SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 6:57 PM ET
How2,510 put contracts / 13,684 call contracts = 0.18 for the 2026-12-04 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, 6:57 PM ET
HowOver every strike with open interest for the 2026-12-04 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 5.5% 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 — 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 5.5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)UVXY open contracts per strike for Fri, Dec 4.
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 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 122.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
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 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.86
-0.02
14.5
0.0492
0.01
-0.02
-0.14
0.82
-0.02
15
0.0563
0.01
-0.02
-0.17
0.78
-0.03
15.5
0.0620
0.01
-0.03
-0.21
0.74
-0.03
16
0.0660
0.01
-0.03
-0.26
0.70
-0.04
16.5
0.0685
0.02
-0.04
-0.30
0.66
-0.04
17
0.0698
0.02
-0.04
-0.34
0.62
-0.04
17.5
0.0702
0.02
-0.04
-0.38
0.59
-0.04
18
0.0698
0.02
-0.04
-0.41
0.55
-0.05
18.5
0.0689
0.02
-0.05
-0.45
0.52
-0.05
19
0.0676
0.02
-0.05
-0.48
0.49
-0.05
19.5
0.0661
0.02
-0.05
-0.51
0.47
-0.05
20
0.0644
0.02
-0.05
-0.53
0.44
-0.05
20.5
0.0625
0.02
-0.05
-0.56
0.42
-0.05
21
0.0606
0.02
-0.05
-0.58
0.40
-0.05
21.5
0.0586
0.02
-0.05
-0.60
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 41 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.