SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 9:54 PM ET
How77 put contracts / 95 call contracts = 0.81 for the 2027-02-19 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, 9:54 PM ET
HowOver every strike with open interest for the 2027-02-19 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 12.1% 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 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — 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 12.1% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)AYI open contracts per strike for Fri, Feb 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, Feb 19
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 36.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Feb 19
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, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.90
-0.05
260
0.0024
0.30
-0.06
-0.10
0.87
-0.06
270
0.0030
0.36
-0.07
-0.13
0.84
-0.07
280
0.0036
0.43
-0.08
-0.16
0.80
-0.08
290
0.0043
0.49
-0.09
-0.20
0.75
-0.09
300
0.0049
0.56
-0.10
-0.25
0.69
-0.10
310
0.0055
0.61
-0.11
-0.31
0.64
-0.11
320
0.0060
0.66
-0.12
-0.37
0.57
-0.12
330
0.0063
0.68
-0.12
-0.43
0.51
-0.12
340
0.0065
0.69
-0.12
-0.50
0.45
-0.12
350
0.0065
0.69
-0.12
-0.57
0.39
-0.11
360
0.0063
0.67
-0.11
-0.63
0.33
-0.11
370
0.0060
0.63
-0.11
-0.69
0.28
-0.10
380
0.0056
0.59
-0.10
-0.74
0.23
-0.09
390
0.0050
0.54
-0.09
-0.79
0.19
-0.08
400
0.0045
0.48
-0.08
-0.84
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 25 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.