HowThe settle strike with the smallest total payout to option holders for the 2027-03-19 expiration, over 36 strikes carrying 9,015 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
How6,411 put contracts / 2,604 call contracts = 2.46 for the 2027-03-19 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 2, 6:24 PM ET
HowOver every strike with open interest for the 2027-03-19 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.
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 — 97 — is the max pain price.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)EWJ open contracts per strike for Fri, Mar 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, Mar 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 22.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.73
-0.01
86
0.0236
0.19
-0.02
-0.28
0.71
-0.02
87
0.0251
0.19
-0.02
-0.30
0.69
-0.02
88
0.0266
0.20
-0.02
-0.32
0.66
-0.02
89
0.0281
0.21
-0.02
-0.35
0.63
-0.02
90
0.0295
0.21
-0.02
-0.38
0.60
-0.02
91
0.0307
0.22
-0.02
-0.41
0.57
-0.02
92
0.0318
0.22
-0.02
-0.45
0.54
-0.02
93
0.0326
0.22
-0.02
-0.48
0.51
-0.02
94
0.0331
0.23
-0.02
-0.52
0.48
-0.02
95
0.0333
0.22
-0.02
-0.55
0.44
-0.02
96
0.0332
0.22
-0.02
-0.59
0.41
-0.02
97
0.0328
0.22
-0.02
-0.62
0.38
-0.02
98
0.0321
0.21
-0.02
-0.66
0.35
-0.02
99
0.0312
0.21
-0.02
-0.69
0.33
-0.01
100
0.0301
0.20
-0.02
-0.72
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 36 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.