HowThe settle strike with the smallest total payout to option holders for the 2027-04-16 expiration, over 27 strikes carrying 19,017 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, 3:49 PM ET
How11,365 put contracts / 7,652 call contracts = 1.49 for the 2027-04-16 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, 3:49 PM ET
HowOver every strike with open interest for the 2027-04-16 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 — 170 — is the max pain price.
Open interest by strike · Fri, Apr 16
■ calls (up)■ puts (down)XOM open contracts per strike for Fri, Apr 16.
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, Apr 16
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Apr 16
— call IV— put IVATM ≈ 30.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Apr 16
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, Apr 16
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.88
-0.02
135
0.0055
0.23
-0.02
-0.13
0.84
-0.02
140
0.0066
0.27
-0.03
-0.16
0.80
-0.03
145
0.0077
0.31
-0.03
-0.20
0.76
-0.03
150
0.0088
0.35
-0.03
-0.24
0.71
-0.03
155
0.0098
0.38
-0.04
-0.29
0.66
-0.04
160
0.0107
0.41
-0.04
-0.35
0.60
-0.04
165
0.0113
0.43
-0.04
-0.41
0.54
-0.04
170
0.0118
0.44
-0.04
-0.47
0.49
-0.04
175
0.0119
0.45
-0.04
-0.53
0.43
-0.04
180
0.0118
0.44
-0.04
-0.59
0.38
-0.04
185
0.0115
0.42
-0.04
-0.64
0.33
-0.04
190
0.0109
0.40
-0.03
-0.70
0.28
-0.03
195
0.0102
0.38
-0.03
-0.75
0.24
-0.03
200
0.0094
0.35
-0.03
-0.79
0.17
-0.02
210
0.0076
0.28
-0.02
-0.87
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 27 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.