SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 9:18 PM ET
How57 put contracts / 35 call contracts = 1.63 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: 92 open contracts across 13 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: 92 open contracts across 13 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)BMA 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
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 53.5% · 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
0.94
-0.03
35
0.0055
0.02
-0.03
-0.06
0.91
-0.03
40
0.0090
0.03
-0.04
-0.09
0.86
-0.04
45
0.0145
0.04
-0.04
-0.14
0.78
-0.05
50
0.0231
0.06
-0.05
-0.22
0.64
-0.05
55
0.0335
0.07
-0.05
-0.36
0.46
-0.06
60
0.0371
0.07
-0.06
-0.54
0.22
-0.05
70
0.0237
0.06
-0.05
-0.78
0.17
-0.04
75
0.0181
0.05
-0.04
-0.84
0.13
-0.04
80
0.0142
0.04
-0.04
-0.87
0.10
-0.04
85
0.0114
0.03
-0.04
-0.90
0.09
-0.03
90
0.0093
0.03
-0.03
-0.92
0.07
-0.03
95
0.0078
0.03
-0.03
-0.93
0.06
-0.03
100
0.0066
0.02
-0.03
-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.