HowThe settle strike with the smallest total payout to option holders for the 2029-01-19 expiration, over 13 strikes carrying 5,645 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 2, 6:23 PM ET
How3,271 put contracts / 2,374 call contracts = 1.38 for the 2029-01-19 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 2, 6:23 PM ET
HowOver every strike with open interest for the 2029-01-19 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, Nov 6 · 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 — 21 — is the max pain price.
Open interest by strike · Fri, Jan 19
■ calls (up)■ puts (down)BKLN open contracts per strike for Fri, Jan 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, Jan 19
Implied volatility by strike · Fri, Jan 19
— call IV— put IVATM ≈ 4.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 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, Jan 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
not quoted
12
0.0214
0.04
-0.00
-0.08
1.00
not quoted
16
0.0663
0.07
0.00
-0.16
1.00
not quoted
17
0.0960
0.07
0.00
-0.20
1.00
not quoted
18
0.1489
0.09
0.00
-0.28
1.00
not quoted
19
0.2353
0.10
0.00
-0.43
0.69
-0.00
20
0.8206
0.07
0.00
-0.67
0.25
0.00
21
0.2389
0.08
not quoted
-0.80
0.14
0.00
22
0.1230
0.06
not quoted
-0.86
0.10
0.00
23
0.0792
0.05
not quoted
-0.89
0.08
0.00
24
0.0564
0.04
not quoted
-0.91
0.06
0.00
25
0.0424
0.04
not quoted
-0.93
0.05
0.00
26
0.0331
0.03
not quoted
-0.94
0.04
0.00
27
0.0265
0.03
not quoted
-0.94
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.