Guide

Open interest & max pain

Where positions are built — and where price tends to pin at expiry.

Open interest (OI) is the number of option contracts currently open (not yet closed or expired). Unlike volume, OI tells you how many positions are live at each strike — i.e. where conviction sits.

OI vs change in OI

Total OI shows the big walls; change in OI shows today's fresh money. Rising price + rising call OI = call writing (resistance building). Rising price + falling put OI = put unwinding (support weakening). Always read them together with price.

PCR (put-call ratio)

PCR = total put OI ÷ total call OI. A very high PCR (lots of puts) is often read as oversold/supportive; a very low PCR as overbought. It's a sentiment gauge, not a signal on its own.

Max pain

Max pain is the strike at which the total value of options expiring worthless is greatest — i.e. where most option buyers lose. Because writers (who are often better capitalised) defend their positions, price frequently drifts toward max pain as expiry nears.

Use it as context, not gospel. Max pain and PCR describe positioning; news and flows can override them any day.
House of Trading marks the OI walls, PCR and max pain on the live chain so the expected range is obvious at a glance.

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