SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 9:16 PM ET
How41 put contracts / 8 call contracts = 5.13 for the 2026-12-18 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 49 open contracts across 11 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: 49 open contracts across 11 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)BKF open contracts per strike for Fri, Dec 18.
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, Dec 18
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 26.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.81
-0.02
36
0.0632
0.03
-0.02
-0.23
0.75
-0.02
37
0.0821
0.04
-0.02
-0.29
0.67
-0.02
38
0.1045
0.04
-0.02
-0.37
0.56
-0.02
39
0.1192
0.05
-0.02
-0.48
0.45
-0.02
40
0.1137
0.05
-0.02
-0.59
0.36
-0.02
41
0.0973
0.05
-0.02
-0.67
0.30
-0.02
42
0.0809
0.04
-0.02
-0.73
0.25
-0.02
43
0.0677
0.04
-0.02
-0.77
0.19
-0.02
45
0.0492
0.03
-0.02
-0.82
0.15
-0.02
47
0.0376
0.03
-0.02
-0.85
0.14
-0.02
48
0.0334
0.03
-0.02
-0.87
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.