HowThe settle strike with the smallest total payout to option holders for the 2027-05-21 expiration, over 22 strikes carrying 274 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 10, 7:10 PM ET
How81 put contracts / 193 call contracts = 0.42 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 10, 7:10 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.
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.
■ 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 — 240 — is the max pain price.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)FERG 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 ≈ 30.1% · 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
0.91
-0.01
190
0.0023
0.31
-0.03
-0.09
0.90
-0.02
195
0.0026
0.33
-0.03
-0.11
0.88
-0.02
200
0.0029
0.37
-0.03
-0.12
0.85
-0.03
210
0.0036
0.44
-0.04
-0.15
0.81
-0.04
220
0.0044
0.51
-0.04
-0.20
0.76
-0.04
230
0.0051
0.58
-0.05
-0.25
0.70
-0.05
240
0.0059
0.64
-0.05
-0.31
0.57
-0.05
260
0.0071
0.73
-0.06
-0.44
0.50
-0.05
270
0.0073
0.74
-0.06
-0.52
0.43
-0.05
280
0.0074
0.73
-0.05
-0.59
0.30
-0.05
300
0.0067
0.65
-0.05
-0.74
0.24
-0.04
310
0.0060
0.59
-0.04
-0.81
0.20
-0.04
320
0.0054
0.52
-0.04
-0.87
0.10
-0.02
350
0.0033
0.33
not quoted
-0.98
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 22 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.