HowThe settle strike with the smallest total payout to option holders for the 2027-04-16 expiration, over 20 strikes carrying 168,886 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
How168,691 put contracts / 195 call contracts = 865.08 for the 2027-04-16 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 2027-04-16 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, Apr 16
■ calls (up)■ puts (down)HYG open contracts per strike for Fri, Apr 16.
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, Apr 16
Implied volatility by strike · Fri, Apr 16
— call IV— put IVATM ≈ 6.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Apr 16
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, Apr 16
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
-0.00
70
0.0378
0.08
-0.01
-0.18
0.89
-0.01
71
0.0468
0.09
-0.01
-0.20
0.86
-0.01
72
0.0588
0.11
-0.01
-0.24
0.82
-0.01
73
0.0732
0.12
-0.01
-0.28
0.77
-0.01
74
0.0914
0.14
-0.01
-0.33
0.70
-0.01
75
0.1112
0.17
-0.01
-0.40
0.60
-0.01
76
0.1306
0.18
-0.00
-0.49
0.47
-0.01
77
0.1432
0.19
-0.00
-0.60
0.32
-0.00
78
0.1340
0.18
-0.00
-0.73
0.17
-0.00
79
0.1049
0.13
-0.00
-0.86
0.07
-0.00
80
0.0606
0.08
not quoted
-0.94
0.05
-0.00
81
0.0391
0.06
not quoted
-0.95
0.04
-0.00
82
0.0278
0.05
not quoted
-0.96
0.03
-0.00
83
0.0211
0.04
not quoted
-0.97
0.03
-0.00
84
0.0170
0.04
not quoted
-0.97
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 20 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.