HowThe settle strike with the smallest total payout to option holders for the 2028-01-21 expiration, over 19 strikes carrying 113 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 6, 7:00 PM ET
How41 put contracts / 72 call contracts = 0.57 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 6, 7:00 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.
Event risk before this expiration: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 — 100 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)INSW open contracts per strike for Fri, Jan 21.
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
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 52.9% · 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
1.00
not quoted
55
0.0056
0.21
-0.01
-0.17
1.00
not quoted
60
0.0004
0.00
-0.01
-0.20
0.78
-0.02
80
0.0101
0.26
-0.02
-0.37
0.71
-0.02
85
0.0100
0.29
-0.02
-0.42
0.66
-0.02
90
0.0101
0.32
-0.02
-0.46
0.61
-0.02
95
0.0101
0.33
-0.02
-0.50
0.57
-0.02
100
0.0101
0.34
-0.02
-0.53
0.53
-0.02
105
0.0100
0.34
-0.02
-0.57
0.49
-0.02
110
0.0098
0.34
-0.02
-0.60
0.45
-0.02
115
0.0097
0.34
-0.02
-0.64
0.42
-0.02
120
0.0095
0.34
-0.01
-0.67
0.39
-0.02
125
0.0093
0.33
-0.01
-0.69
0.37
-0.02
130
0.0090
0.32
-0.01
-0.72
0.34
-0.02
135
0.0087
0.32
-0.01
-0.74
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 19 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.