Learn

Short, plain explanations of the numbers on this site and the vocabulary around them. Each one links to the live data.

• What is open interest in options?

  The number of contracts open right now, how it differs from volume, and why a large chain matters for the underlying.

• Put/call ratio and put-call parity

  What the ratio measures, the two ways to compute it, and the parity relation that ties calls, puts and the forward price together.

• Max pain

  The strike where expiring options pay out the least, how it is calculated, and what the evidence says about "pinning".

• Gamma exposure (GEX) and gamma squeezes

  How dealer hedging turns open interest into buying and selling pressure, what a gamma flip is, and how a gamma squeeze happens.

• Gamma max

  The level this site computes daily: the price where the whole chain's gamma peaks, and why price tends to react to it.

• Delta neutral price

  The price where the summed delta of every open contract is zero, how it is found, and how to read it against the close.

Methodology describes exactly how the levels are computed.