Date: Fri Sep 25, 2026 | Expiration: Sep 25, 2026
We study SPY and Trade SPX SPDR 500 ZERO DTE Index.
🎉🎂 HAPPY BIRTHDAY, CAPTAIN ADRIJA! 🥳✈️
The whole academy is celebrating you today. Thank you for everything you bring to this crew — wishing you a year full of green candles, clean structure, and joy. 🎈 A special class is dedicated to you tomorrow. Blessings and love from all of us. ☕💙
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🎯 QZ ALGO CREED — Probability Over Prediction
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 Fri Sep 25, 2026
| Snapshot | Value | Read |
|---|---|---|
| Spot | 765.9 | Below the Flip — put-lean zone, big walls both sides |
| Max Pain | 767 | ~1 above — magnet just overhead |
| Flip | 769.89 | Spot −4 below → negative regime |
| #1 / #2 Absolute | 772 / 770 | Both mega call walls above — upward magnets |
| Bias | 🟢 Mild bull, under the Flip | Bulls 177M vs Bears 101M ≈ 1.8:1 |
| Board PCR (OI) | ~1.0 | Balanced — call walls above offset the 760 put wall |
LEVEL LADDER (high → low):
| Dir | Level | Role |
|---|---|---|
| 🟢 | 775 | Bull #3 (+30.2M) — call wall |
| 🟢 | 772 | #1 Abs + Daddy Bull (+97M) — MEGA call wall (34.7K OI) |
| 🟢 | 770 | #2 Abs + Mama Bull (+50M) — big call wall |
| 🟠 | 769.89 | FLIP — reclaim = positive regime |
| 🔵 | 768 | Battle (PCR 0.81) (navy = Plus) |
| 🔵 | 767 | MAX PAIN — battle |
| 🔵 | 766 | Bear (−27.1M) — put-lean (PCR 2.91) |
| ☕ | 765.9 | WE ARE HERE |
| 🔵 | 765 | Put wall (PCR 1.12) |
| 👹 ▼ | 760 | #3 Abs + Daddy Bear (−54.8M) — big put wall (30K) / floor |
| 🔵 ▼ | 755 | Baby Bear (−19M) |
THE THREE PATHS:
| Path | Trigger → Target |
|---|---|
| 🟢 Bullish | Reclaim 767 (Max Pain) → Flip 769.89 → 770 / 772 call walls |
| ⚪ Neutral | Chop 765–768 below the Flip |
| 🔴 Bearish | Lose 765 → 760 big put wall |
⚡ OPENING NOTE
SPY Spot: 765.9 · Max Pain: 767 · Flip: 769.89. Price sits below the Flip (769.89) in a negative regime, in a put-lean zone — but this is a big-walls-both-sides day. Overhead: mega call walls at 770 (+50M) and 772 (+97M, 34.7K calls) as the upward magnets/caps, with Max Pain 767 just above spot as the nearer pull. Below: the 760 big put wall (Daddy Bear −54.8M, 30K puts) is the floor/magnet, with 765/766 put-lean in between. The board nets out balanced (PCR ~1.0) — heavy call OI above offsetting heavy put OI below — so it’s a two-sided cage. Reclaim 767 → Flip 769.89 → 770/772; lose 765 → 760. Read it with structure — no levels, no trade.
📊 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:
775,770,772,765.9,767,769.89,755,766,760,772
SPX String:
7750,7700,7720,7659,7670,7698.9,7550,7660,7600,7720
Options Flow — VOLUME (Strike, Calls, Puts):
770, 93K, 12K
768, 108K, 49K
766, 49K, 71K
765, 46K, 86K
760, 4K, 121K
Options Flow — OPEN INTEREST (Strike, Calls, Puts):
770, 16K, 7K
768, 6K, 5K
766, 3K, 8K
765, 7K, 8K
760, 5K, 30K
🌡️ QZ TEMPERATURE
🌡️ SPY — Level then COLOR (Sign):
772 GREEN (Plus)
770 GREEN (Plus)
775 GREEN (Plus)
760 BLUE (Plus)
766 BLUE (Plus)
755 BLUE (Plus)
Navy/blue NET chart → the whole board is (Plus). Green = above zero, BLUE = below zero. The below-zero strikes (760 / 766 / 755) are BLUE (Plus), NOT red. 765 / 768 / 769 / 767 = untagged battles. SIGN IS TRUTH: no bar is red today.
