SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 3, 9:58 AM ET
How266,708 put contracts / 540,264 call contracts = 0.49 for the 2027-01-15 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, 9:58 AM ET
HowOver every strike with open interest for the 2027-01-15 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 8.6% 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 8.6% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)KWEB open contracts per strike for Fri, Jan 15.
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 15
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 31.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.99
-0.00
16
0.0099
0.01
-0.00
-0.02
0.98
-0.00
17
0.0152
0.01
-0.00
-0.03
0.96
-0.00
18
0.0242
0.01
-0.00
-0.05
0.93
-0.00
19
0.0386
0.01
-0.00
-0.08
0.89
-0.00
20
0.0592
0.02
-0.01
-0.13
0.81
-0.01
21
0.0836
0.03
-0.01
-0.20
0.71
-0.01
22
0.1071
0.04
-0.01
-0.30
0.60
-0.01
23
0.1231
0.04
-0.01
-0.42
0.47
-0.01
24
0.1266
0.04
-0.01
-0.55
0.36
-0.01
25
0.1176
0.04
-0.01
-0.67
0.26
-0.01
26
0.1008
0.03
-0.01
-0.76
0.18
-0.01
27
0.0812
0.03
-0.01
-0.84
0.13
-0.01
28
0.0627
0.02
-0.00
-0.90
0.09
-0.00
29
0.0470
0.02
-0.00
-0.94
0.06
-0.00
30
0.0346
0.01
-0.01
-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 51 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.