SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 5, 7:28 PM ET
How3,941 put contracts / 5,899 call contracts = 0.67 for the 2027-03-19 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 5, 7:28 PM ET
HowOver every strike with open interest for the 2027-03-19 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 12.7% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Event risk before this expiration: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.
Max pain is not shown: without its single heaviest strike it moves 12.7% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)BHP 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
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 33.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
-0.01
60
0.0088
0.07
-0.01
-0.11
0.89
-0.01
62.5
0.0111
0.09
-0.01
-0.14
0.85
-0.01
65
0.0135
0.11
-0.02
-0.18
0.81
-0.01
67.5
0.0162
0.13
-0.02
-0.22
0.77
-0.02
70
0.0188
0.14
-0.02
-0.27
0.71
-0.02
72.5
0.0213
0.16
-0.02
-0.33
0.66
-0.02
75
0.0233
0.17
-0.02
-0.38
0.59
-0.02
77.5
0.0247
0.18
-0.02
-0.45
0.53
-0.02
80
0.0255
0.18
-0.02
-0.51
0.47
-0.02
82.5
0.0256
0.18
-0.02
-0.56
0.41
-0.02
85
0.0250
0.18
-0.02
-0.62
0.35
-0.02
87.5
0.0239
0.17
-0.02
-0.67
0.30
-0.02
90
0.0224
0.16
-0.02
-0.72
0.26
-0.02
92.5
0.0206
0.15
-0.02
-0.76
0.22
-0.02
95
0.0187
0.14
-0.01
-0.80
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 32 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.