🧭 STRUCTURE CHECK
Market Structure (5 Min):
| Structure | Level | Status |
|---|---|---|
| Pivot (P) | 769.10 | Overhead (near the Flip) |
| S1 | 766.60 | At spot |
| Current | ~765.7–767.5 | Chopping S1–S2 |
Q ALGO™ Status: 🔄 CHOP — lower highs into the 769 pivot, basing S1/S2
Price chopped the 765–769 range with lower highs near 769 (P) and a higher low near 765, now around S1 (766.60) / S2 (765.05). Reclaim 767 (Max Pain) → 769 (P/Flip) to press the call walls; lose 765.05 (S2) and the 760 put wall comes into play. (Structure reads ~765.7–767.5; the exposure snapshot reads spot 765.9 — aligned, both basing under the Flip.)
🎯 CONFLUENCE — TWO-SIDED CAGE, BALANCED BOARD
Spot sits below the Flip in a put-lean zone, caged between heavy call walls above and a heavy put wall below. Overhead: 770 (+50M) and 772 (+97M, 34.7K calls) — the mega call walls that cap/magnetize, with the Flip 769.89 and Max Pain 767 between spot and them. Below: 760 (Daddy Bear −54.8M, 30K puts) is the deep floor/magnet, with 765/766 put-lean support in between. The board nets balanced (PCR ~1.0), so neither side dominates — it’s a range with real walls on both edges. In the negative regime below the Flip, moves can run to the nearest wall: reclaim 767/769.89 and the 770/772 magnets pull up; lose 765 and 760 pulls down. Trade the edges, respect the walls.
📊 DECISION TABLE
| Level | What It Is | Action |
|---|---|---|
| 775 | 🎯 Bull #3 (+30.2M) — call wall | Upside cap |
| 772 | 🎯 #1 Abs + Daddy Bull (+97M) — MEGA call wall | Big upside magnet/cap |
| 770 | 🎯 #2 Abs + Mama Bull (+50M) — call wall | Magnet at the Flip |
| 769.89 | 🟠 FLIP | Reclaim = positive regime |
| 768 | 🔵 Battle (PCR 0.81) | Overhead chop |
| 767 | 🔵 MAX PAIN — battle | Reclaim = rotate up |
| 766 | 🔵 Bear (−27.1M) — put-lean | Just above spot |
| 765.9 | ☕ WE ARE HERE (Spot) | Put-lean zone |
| 765 | 🔵 Put wall (PCR 1.12) | Support — lose = 760 |
| 760 | 👹 #3 Abs + Daddy Bear (−54.8M) — big put wall | Deep floor / magnet |
🎯 THREE BEARS / THREE BULLS (by MM Exposure size)
THE THREE BULLS (Positive):
| Bull | Strike | MM Exposure | OI | Volume |
|---|---|---|---|---|
| B1 = DADDY | 772 | +97.0M | 34.7K | 52.8K |
| B2 = MAMA | 770 | +50.0M | 22.3K | 105.4K |
| B3 = BABY | 775 | +30.2M | 17.9K | 70.7K |
Bulls stack overhead (770–775) as the big call-wall ceiling; 772 is the mega magnet up top.
THE THREE BEARS (Negative):
| Bear | Strike | MM Exposure | OI | Volume |
|---|---|---|---|---|
| S1 = DADDY | 760 | −54.8M | 35.2K | 125.9K |
| S2 = MAMA | 766 | −27.1M | 10.7K | 119.9K |
| S3 = BABY | 755 | −19.0M | 23.5K | 42.7K |
🟢 Mild bull tilt, balanced board. Bulls ~177M vs Bears ~101M ≈ 1.8:1 — bulls overhead (770–775), the big bear 760 well below, and 766 put-lean right at spot. Heavy OI both sides nets to ~1.0 PCR — a genuine two-sided cage, not a one-way tape. (Navy chart — the “bears” read BLUE (Plus); exposure sign vs chart color are different things.)
