SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 5:17 PM ET
How10 put contracts / 17 call contracts = 0.59 for the 2026-12-18 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 27 open contracts across 17 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: 27 open contracts across 17 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)PWB open contracts per strike for Fri, Dec 18.
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 18
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 29.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.81
-0.06
130
0.0154
0.13
-0.06
-0.19
0.73
-0.07
135
0.0207
0.15
-0.07
-0.27
0.71
-0.07
136
0.0219
0.16
-0.07
-0.29
0.64
-0.07
139
0.0255
0.17
-0.07
-0.36
0.51
-0.07
144
0.0302
0.18
-0.07
-0.50
0.48
-0.07
145
0.0306
0.18
-0.07
-0.53
0.41
-0.07
147
0.0307
0.18
-0.07
-0.59
0.35
-0.06
149
0.0298
0.17
-0.06
-0.65
0.32
-0.06
150
0.0289
0.17
-0.06
-0.68
0.25
-0.05
153
0.0254
0.15
-0.05
-0.76
0.23
-0.05
154
0.0240
0.14
-0.05
-0.79
0.19
-0.04
156
0.0212
0.13
-0.04
-0.82
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 17 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.