HowThe settle strike with the smallest total payout to option holders for the 2027-05-21 expiration, over 20 strikes carrying 582 open contracts. Open interest is published once a day, before the open, so it describes the previous session.
SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 5, 7:28 PM ET
How348 put contracts / 234 call contracts = 1.49 for the 2027-05-21 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 2027-05-21 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.
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.
■ put-side pain■ call-side painTotal payout option writers would owe at each settle price (both sides, all open interest, ×100 shares) — low settles hurt put writers, high settles hurt call writers. The minimum — 92.5 — is the max pain price.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)BHP 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 ≈ 33.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, May 21
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, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.00
50
0.0037
0.04
-0.01
-0.06
0.94
-0.01
55
0.0063
0.07
-0.01
-0.09
0.89
-0.01
60
0.0096
0.10
-0.01
-0.14
0.82
-0.01
65
0.0135
0.15
-0.01
-0.20
0.74
-0.02
70
0.0172
0.18
-0.02
-0.29
0.64
-0.02
75
0.0200
0.21
-0.02
-0.38
0.59
-0.02
77.5
0.0208
0.22
-0.02
-0.43
0.54
-0.02
80
0.0212
0.22
-0.02
-0.48
0.49
-0.02
82.5
0.0213
0.22
-0.02
-0.54
0.44
-0.02
85
0.0210
0.22
-0.02
-0.58
0.39
-0.02
87.5
0.0203
0.22
-0.02
-0.63
0.35
-0.02
90
0.0195
0.21
-0.02
-0.68
0.31
-0.02
92.5
0.0184
0.20
-0.01
-0.71
0.27
-0.02
95
0.0173
0.19
-0.01
-0.75
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 20 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.