SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 9:17 PM ET
How5,792 put contracts / 7,100 call contracts = 0.82 for the 2026-12-04 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, 9:17 PM ET
HowOver every strike with open interest for the 2026-12-04 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 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 — 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 5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)EWY open contracts per strike for Fri, Dec 4. Showing the 60 largest of 94 strikes by open interest, 95.5% 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, Dec 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 50 largest of 67 strikes by volume, 98.1% of the total.
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 54.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
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, Dec 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.95
-0.05
105
0.0041
0.04
-0.06
-0.05
0.92
-0.07
110
0.0057
0.05
-0.07
-0.07
0.89
-0.09
115
0.0078
0.07
-0.09
-0.11
0.79
-0.13
125
0.0134
0.10
-0.13
-0.21
0.74
-0.14
128
0.0151
0.12
-0.14
-0.26
0.71
-0.15
130
0.0163
0.12
-0.15
-0.29
0.62
-0.16
135
0.0187
0.14
-0.16
-0.38
0.54
-0.16
139
0.0199
0.14
-0.16
-0.46
0.52
-0.16
140
0.0201
0.14
-0.16
-0.48
0.48
-0.16
142
0.0203
0.14
-0.16
-0.52
0.46
-0.16
143
0.0204
0.14
-0.16
-0.54
0.44
-0.16
144
0.0203
0.14
-0.16
-0.56
0.40
-0.15
146
0.0201
0.14
-0.15
-0.60
0.36
-0.15
148
0.0196
0.13
-0.15
-0.64
0.34
-0.15
149
0.0193
0.13
-0.15
-0.66
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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.