HowThe settle strike with the smallest total payout to option holders for the 2027-05-21 expiration, over 209 strikes carrying 22,651 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
How9,423 put contracts / 13,228 call contracts = 0.71 for the 2027-05-21 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 2027-05-21 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 — 850 — is the max pain price.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)MU open contracts per strike for Fri, May 21. Showing the 60 largest of 209 strikes by open interest, 68.2% 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, May 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 55 largest of 96 strikes by volume, 97% of the total.
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 62.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, May 21
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, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.74
-0.26
580
0.0010
1.63
-0.28
-0.26
0.73
-0.27
590
0.0010
1.67
-0.28
-0.27
0.72
-0.27
600
0.0010
1.70
-0.29
-0.28
0.70
-0.28
620
0.0011
1.77
-0.29
-0.31
0.69
-0.29
630
0.0011
1.80
-0.30
-0.32
0.66
-0.30
650
0.0011
1.85
-0.31
-0.34
0.65
-0.30
660
0.0012
1.88
-0.31
-0.36
0.60
-0.31
700
0.0012
1.95
-0.32
-0.41
0.59
-0.31
710
0.0012
1.97
-0.32
-0.42
0.58
-0.31
720
0.0012
1.98
-0.32
-0.43
0.54
-0.32
750
0.0013
2.01
-0.33
-0.47
0.48
-0.31
800
0.0013
2.02
-0.33
-0.53
0.43
-0.31
850
0.0013
1.99
-0.32
-0.59
0.42
-0.31
860
0.0013
1.98
-0.32
-0.60
0.41
-0.30
870
0.0012
1.97
-0.32
-0.61
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.