SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 4:38 PM ET
How515 put contracts / 618 call contracts = 0.83 for the 2026-12-04 expiration. Open interest is published once a day, before the open, so it describes the previous session.
SourceNet gamma exposure from Cboe greeks and open interest
As ofCboe delayed snapshot Nov 10, 4:38 PM ET
HowOver every strike with open interest for the 2026-12-04 expiration: (call gamma × call OI minus put gamma × put OI) × 100 × spot² × 1%, summed. Calls count as positive and puts as negative, a convention about who holds the other side, not a measurement.
Max pain is not shown: without its single heaviest strike it moves 5.3% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Event risk before this expiration:Jobs report Fri, Dec 4 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
Max pain is not shown: without its single heaviest strike it moves 5.3% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)ALB open contracts per strike for Fri, Dec 4.
Open-interest change: building vs unwinding
Needs two observed snapshot days for this expiration; the comparison appears automatically once the next weekday snapshot lands. We diff real observations only; nothing is estimated.
Volume by strike · Fri, Dec 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 51.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
Net dealer gamma per strike, in dollars per 1% move, assuming the standard convention (dealers long calls, short puts) — an assumption, not an observation. Above the amber flip level hedging tends to dampen moves; below it, to amplify them.
Greeks by strike · Fri, Dec 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.74
-0.09
88
0.0252
0.08
-0.09
-0.26
0.71
-0.09
89
0.0266
0.08
-0.09
-0.29
0.69
-0.09
90
0.0279
0.09
-0.10
-0.32
0.66
-0.10
91
0.0290
0.09
-0.10
-0.34
0.63
-0.10
92
0.0300
0.09
-0.10
-0.38
0.60
-0.10
93
0.0308
0.09
-0.10
-0.41
0.56
-0.10
94
0.0314
0.10
-0.10
-0.44
0.53
-0.10
95
0.0318
0.10
-0.10
-0.47
0.50
-0.10
96
0.0319
0.10
-0.10
-0.50
0.47
-0.10
97
0.0319
0.10
-0.10
-0.53
0.44
-0.10
98
0.0316
0.10
-0.10
-0.56
0.41
-0.10
99
0.0312
0.10
-0.10
-0.59
0.38
-0.10
100
0.0305
0.09
-0.10
-0.63
0.35
-0.10
101
0.0297
0.09
-0.10
-0.65
0.33
-0.09
102
0.0287
0.09
-0.09
-0.68
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 43 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.
Stacked — layer the expirations
Call open interest per strike, stacked across the checked expirations — each color is one expiry. Strikes are pruned to the liquid center of each chain.
Max pain is arithmetic, not prophecy: the settle price that would minimize what option writers pay out at expiration, computed from open interest alone. Prices sometimes gravitate toward heavy strikes into expiry — dealer hedging is a real flow — but the evidence that max pain predicts settlement better than chance is mixed, and we are not going to pretend otherwise. Use it as a map of where positioning is stacked, next to the fundamentals and the earnings calendar, not as a target.
Max pain, walls and gamma print only when an expiration holds at least 100 open contracts across 5 strikes, and max pain also needs to stay within 5% of spot when its single heaviest strike is removed. Below that the expiration reads as thin rather than printing a level one trade could move.
Data: Cboe delayed public feed (~15 minutes), refreshed here about every 15 minutes. Open interest itself updates once daily, before the open. Educational information, not investment advice.