SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 3, 8:51 PM ET
How35 put contracts / 55 call contracts = 0.64 for the 2027-02-19 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 90 open contracts across 25 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
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.
Too thin to read: 90 open contracts across 25 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)CLDX open contracts per strike for Fri, Feb 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, Feb 19
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 54.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.01
15
0.0072
0.02
-0.01
-0.06
0.88
-0.01
20
0.0159
0.03
-0.01
-0.11
0.80
-0.01
24
0.0280
0.05
-0.01
-0.20
0.77
-0.01
25
0.0317
0.05
-0.01
-0.23
0.73
-0.01
26
0.0355
0.05
-0.01
-0.27
0.65
-0.01
28
0.0425
0.06
-0.01
-0.35
0.60
-0.01
29
0.0451
0.06
-0.01
-0.40
0.56
-0.01
30
0.0469
0.06
-0.01
-0.45
0.42
-0.01
33
0.0464
0.06
-0.01
-0.58
0.32
-0.01
36
0.0405
0.06
-0.01
-0.69
0.30
-0.01
37
0.0383
0.06
-0.01
-0.71
0.25
-0.01
39
0.0339
0.05
-0.01
-0.76
0.23
-0.01
40
0.0319
0.05
-0.01
-0.78
0.20
-0.01
42
0.0283
0.05
-0.01
-0.81
0.19
-0.01
43
0.0267
0.04
-0.01
-0.82
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 25 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.