SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 9, 9:54 PM ET
How3,486 put contracts / 4,451 call contracts = 0.78 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 9, 9:54 PM 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.
Max pain is not shown: without its single heaviest strike it moves 12.2% 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 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — 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 12.2% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)WES 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
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 22.3% · 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
not quoted
20
0.0038
0.02
-0.00
-0.02
1.00
not quoted
25
0.0004
0.00
-0.00
-0.06
1.00
not quoted
28
0.0030
0.01
-0.00
-0.09
0.98
not quoted
30
0.0087
0.02
-0.00
-0.13
0.92
-0.00
33
0.0262
0.06
-0.00
-0.21
0.84
-0.00
35
0.0393
0.09
-0.00
-0.28
0.74
-0.00
37
0.0479
0.13
-0.00
-0.36
0.58
-0.00
40
0.0504
0.15
-0.00
-0.48
0.49
-0.00
42
0.0485
0.16
-0.00
-0.56
0.36
-0.00
45
0.0437
0.15
-0.00
-0.68
0.29
-0.00
47
0.0395
0.14
-0.00
-0.74
0.20
-0.00
50
0.0324
0.12
-0.00
-0.82
0.11
-0.00
55
0.0212
0.08
not quoted
-0.91
0.06
-0.00
60
0.0128
0.05
not quoted
-0.96
0.03
-0.00
65
0.0074
0.03
not quoted
-0.98
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.