HowThe settle strike with the smallest total payout to option holders for the 2028-01-21 expiration, over 36 strikes carrying 861 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 4, 9:36 AM ET
How563 put contracts / 298 call contracts = 1.89 for the 2028-01-21 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 4, 9:36 AM ET
HowOver every strike with open interest for the 2028-01-21 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, 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.
■ 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 — 34 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)TSLY open contracts per strike for Fri, Jan 21.
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 21
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 36.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 21
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 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
-0.02
15
0.0286
0.06
-0.00
-0.30
1.00
-0.02
17
0.0264
0.05
-0.00
-0.37
1.00
-0.02
18
0.0241
0.05
-0.00
-0.40
0.96
-0.02
19
0.0574
0.05
-0.00
-0.42
0.80
-0.02
20
0.1854
0.04
-0.00
-0.43
0.60
-0.01
21
0.1355
0.05
-0.00
-0.45
0.47
-0.01
22
0.1022
0.06
-0.00
-0.46
0.38
-0.01
23
0.0777
0.06
-0.00
-0.47
0.32
-0.01
24
0.0613
0.06
-0.00
-0.47
0.28
-0.01
25
0.0509
0.06
-0.00
-0.48
0.24
-0.01
26
0.0428
0.06
0.00
-0.48
0.22
-0.01
27
0.0369
0.06
0.00
-0.49
0.20
-0.01
28
0.0323
0.05
0.00
-0.49
0.18
-0.01
29
0.0288
0.05
0.00
-0.49
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 36 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.