HowThe settle strike with the smallest total payout to option holders for the 2027-01-15 expiration, over 260 strikes carrying 646,054 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 8, 7:39 PM ET
How300,582 put contracts / 345,472 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, 7:39 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.
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 — 690 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)MU open contracts per strike for Fri, Jan 15. Showing the 60 largest of 260 strikes by open interest, 64.3% 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). Showing the 60 largest of 191 strikes by volume, 92% of the total.
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 70.8% · 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
0.87
-0.37
500
0.0009
0.65
-0.37
-0.13
0.81
-0.45
550
0.0012
0.83
-0.46
-0.19
0.78
-0.48
570
0.0013
0.90
-0.49
-0.22
0.77
-0.50
580
0.0014
0.93
-0.50
-0.24
0.73
-0.53
600
0.0015
1.00
-0.53
-0.27
0.65
-0.58
650
0.0017
1.12
-0.59
-0.35
0.63
-0.59
660
0.0017
1.14
-0.60
-0.37
0.56
-0.60
700
0.0018
1.20
-0.61
-0.45
0.48
-0.60
740
0.0019
1.21
-0.61
-0.52
0.47
-0.60
750
0.0019
1.20
-0.61
-0.54
0.38
-0.56
800
0.0018
1.15
-0.57
-0.63
0.33
-0.53
830
0.0018
1.10
-0.54
-0.68
0.32
-0.52
840
0.0017
1.07
-0.53
-0.69
0.30
-0.50
850
0.0017
1.05
-0.52
-0.71
0.26
-0.47
880
0.0016
0.98
-0.48
-0.75
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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.