We ran a detailed analysis of the impact of same day options expiration volume vs open interest and the effect this may have on “pinning” the market into the close. Some may also refer to the idea as “options max pain”.
You can read it here but we thought it was worth showing the effect for 7/2/202 in the SPX/SPY/ES. You can see the largest chunks of options volume was at the <3130 strike and >3150 strike and the market stuck between those levels throughout the day, and closed right at 3130.
