HowThe settle strike with the smallest total payout to option holders for the 2027-01-15 expiration, over 62 strikes carrying 32,893 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, 6:56 PM ET
How13,621 put contracts / 19,272 call contracts = 0.71 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, 6:56 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 — 78 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)UPRO open contracts per strike for Fri, Jan 15. Showing the 47 largest of 62 strikes by open interest, 98.5% of the total.
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
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 47.2% · 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
0.88
-0.06
100
0.0051
0.11
-0.06
-0.12
0.85
-0.07
105
0.0061
0.13
-0.07
-0.15
0.82
-0.07
110
0.0073
0.15
-0.07
-0.18
0.78
-0.07
115
0.0087
0.17
-0.07
-0.22
0.74
-0.08
120
0.0102
0.18
-0.08
-0.26
0.69
-0.08
125
0.0118
0.20
-0.08
-0.31
0.62
-0.08
130
0.0133
0.22
-0.08
-0.38
0.55
-0.08
135
0.0147
0.23
-0.08
-0.45
0.47
-0.08
140
0.0156
0.23
-0.07
-0.52
0.39
-0.07
145
0.0158
0.22
-0.07
-0.60
0.31
-0.06
150
0.0152
0.20
-0.06
-0.69
0.23
-0.05
155
0.0137
0.18
-0.05
-0.76
0.17
-0.04
160
0.0117
0.15
-0.04
-0.82
0.13
-0.03
165
0.0095
0.12
-0.03
-0.87
0.09
-0.03
170
0.0075
0.09
-0.02
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 47 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.