SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 8:23 PM ET
How12 put contracts / 40 call contracts = 0.30 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: 52 open contracts across 16 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
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.
Too thin to read: 52 open contracts across 16 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)BIO 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 ≈ 36.7% · 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
0.98
not quoted
190
0.0003
0.09
-0.02
-0.02
0.98
-0.00
200
0.0003
0.11
-0.03
-0.02
0.92
-0.05
280
0.0015
0.36
-0.06
-0.09
0.88
-0.06
300
0.0020
0.46
-0.08
-0.12
0.86
-0.07
310
0.0023
0.52
-0.08
-0.14
0.80
-0.09
330
0.0030
0.64
-0.10
-0.20
0.60
-0.12
380
0.0045
0.89
-0.13
-0.41
0.56
-0.12
390
0.0047
0.91
-0.13
-0.45
0.51
-0.13
400
0.0048
0.92
-0.13
-0.50
0.46
-0.12
410
0.0048
0.91
-0.13
-0.55
0.38
-0.12
430
0.0046
0.87
-0.12
-0.64
0.30
-0.11
450
0.0042
0.80
-0.11
-0.73
0.21
-0.09
480
0.0034
0.66
-0.10
-0.83
0.16
-0.08
500
0.0029
0.57
-0.08
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 16 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.