SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 5:47 PM ET
How8 put contracts / 57 call contracts = 0.14 for the 2027-03-19 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 65 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: 65 open contracts across 9 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)VXF open contracts per strike for Fri, Mar 19.
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, Mar 19
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 19.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.01
160
0.0016
0.12
-0.02
-0.04
0.91
-0.02
185
0.0037
0.22
-0.03
-0.09
0.88
-0.03
195
0.0052
0.28
-0.03
-0.12
0.85
-0.03
200
0.0061
0.31
-0.03
-0.14
0.76
-0.04
215
0.0100
0.43
-0.04
-0.25
0.51
-0.04
235
0.0152
0.55
-0.04
-0.51
0.24
-0.03
255
0.0120
0.43
-0.03
-0.80
0.20
-0.03
260
0.0104
0.39
-0.03
-0.85
0.08
-0.02
285
0.0048
0.21
-0.02
-0.97
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.