SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 3, 6:31 PM ET
How50 put contracts / 110 call contracts = 0.45 for the 2027-06-17 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 3, 6:31 PM ET
HowOver every strike with open interest for the 2027-06-17 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.
Max pain is not shown: without its single heaviest strike it moves 47.5% 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, 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.
Max pain is not shown: without its single heaviest strike it moves 47.5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Thu, Jun 17
■ calls (up)■ puts (down)ILF open contracts per strike for Thu, Jun 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 · Thu, Jun 17
Implied volatility by strike · Thu, Jun 17
— call IV— put IVATM ≈ 29.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Thu, Jun 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 · Thu, Jun 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.84
-0.00
25
0.0267
0.06
-0.01
-0.17
0.75
-0.00
28
0.0415
0.08
-0.01
-0.26
0.71
-0.01
29
0.0475
0.08
-0.01
-0.30
0.66
-0.01
30
0.0532
0.09
-0.01
-0.35
0.60
-0.01
31
0.0578
0.09
-0.01
-0.41
0.55
-0.01
32
0.0602
0.10
-0.01
-0.47
0.49
-0.01
33
0.0603
0.10
-0.01
-0.53
0.43
-0.01
34
0.0583
0.10
-0.01
-0.59
0.35
-0.01
36
0.0514
0.09
-0.01
-0.68
0.32
-0.01
37
0.0475
0.09
-0.01
-0.72
0.29
-0.01
38
0.0439
0.08
-0.01
-0.75
0.27
-0.01
39
0.0405
0.08
-0.01
-0.77
0.24
-0.01
40
0.0375
0.08
-0.01
-0.79
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 14 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.