HowThe settle strike with the smallest total payout to option holders for the 2027-01-15 expiration, over 61 strikes carrying 21,000 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 2, 6:24 PM ET
How11,295 put contracts / 9,705 call contracts = 1.16 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 2, 6:24 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.
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.
■ 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 — 89.84 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)EWJ open contracts per strike for Fri, Jan 15. Showing the 37 largest of 61 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, Jan 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 21.8% · 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
0.86
-0.02
81.84
0.0196
0.09
-0.02
-0.17
0.84
-0.02
82.84
0.0216
0.10
-0.02
-0.19
0.82
-0.02
83.84
0.0239
0.10
-0.02
-0.21
0.81
-0.02
84.84
0.0265
0.12
-0.02
-0.23
0.78
-0.02
86
0.0296
0.12
-0.02
-0.25
0.72
-0.02
88
0.0357
0.14
-0.02
-0.31
0.66
-0.03
89.84
0.0415
0.15
-0.03
-0.37
0.47
-0.02
94
0.0491
0.16
-0.02
-0.56
0.43
-0.02
94.84
0.0487
0.16
-0.02
-0.60
0.42
-0.02
95
0.0485
0.16
-0.02
-0.60
0.38
-0.02
96
0.0469
0.16
-0.02
-0.65
0.34
-0.02
97
0.0445
0.15
-0.02
-0.69
0.30
-0.02
98
0.0416
0.14
-0.02
-0.73
0.24
-0.02
99.84
0.0358
0.13
-0.02
-0.79
0.14
-0.01
104.84
0.0224
0.09
-0.01
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 37 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.