Reading open interest by moneyness
Each row represents an expiration and each column a strike. A call below the reference stock price has intrinsic value; a put above it has intrinsic value. Exact equality is labeled ATM here. A positive intrinsic value does not establish profit after premiums, fees, or exercise costs.
Use the grid as a sample
- Enter a stock or ETF ticker and load an available snapshot. Check the returned-row and exclusion notice.
- Use Calls or Puts to inspect that side’s moneyness. All uses purple for a paired OI sum; it does not assign one side’s moneyness to both.
- Select a cell by mouse, keyboard, or touch for separate OI and IV details. A dash means unavailable; an actual zero is shown as zero.
- Read the known-OI sums alongside missing counts. The sample ratio is descriptive and can be biased by the first-page strike ordering.
Concentration is not a directional forecast
Open interest represents outstanding contracts. Every open contract has a long and short side; the count cannot identify institutions or distinguish speculation from hedging. High OI does not establish support, resistance, dealer gamma sign, or a predictable intraday pattern.
The highest-OI strike is not max pain. A minimum intrinsic-payout calculation needs option type, strike, and OI for a consistent expiry and contract specification. This heatmap combines multiple expirations for display and does not perform that calculation.
Coverage and timing
The first 250 snapshot rows are sorted by strike. Standard 100-share, valid nonexpired contracts are retained; conflicting duplicate series are excluded. The display window is limited to 20 expirations and 30 strikes nearest the independent quote within the returned sample. It cannot recover contracts omitted by the provider page limit.
OI, IV, and spot are not synchronized. OI is commonly a prior-trading-day count, and the quote can be delayed or cached. A completed request does not prove real-time exchange data. This page is for research, not execution or investment advice.