Date: Tue Aug 25, 2026 | Expiration: Aug 25, 2026
We study SPY and Trade SPX SPDR 500 ZERO DTE Index.
🎯 QZ ALGO CREED — Probability Over Prediction
VIP Content - Enter Email to Unlock
This content is exclusive to IKIGAI VIP members. Enter your registered email below to access the full EDGE analysis.
Not a VIP yet? Join IKIGAI Trading Academy
We don’t forecast. We read positioning — where Market Maker exposure sits, where the walls are, and how MM is priced across strikes. That tells us where price is constrained, not where it’s going. Structure decides the trade.
📋 EXECUTIVE DASHBOARD — SPY Tue Aug 25, 2026
| Snapshot | Value | Read |
|---|---|---|
| Spot | 764.09 | Below the Flip, on the negative cluster |
| Max Pain | 767 | Above spot — a mild magnet up |
| Flip | 768.89 | Spot below → negative regime |
| #1 / #2 Absolute | 765 / 764 | Both negative → amplify-down bias |
LEVEL LADDER (high → low):
| Dir | Level | Role |
|---|---|---|
| 🟢 ▲ | 771 / 770 | Tiny positive pins |
| 🟠 | 768.89 | FLIP |
| 🔵 | 767 | Max Pain |
| 🟢 | 766 | Small positive — the flip to green |
| 🔴 | 765 | #1 Abs (−7.3M) — just above spot |
| ☕ | 764.09 | WE ARE HERE (spot) |
| 🔴 ◆ | 764 | Daddy Bear (−18.2M) + #2 Abs |
| 🔴 ▼ | 762 / 760 | Negative shelf — 760 the put wall / magnet |
THE THREE PATHS:
| Path | Trigger → Target |
|---|---|
| 🟢 Bullish | Reclaim 765/766 → Max Pain 767 → the Flip 768.89 |
| ⚪ Neutral | Chop 762–767 below the Flip |
| 🔴 Bearish | Lose 764/762 → amplify to 760 |
⚡ OPENING NOTE
SPY Spot: 764.09 · Max Pain: 767 · Flip: 768.89.
📊 TV VALUES
📌 OI / Levels Note: These are pre-market LEVELS — a positioning snapshot taken before the open. Open Interest and MM exposure shift as the live chain updates through the session, so treat these as the map and the bias, not real-time truth.
SPY String — paste into QZ ALGO Daily Magnets:
766,770,771,764.09,767,768.89,762,760,764,765
SPX String:
7660,7700,7710,7640.9,7670,7688.9,7620,7600,7640,7650
Options Flow — VOLUME (Strike, Calls, Puts):
767, 37K, 4K
766, 55K, 10K
765, 83K, 41K
764, 93K, 108K
760, 3K, 60K
Options Flow — OPEN INTEREST (Strike, Calls, Puts):
767, 2K, 2K
766, 3K, 2K
765, 3K, 4K
764, 1K, 4K
760, 1K, 4K
🌡️ QZ TEMPERATURE
🌡️ SPY — Level then COLOR (Sign):
765 RED (Minus)
764 RED (Minus)
760 RED (Minus)
762 RED (Minus)
763 RED (Minus)
766 GREEN (Plus)
767 GREEN (Plus)
770 GREEN (Plus)
771 GREEN (Plus)
769 GREEN (Plus)
🧭 STRUCTURE CHECK
Market Structure (5 Min):
| Structure | Level | Status |
|---|---|---|
| LH (Lower High) | ~764.50 | Chop marker |
| HL (Higher Low) | ~762.80 | Bounce low |
| Current | ~763.5 | Chopping at the lows |
Q ALGO™ Status: 🔄 CHOP / grind at the lows
SPY is chopping near the lows between a Lower High around 764.5 and a Higher Low near 762.8, trading ~763.5 below the Flip. Reclaim 765/766 to attempt a push toward Max Pain 767; lose 762.8 and it opens the amplification toward 760. (Structure chart reads ~763.5; the exposure snapshot reads spot 764.09 — aligned.)
📊 DECISION TABLE
| Level | What It Is | Action |
|---|---|---|
| 771 | Daddy Bull (+3.7M) | Upside pin (thin) |
| 770 | Mama Bull (+3.7M) | Pin (thin) |
| 769 | Abs #8 (10M) — small positive | Pin |
| 768.89 | 🟠 FLIP | Regime gate |
| 767 | 🔵 MAX PAIN + positive (+1.6M) + Abs #4 | Magnet above |
| 766 | 🎯 Baby Bull (+2.7M) + Abs #3 | The flip to green |
| 765 | 🎯 #1 Abs (53.3M) — net −7.3M | Just above spot |
| 764.09 | ☕ WE ARE HERE (Spot) | On the cluster |
| 764 | 👹 Daddy Bear (−18.2M) + #2 Abs | The wall at spot |
| 763 | Abs #7 (15.4M) — negative | Shelf (high volume) |
| 762 | 👹 Baby Bear (−14.8M) + Abs #6 | Shelf |
| 760 | 👹 Mama Bear (−15.5M) + Abs #5 + put wall | Deep magnet |
🎯 THREE BEARS / THREE BULLS (by MM Exposure size)
THE THREE BEARS (Negative):
| Bear | Strike | MM Exposure | OI | Volume |
|---|---|---|---|---|
| S1 = DADDY | 764 | −18.2M | 5.0K | 201.1K |
| S2 = MAMA | 760 | −15.5M | 4.8K | 62.8K |
| S3 = BABY | 762 | −14.8M | 2.8K | 96.2K |
S1 (764) is the Daddy Bear + #2 Abs right at spot; S2 (760) is the deep put-wall magnet.
