SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 3, 7:23 PM ET
How221 put contracts / 654 call contracts = 0.34 for the 2027-05-21 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 3, 7:23 PM ET
HowOver every strike with open interest for the 2027-05-21 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 30.5% 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, 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.
Max pain is not shown: without its single heaviest strike it moves 30.5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)EZU open contracts per strike for Fri, May 21.
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, May 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 19.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, May 21
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, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.83
-0.01
55
0.0171
0.12
-0.01
-0.17
0.78
-0.01
58
0.0225
0.14
-0.01
-0.22
0.76
-0.01
59
0.0247
0.15
-0.01
-0.24
0.74
-0.01
60
0.0270
0.15
-0.01
-0.26
0.72
-0.01
61
0.0296
0.16
-0.01
-0.28
0.66
-0.01
63
0.0352
0.17
-0.01
-0.35
0.63
-0.01
64
0.0381
0.18
-0.01
-0.38
0.55
-0.01
66
0.0434
0.19
-0.01
-0.47
0.50
-0.01
67
0.0454
0.19
-0.01
-0.52
0.46
-0.01
68
0.0466
0.19
-0.01
-0.57
0.41
-0.01
69
0.0468
0.19
-0.01
-0.63
0.36
-0.01
70
0.0460
0.18
-0.01
-0.68
0.32
-0.01
71
0.0441
0.17
-0.01
-0.73
0.24
-0.01
73
0.0386
0.15
-0.01
-0.82
0.21
-0.01
74
0.0355
0.14
-0.01
-0.85
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 19 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.