SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 6:51 PM ET
How31 put contracts / 56 call contracts = 0.55 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: 87 open contracts across 15 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: 87 open contracts across 15 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)PRIM 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 ≈ 62.1% · 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
0.84
-0.01
45
0.0046
0.18
-0.01
-0.15
0.83
-0.01
47.5
0.0050
0.19
-0.01
-0.17
0.79
-0.01
52.5
0.0057
0.21
-0.02
-0.21
0.77
-0.01
55
0.0060
0.23
-0.02
-0.23
0.71
-0.02
62.5
0.0070
0.26
-0.02
-0.29
0.69
-0.02
65
0.0072
0.26
-0.02
-0.31
0.68
-0.02
67.5
0.0075
0.27
-0.02
-0.33
0.66
-0.02
70
0.0077
0.28
-0.02
-0.35
0.60
-0.02
77.5
0.0082
0.29
-0.02
-0.41
0.58
-0.02
80
0.0083
0.29
-0.02
-0.43
0.45
-0.02
100
0.0084
0.30
-0.02
-0.58
0.42
-0.02
105
0.0083
0.29
-0.02
-0.61
0.37
-0.02
115
0.0080
0.29
-0.02
-0.68
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 15 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.