☕ RANGE ZONE
| Zone | Why |
|---|---|
| 765 — 770 | Spot cages between the 765/760 put walls and the 770/772 call walls, below the Flip. Balanced board = range. Reclaim 767/769.89 for the pull to the 770/772 magnets; lose 765 for the 760 floor. |
Commentary: 768 (156K), 767 (145K), 765 (132K), 760 (126K) and 766 (120K) all carry huge two-sided volume — the whole tape is churning the 760–770 cage. Only strikes with a clean call/put split appear in the flow tables.
🔥 FRIDAY FACTOR
| Thursday (9/24) | Friday (9/25) |
|---|---|
| 767.42 — pullback, thin walls | 765.9 — heavier walls both sides, balanced |
| 🟢 Mild bull ~1.8:1 | 🟢 Mild bull ~1.8:1 (balanced PCR) |
| Below Flip, drift risk | Below Flip, two-sided cage |
Positioning got heavier and two-sided. Thursday was a thin-walled pullback; Friday the walls built out on both edges — mega call walls at 770/772 overhead and a big 760 put wall below (30K puts) — with spot caged at 765.9 under the Flip. The board nets balanced (PCR ~1.0), so it reads as a range with real walls, not a trend. Reclaim 767/769.89 to press the 770/772 magnets; lose 765 to test the 760 floor. Structure chopping S1/S2.
🎯 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. Two-sided cage day: respect 767/769.89 (reclaim = up to the 770/772 magnets) and 765/760 (lose = down to the put wall). Balanced board = trade the range edges with structure, don’t force the middle.
✈️ 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.
⚖️ 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.
— Q Levels Trading | Coffee With Q ☕
SPY ZERO DTE (Pre-Market)
Date: Fri Sep 25, 2026 | Expiration: Sep 25, 2026
We study SPY and Trade SPX SPDR 500 ZERO DTE Index.
🎉🎂 HAPPY BIRTHDAY, CAPTAIN ADRIJA! 🥳✈️
The whole academy is celebrating you today. Thank you for everything you bring to this crew — wishing you a year full of green candles, clean structure, and joy. 🎈 A special class is dedicated to you tomorrow. Blessings and love from all of us. ☕💙
🎯 QZ ALGO CREED — Probability Over Prediction
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 Fri Sep 25, 2026
| Snapshot | Value | Read |
|---|---|---|
| Spot | 765.9 | Below the Flip — put-lean zone, big walls both sides |
| Max Pain | 767 | ~1 above — magnet just overhead |
| Flip | 769.89 | Spot −4 below → negative regime |
| #1 / #2 Absolute | 772 / 770 | Both mega call walls above — upward magnets |
| Bias | 🟢 Mild bull, under the Flip | Bulls 177M vs Bears 101M ≈ 1.8:1 |
| Board PCR (OI) | ~1.0 | Balanced — call walls above offset the 760 put wall |
LEVEL LADDER (high → low):
| Dir | Level | Role |
|---|---|---|
| 🟢 | 775 | Bull #3 (+30.2M) — call wall |
| 🟢 | 772 | #1 Abs + Daddy Bull (+97M) — MEGA call wall (34.7K OI) |
| 🟢 | 770 | #2 Abs + Mama Bull (+50M) — big call wall |
| 🟠 | 769.89 | FLIP — reclaim = positive regime |
| 🔵 | 768 | Battle (PCR 0.81) (navy = Plus) |
| 🔵 | 767 | MAX PAIN — battle |
| 🔵 | 766 | Bear (−27.1M) — put-lean (PCR 2.91) |
| ☕ | 765.9 | WE ARE HERE |
| 🔵 | 765 | Put wall (PCR 1.12) |
| 👹 ▼ | 760 | #3 Abs + Daddy Bear (−54.8M) — big put wall (30K) / floor |
