SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 6:09 PM ET
How805 put contracts / 1,990 call contracts = 0.40 for the 2026-12-04 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 10, 6:09 PM ET
HowOver every strike with open interest for the 2026-12-04 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 13.7% 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, Dec 4 — 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 13.7% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)MP open contracts per strike for Fri, Dec 4.
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, Dec 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 66.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
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, Dec 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.02
28
0.0192
0.01
-0.02
-0.07
0.88
-0.03
30
0.0303
0.02
-0.03
-0.12
0.84
-0.03
31
0.0370
0.02
-0.03
-0.16
0.80
-0.04
32
0.0440
0.03
-0.04
-0.20
0.75
-0.04
33
0.0507
0.03
-0.04
-0.25
0.69
-0.04
34
0.0566
0.03
-0.05
-0.31
0.63
-0.05
35
0.0612
0.04
-0.05
-0.37
0.57
-0.05
36
0.0641
0.04
-0.05
-0.43
0.50
-0.05
37
0.0653
0.04
-0.05
-0.50
0.44
-0.05
38
0.0646
0.04
-0.05
-0.56
0.38
-0.05
39
0.0624
0.04
-0.05
-0.62
0.32
-0.05
40
0.0588
0.03
-0.05
-0.68
0.27
-0.04
41
0.0543
0.03
-0.04
-0.73
0.23
-0.04
42
0.0492
0.03
-0.04
-0.78
0.19
-0.04
43
0.0440
0.03
-0.04
-0.81
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 30 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.