HowThe settle strike with the smallest total payout to option holders for the 2027-01-15 expiration, over 15 strikes carrying 1,238 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 10, 7:32 PM ET
How209 put contracts / 1,029 call contracts = 0.20 for the 2027-01-15 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 10, 7:32 PM ET
HowOver every strike with open interest for the 2027-01-15 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: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 — 14 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)SHIP open contracts per strike for Fri, Jan 15.
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 15
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 56.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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, Jan 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.01
8
0.0172
0.01
-0.01
-0.06
0.92
-0.01
10
0.0338
0.01
-0.01
-0.10
0.89
-0.01
11
0.0478
0.01
-0.01
-0.13
0.84
-0.01
12
0.0683
0.02
-0.01
-0.18
0.77
-0.01
13
0.0974
0.02
-0.01
-0.25
0.67
-0.01
14
0.1316
0.02
-0.01
-0.36
0.53
-0.01
15
0.1513
0.03
-0.01
-0.51
0.39
-0.01
16
0.1403
0.02
-0.01
-0.64
0.30
-0.01
17
0.1165
0.02
-0.01
-0.74
0.23
-0.01
18
0.0946
0.02
-0.01
-0.80
0.19
-0.01
19
0.0775
0.02
-0.01
-0.84
0.16
-0.01
20
0.0646
0.01
-0.01
-0.88
0.14
-0.01
21
0.0546
0.01
-0.01
-0.90
0.10
-0.01
23
0.0408
0.01
-0.01
-0.94
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 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.