HowThe settle strike with the smallest total payout to option holders for the 2027-04-16 expiration, over 70 strikes carrying 8,675 open contracts. Open interest is published once a day, before the open, so it describes the previous session.
SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 7, 9:06 PM ET
How6,409 put contracts / 2,266 call contracts = 2.83 for the 2027-04-16 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, 9:06 PM ET
HowOver every strike with open interest for the 2027-04-16 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.
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.
■ put-side pain■ call-side painTotal payout option writers would owe at each settle price (both sides, all open interest, ×100 shares) — low settles hurt put writers, high settles hurt call writers. The minimum — 490 — is the max pain price.
Open interest by strike · Fri, Apr 16
■ calls (up)■ puts (down)DELL open contracts per strike for Fri, Apr 16. Showing the 54 largest of 70 strikes by open interest, 98.6% of the total.
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, Apr 16
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Apr 16
— call IV— put IVATM ≈ 76.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Apr 16
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, Apr 16
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.77
-0.16
260
0.0018
0.66
-0.16
-0.23
0.75
-0.16
270
0.0019
0.69
-0.17
-0.25
0.73
-0.17
280
0.0020
0.72
-0.18
-0.28
0.71
-0.18
290
0.0020
0.75
-0.18
-0.30
0.68
-0.18
300
0.0021
0.78
-0.19
-0.32
0.66
-0.19
310
0.0022
0.80
-0.19
-0.35
0.64
-0.19
320
0.0022
0.82
-0.20
-0.37
0.61
-0.19
330
0.0023
0.83
-0.20
-0.39
0.59
-0.20
340
0.0024
0.85
-0.20
-0.42
0.57
-0.20
350
0.0024
0.86
-0.20
-0.44
0.54
-0.20
360
0.0024
0.86
-0.20
-0.46
0.52
-0.20
370
0.0024
0.87
-0.20
-0.49
0.50
-0.20
380
0.0024
0.87
-0.20
-0.51
0.48
-0.20
390
0.0024
0.87
-0.20
-0.53
0.46
-0.20
400
0.0024
0.86
-0.20
-0.55
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 54 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.