-like days when reading extremes.
Numbers differ slightly from exchange websites▾
We use OCC cleared volume — the consolidated total across all US options exchanges. Single-exchange figures (e.g. Cboe-only) will be smaller.
The $ premium view shows enormous call spikes four times a year▾
Those are dividend-capture days: SPY goes ex-dividend on quarterly expiration Fridays, and traders run huge deep-in-the-money call volume the day before. Deep-ITM calls carry large intrinsic value, so dollar premium explodes while contract counts barely move. It is real, mechanical flow — not sentiment.
Frequently Asked Questions
Where does the volume data come from?▾
From the Options Clearing Corporation (OCC), which clears every US options exchange. The figures are cleared contract totals — the consolidated, authoritative daily count — split by puts vs calls and by account type (customer, firm, market maker).
What is the put/call volume ratio?▾
Total SPY put contracts traded divided by total call contracts traded in a session. Because SPY is the market’s primary hedging vehicle, the ratio normally sits above 1.0; the median over the last two years is roughly 1.2. Extremes relative to that range — not the absolute level — carry the signal.
How is the customer-only ratio different?▾
OCC splits volume by account type. The customer-only ratio excludes market-maker accounts, whose trading is largely mechanical hedging, leaving a cleaner read on what end traders are actually choosing to do.
How is volume different from open interest?▾
Volume counts contracts traded during the session (flow); open interest counts contracts outstanding at the end of it (the standing book). A high-volume day that leaves OI unchanged was mostly day-trading; one that raises OI added new positions. We track open interest separately on the SPY Options OI page.
How often is this page updated?▾
Daily. OCC finalizes a session’s cleared volume on the following day (T+1), so the latest reading here is always the prior trading session — each reading is dated to the session it covers, and the full series is browsable across two years of history.
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Last updated: 2026-06-16