| 🔵 ▼ | 755 | Baby Bear (−19M) |
THE THREE PATHS:
| Path | Trigger → Target |
|---|---|
| 🟢 Bullish | Reclaim 767 (Max Pain) → Flip 769.89 → 770 / 772 call walls |
| ⚪ Neutral | Chop 765–768 below the Flip |
| 🔴 Bearish | Lose 765 → 760 big put wall |
⚡ OPENING NOTE
SPY Spot: 765.9 · Max Pain: 767 · Flip: 769.89. Price sits below the Flip (769.89) in a negative regime, in a put-lean zone — but this is a big-walls-both-sides day. Overhead: mega call walls at 770 (+50M) and 772 (+97M, 34.7K calls) as the upward magnets/caps, with Max Pain 767 just above spot as the nearer pull. Below: the 760 big put wall (Daddy Bear −54.8M, 30K puts) is the floor/magnet, with 765/766 put-lean in between. The board nets out balanced (PCR ~1.0) — heavy call OI above offsetting heavy put OI below — so it’s a two-sided cage. Reclaim 767 → Flip 769.89 → 770/772; lose 765 → 760. Read it with structure — no levels, no trade.
📊 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:
775,770,772,765.9,767,769.89,755,766,760,772
SPX String:
7750,7700,7720,7659,7670,7698.9,7550,7660,7600,7720
Options Flow — VOLUME (Strike, Calls, Puts):
770, 93K, 12K
768, 108K, 49K
766, 49K, 71K
765, 46K, 86K
760, 4K, 121K
Options Flow — OPEN INTEREST (Strike, Calls, Puts):
770, 16K, 7K
768, 6K, 5K
766, 3K, 8K
765, 7K, 8K
760, 5K, 30K
🌡️ QZ TEMPERATURE
🌡️ SPY — Level then COLOR (Sign):
772 GREEN (Plus)
770 GREEN (Plus)
775 GREEN (Plus)
760 BLUE (Plus)
766 BLUE (Plus)
755 BLUE (Plus)
Navy/blue NET chart → the whole board is (Plus). Green = above zero, BLUE = below zero. The below-zero strikes (760 / 766 / 755) are BLUE (Plus), NOT red. 765 / 768 / 769 / 767 = untagged battles. SIGN IS TRUTH: no bar is red today.
🧭 STRUCTURE CHECK
Market Structure (5 Min):
| Structure | Level | Status |
|---|---|---|
| Pivot (P) | 769.10 | Overhead (near the Flip) |
| S1 | 766.60 | At spot |
| Current | ~765.7–767.5 | Chopping S1–S2 |
Q ALGO™ Status: 🔄 CHOP — lower highs into the 769 pivot, basing S1/S2
Price chopped the 765–769 range with lower highs near 769 (P) and a higher low near 765, now around S1 (766.60) / S2 (765.05). Reclaim 767 (Max Pain) → 769 (P/Flip) to press the call walls; lose 765.05 (S2) and the 760 put wall comes into play. (Structure reads ~765.7–767.5; the exposure snapshot reads spot 765.9 — aligned, both basing under the Flip.)
🎯 CONFLUENCE — TWO-SIDED CAGE, BALANCED BOARD
Spot sits below the Flip in a put-lean zone, caged between heavy call walls above and a heavy put wall below. Overhead: 770 (+50M) and 772 (+97M, 34.7K calls) — the mega call walls that cap/magnetize, with the Flip 769.89 and Max Pain 767 between spot and them. Below: 760 (Daddy Bear −54.8M, 30K puts) is the deep floor/magnet, with 765/766 put-lean support in between. The board nets balanced (PCR ~1.0), so neither side dominates — it’s a range with real walls on both edges. In the negative regime below the Flip, moves can run to the nearest wall: reclaim 767/769.89 and the 770/772 magnets pull up; lose 765 and 760 pulls down. Trade the edges, respect the walls.
