SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 8, 7:02 PM ET
How6,102 put contracts / 6,440 call contracts = 0.95 for the 2027-01-15 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 8, 7:02 PM ET
HowOver every strike with open interest for the 2027-01-15 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 6% 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 6% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)DE open contracts per strike for Fri, Jan 15.
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 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 36.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
-0.15
540
0.0014
0.49
-0.15
-0.10
0.88
-0.18
560
0.0017
0.61
-0.18
-0.13
0.83
-0.21
580
0.0021
0.74
-0.21
-0.17
0.79
-0.24
600
0.0025
0.86
-0.24
-0.22
0.73
-0.27
620
0.0029
0.98
-0.27
-0.28
0.66
-0.29
640
0.0033
1.07
-0.29
-0.34
0.59
-0.30
660
0.0035
1.14
-0.31
-0.41
0.52
-0.31
680
0.0037
1.17
-0.31
-0.48
0.45
-0.30
700
0.0037
1.16
-0.31
-0.56
0.38
-0.29
720
0.0036
1.12
-0.30
-0.63
0.32
-0.27
740
0.0034
1.05
-0.28
-0.70
0.26
-0.24
760
0.0031
0.95
-0.26
-0.76
0.21
-0.21
780
0.0027
0.84
-0.23
-0.81
0.16
-0.18
800
0.0023
0.73
-0.21
-0.86
0.13
-0.15
820
0.0020
0.62
-0.18
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 57 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.