SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 2, 9:35 PM ET
How12 put contracts / 30 call contracts = 0.40 for the 2027-03-19 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 42 open contracts across 10 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: 42 open contracts across 10 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)AVDV open contracts per strike for Fri, Mar 19.
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, Mar 19
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 17.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.01
70
0.0044
0.07
-0.01
-0.07
0.68
-0.02
100
0.0278
0.23
-0.02
-0.31
0.66
-0.02
101
0.0298
0.23
-0.02
-0.34
0.63
-0.01
102
0.0319
0.24
-0.02
-0.36
0.38
-0.01
109
0.0374
0.24
-0.01
-0.62
0.34
-0.01
110
0.0359
0.23
-0.01
-0.65
0.31
-0.01
111
0.0340
0.23
-0.01
-0.68
0.28
-0.01
112
0.0319
0.22
-0.01
-0.71
0.24
-0.01
114
0.0279
0.20
-0.01
-0.75
0.22
-0.01
115
0.0260
0.19
-0.01
-0.77
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.