📊 DECISION TABLE
| Level | What It Is | Action |
|---|---|---|
| 775 | 🎯 Bull #3 (+30.2M) — call wall | Upside cap |
| 772 | 🎯 #1 Abs + Daddy Bull (+97M) — MEGA call wall | Big upside magnet/cap |
| 770 | 🎯 #2 Abs + Mama Bull (+50M) — call wall | Magnet at the Flip |
| 769.89 | 🟠 FLIP | Reclaim = positive regime |
| 768 | 🔵 Battle (PCR 0.81) | Overhead chop |
| 767 | 🔵 MAX PAIN — battle | Reclaim = rotate up |
| 766 | 🔵 Bear (−27.1M) — put-lean | Just above spot |
| 765.9 | ☕ WE ARE HERE (Spot) | Put-lean zone |
| 765 | 🔵 Put wall (PCR 1.12) | Support — lose = 760 |
| 760 | 👹 #3 Abs + Daddy Bear (−54.8M) — big put wall | Deep floor / magnet |
🎯 THREE BEARS / THREE BULLS (by MM Exposure size)
THE THREE BULLS (Positive):
| Bull | Strike | MM Exposure | OI | Volume |
|---|---|---|---|---|
| B1 = DADDY | 772 | +97.0M | 34.7K | 52.8K |
| B2 = MAMA | 770 | +50.0M | 22.3K | 105.4K |
| B3 = BABY | 775 | +30.2M | 17.9K | 70.7K |
Bulls stack overhead (770–775) as the big call-wall ceiling; 772 is the mega magnet up top.
THE THREE BEARS (Negative):
| Bear | Strike | MM Exposure | OI | Volume |
|---|---|---|---|---|
| S1 = DADDY | 760 | −54.8M | 35.2K | 125.9K |
| S2 = MAMA | 766 | −27.1M | 10.7K | 119.9K |
| S3 = BABY | 755 | −19.0M | 23.5K | 42.7K |
🟢 Mild bull tilt, balanced board. Bulls ~177M vs Bears ~101M ≈ 1.8:1 — bulls overhead (770–775), the big bear 760 well below, and 766 put-lean right at spot. Heavy OI both sides nets to ~1.0 PCR — a genuine two-sided cage, not a one-way tape. (Navy chart — the “bears” read BLUE (Plus); exposure sign vs chart color are different things.)
☕ RANGE ZONE
| Zone | Why |
|---|---|
| 765 — 770 | Spot cages between the 765/760 put walls and the 770/772 call walls, below the Flip. Balanced board = range. Reclaim 767/769.89 for the pull to the 770/772 magnets; lose 765 for the 760 floor. |
Commentary: 768 (156K), 767 (145K), 765 (132K), 760 (126K) and 766 (120K) all carry huge two-sided volume — the whole tape is churning the 760–770 cage. Only strikes with a clean call/put split appear in the flow tables.
🔥 FRIDAY FACTOR
| Thursday (9/24) | Friday (9/25) |
|---|---|
| 767.42 — pullback, thin walls | 765.9 — heavier walls both sides, balanced |
| 🟢 Mild bull ~1.8:1 | 🟢 Mild bull ~1.8:1 (balanced PCR) |
| Below Flip, drift risk | Below Flip, two-sided cage |
Positioning got heavier and two-sided. Thursday was a thin-walled pullback; Friday the walls built out on both edges — mega call walls at 770/772 overhead and a big 760 put wall below (30K puts) — with spot caged at 765.9 under the Flip. The board nets balanced (PCR ~1.0), so it reads as a range with real walls, not a trend. Reclaim 767/769.89 to press the 770/772 magnets; lose 765 to test the 760 floor. Structure chopping S1/S2.
🎯 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. Two-sided cage day: respect 767/769.89 (reclaim = up to the 770/772 magnets) and 765/760 (lose = down to the put wall). Balanced board = trade the range edges with structure, don’t force the middle.
✈️ 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.
⚖️ 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.
— Q Levels Trading | Coffee With Q ☕