SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 6:40 PM ET
How742 put contracts / 902 call contracts = 0.82 for the 2027-02-19 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 10, 6:40 PM ET
HowOver every strike with open interest for the 2027-02-19 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 11.5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Event risk before this expiration: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 11.5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)ESTC 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 ≈ 57.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Feb 19
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, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.01
50
0.0033
0.05
-0.02
-0.05
0.92
-0.02
55
0.0046
0.06
-0.02
-0.07
0.89
-0.02
60
0.0061
0.08
-0.03
-0.10
0.85
-0.03
65
0.0079
0.10
-0.03
-0.15
0.80
-0.04
70
0.0098
0.13
-0.04
-0.20
0.73
-0.04
75
0.0117
0.15
-0.04
-0.26
0.67
-0.05
80
0.0132
0.17
-0.05
-0.33
0.59
-0.05
85
0.0142
0.18
-0.05
-0.40
0.52
-0.05
90
0.0147
0.18
-0.05
-0.47
0.45
-0.05
95
0.0147
0.18
-0.05
-0.54
0.39
-0.05
100
0.0142
0.17
-0.05
-0.61
0.33
-0.05
105
0.0134
0.17
-0.04
-0.67
0.28
-0.04
110
0.0124
0.15
-0.04
-0.72
0.23
-0.04
115
0.0112
0.14
-0.04
-0.77
0.19
-0.04
120
0.0100
0.13
-0.03
-0.81
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.