SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 6:14 PM ET
How9 put contracts / 59 call contracts = 0.15 for the 2028-01-21 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 68 open contracts across 11 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Event risk before this expiration: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.
Too thin to read: 68 open contracts across 11 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)NYT open contracts per strike for Fri, Jan 21.
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 21
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 33.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Jan 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
not quoted
40
0.0033
0.09
-0.00
-0.05
0.81
-0.01
57.5
0.0096
0.21
-0.01
-0.19
0.78
-0.01
60
0.0107
0.23
-0.01
-0.22
0.68
-0.01
67.5
0.0134
0.28
-0.01
-0.32
0.64
-0.01
70
0.0141
0.29
-0.01
-0.36
0.57
-0.01
75
0.0151
0.30
-0.01
-0.44
0.50
-0.01
80
0.0154
0.31
-0.01
-0.52
0.43
-0.01
85
0.0152
0.30
-0.01
-0.60
0.37
-0.01
90
0.0146
0.29
-0.01
-0.67
0.32
-0.01
95
0.0138
0.28
-0.01
-0.73
0.27
-0.01
100
0.0127
0.26
-0.01
-0.79
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.