SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 9:26 PM ET
How4 put contracts / 12 call contracts = 0.33 for the 2027-09-17 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 16 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 · 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: 16 open contracts across 9 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Sep 17
■ calls (up)■ puts (down)TPL open contracts per strike for Fri, Sep 17.
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, Sep 17
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 17
— call IV— put IVATM ≈ 45.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Sep 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.00
150
0.0008
0.25
-0.02
-0.05
0.86
-0.03
200
0.0020
0.59
-0.04
-0.15
0.80
-0.04
220
0.0024
0.72
-0.05
-0.21
0.74
-0.05
240
0.0029
0.83
-0.06
-0.28
0.64
-0.06
270
0.0033
0.95
-0.07
-0.38
0.61
-0.07
280
0.0034
0.98
-0.07
-0.42
0.51
-0.07
310
0.0035
1.01
-0.07
-0.52
0.48
-0.07
320
0.0036
1.01
-0.07
-0.56
0.27
-0.06
400
0.0030
0.84
-0.06
-0.80
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.