HowThe settle strike with the smallest total payout to option holders for the 2027-02-19 expiration, over 20 strikes carrying 1,419 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 10, 8:23 PM ET
How728 put contracts / 691 call contracts = 1.05 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, 8:23 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.
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.
■ 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 — 45 — is the max pain price.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)BILL 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
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 48.9% · 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
0.91
-0.01
35
0.0079
0.04
-0.01
-0.09
0.89
-0.01
37.5
0.0100
0.05
-0.02
-0.11
0.86
-0.02
40
0.0125
0.06
-0.02
-0.13
0.83
-0.02
42.5
0.0156
0.07
-0.02
-0.17
0.78
-0.02
45
0.0190
0.08
-0.02
-0.21
0.73
-0.02
47.5
0.0228
0.09
-0.02
-0.27
0.67
-0.02
50
0.0264
0.10
-0.02
-0.33
0.59
-0.02
52.5
0.0292
0.11
-0.03
-0.40
0.52
-0.03
55
0.0306
0.11
-0.03
-0.48
0.45
-0.03
57.5
0.0304
0.11
-0.03
-0.55
0.38
-0.02
60
0.0289
0.11
-0.02
-0.62
0.28
-0.02
65
0.0243
0.10
-0.02
-0.73
0.21
-0.02
70
0.0196
0.08
-0.02
-0.80
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 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.