SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 7, 7:39 PM ET
How332 put contracts / 213 call contracts = 1.56 for the 2027-05-21 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 7, 7:39 PM ET
HowOver every strike with open interest for the 2027-05-21 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 215.9% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Event risk before this expiration: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 215.9% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)BYND open contracts per strike for Fri, May 21.
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, May 21
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 111.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, May 21
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, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.87
-0.00
3
0.0388
0.01
-0.00
-0.11
0.79
-0.00
4
0.0534
0.01
-0.00
-0.18
0.71
-0.00
5
0.0653
0.01
-0.00
-0.26
0.63
-0.01
6
0.0728
0.02
-0.00
-0.33
0.56
-0.01
7
0.0761
0.02
-0.01
-0.40
0.50
-0.01
8
0.0762
0.02
-0.01
-0.45
0.45
-0.01
9
0.0744
0.02
-0.01
-0.50
0.41
-0.01
10
0.0718
0.02
-0.01
-0.54
0.35
-0.01
12
0.0660
0.02
-0.01
-0.60
0.31
-0.01
14
0.0605
0.01
-0.01
-0.65
0.27
-0.01
17
0.0537
0.01
-0.01
-0.70
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 11 strikes around the money — all 12 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.