HowThe settle strike with the smallest total payout to option holders for the 2027-09-17 expiration, over 22 strikes carrying 133 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, 9:00 PM ET
How45 put contracts / 88 call contracts = 0.51 for the 2027-09-17 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, 9:00 PM ET
HowOver every strike with open interest for the 2027-09-17 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 — 400 — is the max pain price.
Open interest by strike · Fri, Sep 17
■ calls (up)■ puts (down)HUBB open contracts per strike for Fri, Sep 17.
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, Sep 17
Implied volatility by strike · Fri, Sep 17
— call IV— put IVATM ≈ 36.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 17
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, Sep 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.77
-0.06
370
0.0020
1.21
-0.07
-0.23
0.75
-0.07
380
0.0021
1.28
-0.08
-0.26
0.72
-0.07
390
0.0022
1.33
-0.08
-0.28
0.70
-0.07
400
0.0023
1.39
-0.08
-0.31
0.68
-0.08
410
0.0024
1.44
-0.09
-0.34
0.65
-0.08
420
0.0025
1.48
-0.09
-0.36
0.62
-0.08
430
0.0026
1.52
-0.09
-0.39
0.60
-0.08
440
0.0026
1.54
-0.09
-0.42
0.57
-0.09
450
0.0027
1.57
-0.09
-0.45
0.55
-0.09
460
0.0027
1.58
-0.09
-0.47
0.52
-0.09
470
0.0028
1.59
-0.09
-0.50
0.49
-0.09
480
0.0028
1.59
-0.09
-0.53
0.44
-0.09
500
0.0028
1.58
-0.09
-0.59
0.35
-0.08
540
0.0026
1.48
-0.08
-0.69
0.33
-0.08
550
0.0026
1.45
-0.08
-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 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.