THE THREE BULLS (Positive):
| Bull | Strike | MM Exposure | OI | Volume |
|---|---|---|---|---|
| B1 = DADDY | 771 | +3.7M | 4.4K | 12.0K |
| B2 = MAMA | 770 | +3.7M | 3.4K | 22.0K |
| B3 = BABY | 766 | +2.7M | 4.9K | 64.9K |
🔴 Bearish board. Bears 48.5M vs Bulls 10.1M ≈ 4.8:1. The negatives cluster at spot (764/762/760) while the bulls are thin and scattered above. Max Pain 767 is the only real upside pull, and it’s mild — the map favors grind/amplify unless 765/766 reclaims.
☕ RANGE ZONE
| Zone | Why |
|---|---|
| 762 — 767 | Spot sits in the lower half, below the Flip, between the 762/760 negative shelf and Max Pain 767. Reclaim 766/767 to attempt the push up; lose 762 to amplify toward 760. Trend is harder to build inside the band. |
Commentary: 764 carries by far the highest total volume on the board (201K), with 763 (149K), 765 (124K) and 762 (96K) behind — enormous two-way churn right at spot. Only strikes with a clean call/put split appear in the flow tables.
🎯 Q ALGO™ CHECKLIST — WE DON’T TRADE EMOTIONS, WE LOOK FOR CLUES
| Step | What We Check |
|---|---|
| 1 | LEVELS (from this newsletter) |
| 2 | 15-Min chart |
| 3 | 5-Min chart |
| 4 | 1-Min chart |
| 5 | BANDS |
| 6 | River |
| 7 | Volume Line (Fair Value) |
| 8 | Candle for Entry |
| 9 | Flip Line |
| 10 | Trend Context (Trend Engine) |
| 11 | Pivots |
| 12 | LQ Areas |
| 13 | Entry Candle |
| 14 | Flow |
| 15 | VSA + QVDD |
No Structure = No Trade. Not all checklist items need to align — build your edge based on your own edge. Grind/chop day below the Flip: wait for the 766/767 reclaim up or the 764/762 break down.
✈️ Pilots — read the live chain at the open. These newsletter values are pre-market LEVELS; the options chain is real-time data. Check the live chain around 9:45–10:00 AM ET, once conditions settle, and confirm the walls are still where the letter has them. Levels give you the map and the bias — the live chain is the truth at the open, so weight your reliance accordingly before you trade.
📋 OI TABLE — SUPPORT vs RESISTANCE
Call OI = Resistance (MM sold calls, defends up) · Put OI = Support (MM sold puts, defends down). PCR = Put OI ÷ Call OI (open interest only). Above 1 = put-heavy = SUPPORT. Below 1 = call-heavy = RESISTANCE.
| Call OI (Resistance) | Strike | Put OI (Support) | |
|---|---|---|---|
| 2,420 | 767 | 2,141 | ⚪ Balanced (slight call) |
| 2,660 | 766 | 2,266 | ⚪ Balanced (slight call) |
| 2,948 | 765 | 3,890 | 🟢 Support |
| 1,347 | 764 | 3,604 | 🟢 Strong support (put wall) |
| 738 | 760 | 4,059 | 🟢 Pure put wall / floor |
Board PCR (OI) ≈ 1.58 — put-heavy. Read it: the support/put OI stacks at and below spot — 764 (PCR 2.68, the put wall at spot) and 760 (5.50, the deep put floor), with 765 a lighter floor. Overhead is near-balanced at 766/767 — thin call resistance, essentially the flip zone. So the map is a put shelf at 764/760 under a soft ceiling at 766/767 — hold 764 and price can grind up to 766/767, lose it and the broken floor flushes toward 760.
🎁 BONUS — PCR CONTRARIAN VIEW (OI-based)
The standard read says put-heavy = support and call-heavy = resistance. The contrarian read flips it: when the crowd is heavily loaded one way, that positioning becomes fuel for the opposite move. Extreme put-heavy = too much fear/hedging = squeeze fuel UP. Extreme call-heavy = too much greed/complacency = a trap/cap.
Top 3 (highest PCR — most put-heavy):
| Strike | PCR (OI) | Standard |
|---|---|---|
| 760 | 5.50 | Support |
| 764 | 2.68 | Support |
| 765 | 1.32 | Support |
Bottom 3 (lowest PCR — most call-heavy):
| Strike | PCR (OI) | Standard | 🔄 Contrarian |
|---|---|---|---|
| 766 | 0.85 | Balanced (slight call) | Thin resistance / the flip pin — a rush into it is where late longs stall |
| 767 | 0.88 | Balanced (slight call) | Max Pain / mild cap — no strong edge |
| 765 | 1.32 | Support | Mild put lean — no call-side edge |
(Contrarian signals are a secondary lens — trade them only with structure confirmation, never alone.)
⚖️ Disclaimer
This is not investment advisory. I’m not calling trades. I’m teaching you to think. Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. The IKIGAI Algo and any associated indicators, tools, or educational materials are provided for informational and educational purposes only and do not constitute financial, investment, or trading advice. You should consult with a qualified financial advisor before making any trading decisions. Q Levels and affiliated parties are not registered investment advisors, broker-dealers, or financial planners. By participation, you acknowledge you are solely responsible for your own trading decisions and any resulting gains or losses. No guarantees of profit or specific results are made or implied. All sales are final. Please trade responsibly and only risk capital you can afford to lose. Errors and omissions excepted.