SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 2, 6:25 PM ET
How3 put contracts / 36 call contracts = 0.08 for the 2026-12-18 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 39 open contracts across 13 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: 39 open contracts across 13 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)EFV open contracts per strike for Fri, Dec 18.
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, Dec 18
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 17.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.01
60
0.0064
0.03
-0.01
-0.05
0.89
-0.01
70
0.0211
0.05
-0.02
-0.12
0.82
-0.02
74
0.0393
0.07
-0.02
-0.19
0.80
-0.02
75
0.0468
0.08
-0.02
-0.23
0.76
-0.02
76
0.0561
0.09
-0.02
-0.27
0.71
-0.02
77
0.0674
0.10
-0.02
-0.32
0.65
-0.02
78
0.0803
0.10
-0.02
-0.38
0.48
-0.02
80
0.0990
0.11
-0.02
-0.56
0.38
-0.02
81
0.0951
0.11
-0.02
-0.65
0.30
-0.02
82
0.0836
0.10
-0.01
-0.73
0.24
-0.01
83
0.0702
0.09
-0.01
-0.78
0.16
-0.01
85
0.0482
0.07
-0.01
-0.85
0.12
-0.01
87
0.0341
0.06
-0.01
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.