HowThe settle strike with the smallest total payout to option holders for the 2027-03-19 expiration, over 52 strikes carrying 11,454 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 4, 11:48 AM ET
How6,447 put contracts / 5,007 call contracts = 1.29 for the 2027-03-19 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 4, 11:48 AM ET
HowOver every strike with open interest for the 2027-03-19 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 — 570 — is the max pain price.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)MA open contracts per strike for Fri, Mar 19.
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, Mar 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 24.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 19
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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.80
-0.09
600
0.0026
1.14
-0.11
-0.20
0.78
-0.10
610
0.0028
1.22
-0.12
-0.23
0.74
-0.11
620
0.0031
1.31
-0.12
-0.26
0.71
-0.11
630
0.0033
1.39
-0.13
-0.29
0.68
-0.12
640
0.0035
1.46
-0.14
-0.33
0.64
-0.13
650
0.0037
1.52
-0.14
-0.37
0.60
-0.13
660
0.0038
1.56
-0.14
-0.41
0.56
-0.13
670
0.0040
1.60
-0.14
-0.45
0.53
-0.14
680
0.0040
1.62
-0.14
-0.49
0.45
-0.14
700
0.0041
1.61
-0.14
-0.58
0.37
-0.13
720
0.0039
1.54
-0.13
-0.66
0.30
-0.12
740
0.0036
1.42
-0.12
-0.74
0.23
-0.10
760
0.0032
1.26
-0.11
-0.81
0.18
-0.09
780
0.0028
1.09
-0.09
-0.88
0.14
-0.07
800
0.0023
0.92
-0.07
-0.94
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 52 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.