SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 9:00 PM ET
How2,482 put contracts / 5,005 call contracts = 0.50 for the 2028-01-21 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, 9:00 PM ET
HowOver every strike with open interest for the 2028-01-21 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 91.4% 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 · 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 91.4% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)HUBS open contracts per strike for Fri, Jan 21. Showing the 47 largest of 61 strikes by open interest, 98.9% 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, Jan 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 64.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 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, Jan 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.77
-0.04
160
0.0021
0.66
-0.05
-0.24
0.75
-0.04
165
0.0022
0.68
-0.05
-0.25
0.74
-0.04
170
0.0022
0.70
-0.05
-0.27
0.73
-0.05
175
0.0023
0.71
-0.05
-0.28
0.71
-0.05
180
0.0024
0.73
-0.05
-0.30
0.70
-0.05
185
0.0024
0.75
-0.06
-0.31
0.69
-0.05
190
0.0025
0.76
-0.06
-0.32
0.67
-0.05
195
0.0026
0.77
-0.06
-0.34
0.66
-0.05
200
0.0026
0.79
-0.06
-0.35
0.64
-0.05
210
0.0027
0.81
-0.06
-0.38
0.61
-0.05
220
0.0028
0.83
-0.06
-0.41
0.58
-0.06
230
0.0028
0.84
-0.06
-0.44
0.56
-0.06
240
0.0029
0.85
-0.06
-0.47
0.54
-0.06
250
0.0029
0.85
-0.06
-0.49
0.51
-0.06
260
0.0029
0.86
-0.06
-0.52
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 47 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.