Options Open Interest Analyzer
Aggregate open interest by strike price to identify key support and resistance levels, calculate max pain, and analyze options flow. Enter OI data from your broker or options chain.
Open Interest by Strike
| Strike | Call OI | Put OI | OI Distribution | |
|---|---|---|---|---|
Key Metrics
Price where most options expire worthless
Bearish sentiment
Highest at $160
Highest at $170
Support & Resistance from OI
High call OI acts as resistance; sellers may cap price here
High put OI acts as support; sellers may defend price here
Total Option Value at Expiry by Strike
The strike with the lowest total value is the max pain level. Option writers benefit most when price settles here.
| Strike | Call OI | Put OI | Total Value ($) |
|---|---|---|---|
| $145.00 | 2,500 | 800 | 98,700,000 |
| $150.00 | 5,200 | 1,500 | 77,100,000 |
| $155.00 | 8,500 | 3,200 | 58,850,000 |
| $160.00 | 12,000 | 6,500 | 46,450,000 |
| $165.00Max Pain | 9,800 | 11,000 | 43,300,000 |
| $170.00 | 4,500 | 15,000 | 50,550,000 |
| $175.00 | 2,200 | 8,500 | 67,550,000 |
How it works: Open interest (OI) represents the total number of outstanding option contracts at each strike. High call OI at a strike suggests resistance (sellers may cap price there), while high put OI suggests support (sellers may defend that level). Max pain is the strike where total option value at expiry is minimized—where option writers profit most. This tool runs entirely in your browser; enter OI data from your broker or options chain.
What is Options Open Interest Analysis?
Options open interest (OI) represents the total number of outstanding option contracts that have not been settled. By analyzing OI distribution across strike prices, traders can identify where large positions are concentrated. These concentrations often act as magnets or barriers for price movement, as option sellers (writers) have financial incentives to keep the underlying price away from strikes where they have significant exposure.
High call open interest at a strike suggests that level may act as resistance—call sellers benefit if price stays below that strike. Conversely, high put open interest suggests support—put sellers benefit if price stays above that level. The max pain theory suggests that price tends to gravitate toward the strike where the most options expire worthless, minimizing payouts to option buyers.
How to Use This Open Interest Analyzer
- Gather OI data: Get call and put open interest by strike from your broker's options chain, CBOE, or market data provider. Focus on the expiration you're analyzing.
- Enter strikes and OI: Add rows for each strike price with the corresponding call OI and put OI values. The visual bar chart shows the distribution at a glance.
- Review key metrics: Check the max pain strike, put/call ratio, and total OI for calls and puts. A put/call ratio above 1 suggests bearish sentiment; below 0.7 suggests bullish.
- Identify support and resistance: The analyzer highlights strikes with above-average OI concentration. Resistance levels (high call OI) may cap upside; support levels (high put OI) may limit downside.
- Combine with other analysis: Use OI levels alongside technical analysis, price action, and fundamental data. OI provides context, not certainty.
Why Use Our Options Open Interest Analyzer?
Visual OI Distribution
See call and put OI side by side with color-coded bars. Instantly spot where positions are concentrated.
Max Pain Calculation
Automatically calculates the strike where total option value at expiry is minimized—the theoretical "magnet" for price.
Support & Resistance Levels
Identifies strikes with above-average OI that may act as price barriers based on option seller positioning.
100% Private
All calculations run in your browser. No data is sent to any server. No sign-up required.
Frequently Asked Questions
Where can I find open interest data?
Most brokers display OI in their options chain view. You can also find it on CBOE, Yahoo Finance, or specialized options data providers. Look for the "Open Interest" or "OI" column for each strike.
Does high open interest guarantee price will move there?
No. Open interest analysis provides context about where large positions exist, but it does not guarantee price movement. Use it as one input alongside other analysis methods.
What is the put/call ratio telling me?
The put/call ratio compares total put OI to call OI. A ratio above 1 suggests more bearish positioning (more puts than calls). Below 0.7 suggests bullish positioning. Around 0.7-1 is considered neutral.
How often should I update OI data?
Open interest updates daily after market close. For intraday, you can track volume changes, but OI itself only changes at end of day. Update your analysis daily or when significant OI shifts occur.
What is max pain and why does it matter?
Max pain is the strike price at which the total value of all options (calls + puts) is minimized at expiration. The theory suggests option sellers have incentive to push price toward this level so more contracts expire worthless. It's a reference point, not a prediction.
Disclaimer: This tool is for educational and informational purposes only. Open interest analysis provides context but does not predict future price movements. Options trading involves significant risk; consult a qualified financial advisor before trading.
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