SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 3, 7:38 PM ET
How84 put contracts / 189 call contracts = 0.44 for the 2026-12-18 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 3, 7:38 PM ET
HowOver every strike with open interest for the 2026-12-18 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 9.2% 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, Nov 6 · CPI release Tue, Nov 10 · 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 9.2% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)TMV 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 ≈ 44.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.01
35
0.0266
0.02
-0.01
-0.09
0.79
-0.02
39
0.0513
0.04
-0.02
-0.22
0.74
-0.02
40
0.0581
0.05
-0.02
-0.27
0.68
-0.02
41
0.0636
0.05
-0.02
-0.33
0.61
-0.03
42
0.0672
0.06
-0.03
-0.39
0.54
-0.03
43
0.0683
0.06
-0.03
-0.46
0.47
-0.03
44
0.0671
0.06
-0.03
-0.53
0.41
-0.03
45
0.0641
0.06
-0.03
-0.58
0.35
-0.03
46
0.0599
0.06
-0.03
-0.64
0.30
-0.03
47
0.0550
0.05
-0.02
-0.69
0.26
-0.02
48
0.0499
0.05
-0.02
-0.73
0.23
-0.02
49
0.0449
0.05
-0.02
-0.76
0.19
-0.02
50
0.0401
0.04
-0.02
-0.80
0.10
-0.01
55
0.0223
0.03
-0.01
-0.89
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.