SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 8, 7:31 PM ET
How11,230 put contracts / 12,854 call contracts = 0.87 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 8, 7:31 PM 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 5.3% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
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.
Max pain is not shown: without its single heaviest strike it moves 5.3% 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)LMT open contracts per strike for Fri, Jan 15. Showing the 56 largest of 63 strikes by open interest, 99% of the total.
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
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 29.7% · 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
0.83
-0.14
500
0.0031
0.62
-0.14
-0.17
0.80
-0.16
510
0.0036
0.69
-0.16
-0.20
0.76
-0.17
520
0.0040
0.77
-0.17
-0.24
0.72
-0.18
530
0.0044
0.83
-0.19
-0.29
0.67
-0.20
540
0.0048
0.89
-0.20
-0.33
0.62
-0.20
550
0.0050
0.94
-0.21
-0.38
0.57
-0.21
560
0.0053
0.97
-0.21
-0.44
0.52
-0.21
570
0.0054
0.98
-0.22
-0.49
0.47
-0.21
580
0.0054
0.98
-0.21
-0.55
0.41
-0.20
590
0.0053
0.96
-0.21
-0.60
0.36
-0.19
600
0.0052
0.93
-0.20
-0.66
0.31
-0.18
610
0.0049
0.88
-0.19
-0.70
0.27
-0.17
620
0.0046
0.82
-0.18
-0.75
0.23
-0.15
630
0.0042
0.75
-0.16
-0.79
0.19
-0.14
640
0.0038
0.69
-0.14
-0.83
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 56 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.