SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 7, 10:40 PM ET
How1,747 put contracts / 2,757 call contracts = 0.63 for the 2027-06-17 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 7, 10:40 PM ET
HowOver every strike with open interest for the 2027-06-17 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 12.6% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Event risk before this expiration: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.
Max pain is not shown: without its single heaviest strike it moves 12.6% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Thu, Jun 17
■ calls (up)■ puts (down)ZTS open contracts per strike for Thu, Jun 17.
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 · Thu, Jun 17
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Thu, Jun 17
— call IV— put IVATM ≈ 38.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Thu, Jun 17
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 · Thu, Jun 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.98
-0.00
45
0.0026
0.04
-0.00
-0.03
0.95
-0.00
50
0.0042
0.07
-0.01
-0.06
0.92
-0.01
55
0.0063
0.10
-0.01
-0.09
0.87
-0.01
60
0.0087
0.14
-0.01
-0.14
0.81
-0.01
65
0.0113
0.17
-0.01
-0.20
0.74
-0.02
70
0.0136
0.20
-0.02
-0.27
0.67
-0.02
75
0.0155
0.23
-0.02
-0.35
0.58
-0.02
80
0.0167
0.24
-0.02
-0.44
0.50
-0.02
85
0.0172
0.25
-0.02
-0.52
0.43
-0.02
90
0.0169
0.24
-0.02
-0.60
0.36
-0.02
95
0.0160
0.23
-0.02
-0.68
0.29
-0.02
100
0.0148
0.21
-0.02
-0.74
0.24
-0.02
105
0.0133
0.19
-0.02
-0.80
0.20
-0.01
110
0.0118
0.17
-0.01
-0.85
0.16
-0.01
115
0.0103
0.15
-0.01
-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 17 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.