SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 8:22 PM ET
How1 put contracts / 15 call contracts = 0.07 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: 16 open contracts across 8 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Event risk before this expiration: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: 16 open contracts across 8 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)ATR 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 ≈ 26.0% · 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
0.95
0.00
95
0.0025
0.10
-0.01
-0.05
0.84
-0.01
120
0.0077
0.25
-0.02
-0.16
0.74
-0.02
130
0.0110
0.33
-0.02
-0.26
0.69
-0.02
135
0.0126
0.36
-0.03
-0.32
0.55
-0.03
145
0.0148
0.41
-0.03
-0.46
0.23
-0.02
170
0.0114
0.32
-0.02
-0.80
0.19
-0.02
175
0.0100
0.29
-0.02
-0.85
0.16
-0.02
180
0.0088
0.26
-0.02
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.