Max Pain Hypothesis suggests that market makers and whales tries to make the maximum amount of options expire worthless to minimize their losses and maximize profits.
At the moment, the Max Pain price for SPY contracts expiring April 11 is $535. With a put call ratio of 2.35.
Given of course max pain works best for smaller stocks since no one can truly control the entire stock market.
However if we look at smaller stocks like Super Micro for instance they do follow max pain slightly more.