SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 7:10 PM ET
How34 put contracts / 5 call contracts = 6.80 for the 2026-12-04 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 39 open contracts across 9 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Event risk before this expiration:Jobs report Fri, Dec 4 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
Too thin to read: 39 open contracts across 9 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)RACE open contracts per strike for Fri, Dec 4.
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 4
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 26.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Dec 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.97
-0.06
340
0.0015
0.08
-0.07
-0.03
0.81
-0.18
390
0.0082
0.29
-0.18
-0.19
0.77
-0.20
395
0.0095
0.32
-0.20
-0.23
0.73
-0.21
400
0.0108
0.36
-0.22
-0.28
0.67
-0.23
405
0.0120
0.39
-0.23
-0.33
0.41
-0.23
425
0.0135
0.41
-0.24
-0.60
0.29
-0.20
435
0.0117
0.36
-0.21
-0.72
0.24
-0.19
440
0.0105
0.33
-0.19
-0.78
0.06
-0.08
475
0.0034
0.13
-0.08
-0.97
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.