Important Considerations Short-lived fluctuations: The price movements driven by options expiration dynamics are often short-term and can be volatile on the actual expiration day (typically the third Friday of the month). Fundamentals matter: These price fluctuations usually don't reflect any long-term changes in the company's fundamentals; the stock price often corrects itself after the expiration passes. "Max Pain": There is a related theory called "maximum pain" which suggests the stock price tends to gravitate towards the strike price that causes the maximum financial loss for the greatest number of option holders at expiration.
Well when looking at the number of outstanding contracts that might expire worthless tomorrow a $5 SP would make more sense. Anyway a nice opportunity to load up cheap IMO.