SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 7:38 PM ET
How3,039 put contracts / 6,083 call contracts = 0.50 for the 2027-02-19 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, 7:38 PM ET
HowOver every strike with open interest for the 2027-02-19 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.
Max pain is not shown: without its single heaviest strike it moves 5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
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.
Max pain is not shown: without its single heaviest strike it moves 5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)SLB open contracts per strike for Fri, Feb 19.
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, Feb 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 35.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Feb 19
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, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.98
-0.00
32.5
0.0050
0.01
-0.00
-0.03
0.96
-0.00
35
0.0080
0.02
-0.01
-0.04
0.93
-0.01
37.5
0.0125
0.03
-0.01
-0.07
0.89
-0.01
40
0.0188
0.05
-0.01
-0.12
0.83
-0.01
42.5
0.0264
0.07
-0.01
-0.18
0.75
-0.01
45
0.0342
0.08
-0.01
-0.26
0.65
-0.02
47.5
0.0405
0.10
-0.02
-0.36
0.54
-0.02
50
0.0439
0.10
-0.02
-0.47
0.44
-0.02
52.5
0.0438
0.10
-0.02
-0.57
0.34
-0.02
55
0.0406
0.10
-0.01
-0.67
0.26
-0.01
57.5
0.0355
0.08
-0.01
-0.76
0.19
-0.01
60
0.0296
0.07
-0.01
-0.82
0.14
-0.01
62.5
0.0239
0.06
-0.01
-0.88
0.10
-0.01
65
0.0188
0.05
-0.01
-0.92
0.05
-0.01
70
0.0111
0.03
-0.00
-0.97
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 20 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.