SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 3, 7:06 AM ET
How20 put contracts / 39 call contracts = 0.51 for the 2027-05-21 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 59 open contracts across 11 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Event risk before this expiration:Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
Too thin to read: 59 open contracts across 11 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)AMX open contracts per strike for Fri, May 21.
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, May 21
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 31.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.00
15
0.0204
0.02
-0.00
-0.06
0.92
-0.00
16
0.0225
0.03
-0.00
-0.07
0.91
-0.00
17
0.0237
0.03
-0.00
-0.09
0.86
-0.00
19
0.0318
0.04
-0.00
-0.13
0.83
-0.00
20
0.0398
0.04
-0.00
-0.16
0.74
-0.00
22
0.0598
0.06
-0.00
-0.26
0.68
-0.00
23
0.0700
0.06
-0.00
-0.32
0.60
-0.00
24
0.0780
0.07
-0.01
-0.40
0.36
-0.00
27
0.0786
0.07
-0.00
-0.65
0.30
-0.00
28
0.0722
0.06
-0.00
-0.72
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 10 strikes around the money — all 11 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.