SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 5, 5:17 PM ET
How12,319 put contracts / 12,914 call contracts = 0.95 for the 2027-03-19 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 5, 5:17 PM ET
HowOver every strike with open interest for the 2027-03-19 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.
Max pain is not shown: without its single heaviest strike it moves 8.9% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
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.
Max pain is not shown: without its single heaviest strike it moves 8.9% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)BP 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
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 31.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.82
-0.01
38
0.0301
0.07
-0.01
-0.20
0.79
-0.01
39
0.0339
0.07
-0.01
-0.23
0.75
-0.01
40
0.0375
0.08
-0.01
-0.27
0.71
-0.01
41
0.0408
0.09
-0.01
-0.31
0.67
-0.01
42
0.0436
0.10
-0.01
-0.35
0.62
-0.01
43
0.0458
0.10
-0.01
-0.40
0.57
-0.01
44
0.0473
0.10
-0.01
-0.45
0.53
-0.01
45
0.0481
0.10
-0.01
-0.49
0.48
-0.01
46
0.0482
0.10
-0.01
-0.54
0.43
-0.01
47
0.0476
0.10
-0.01
-0.58
0.39
-0.01
48
0.0463
0.10
-0.01
-0.63
0.35
-0.01
49
0.0445
0.10
-0.01
-0.67
0.31
-0.01
50
0.0424
0.09
-0.01
-0.70
0.23
-0.01
52.5
0.0359
0.08
-0.01
-0.78
0.16
-0.01
55
0.0290
0.07
-0.01
-0.85
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 33 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.