HowThe settle strike with the smallest total payout to option holders for the 2027-03-19 expiration, over 35 strikes carrying 415,743 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 3, 10:15 AM ET
How395,013 put contracts / 20,730 call contracts = 19.06 for the 2027-03-19 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, 10:15 AM ET
HowOver every strike with open interest for the 2027-03-19 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, 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.
■ 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 — 79 — is the max pain price.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)HYG open contracts per strike for Fri, Mar 19.
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, Mar 19
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 8.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 19
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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.00
70
0.0331
0.06
-0.01
-0.15
0.91
-0.01
71
0.0423
0.07
-0.01
-0.17
0.89
-0.01
72
0.0547
0.09
-0.01
-0.20
0.85
-0.01
73
0.0709
0.10
-0.01
-0.24
0.80
-0.01
74
0.0923
0.12
-0.01
-0.30
0.73
-0.01
75
0.1181
0.14
-0.01
-0.37
0.63
-0.01
76
0.1459
0.16
-0.01
-0.47
0.48
-0.01
77
0.1652
0.18
-0.00
-0.60
0.31
-0.00
78
0.1501
0.16
-0.00
-0.74
0.15
-0.00
79
0.1085
0.11
-0.00
-0.89
0.05
-0.00
80
0.0518
0.06
0.00
-0.96
0.03
-0.00
81
0.0312
0.04
not quoted
-0.97
0.03
-0.00
82
0.0222
0.04
not quoted
-0.98
0.02
-0.00
83
0.0169
0.03
not quoted
-0.98
0.02
-0.00
84
0.0135
0.03
not quoted
-0.98
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 35 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.