Options Intelligence
API ▸ How to call thisBTC & ETH options structure — put/call ratios, max pain, and where open interest is concentrated by strike and expiry.
Open Interest by Strike
Dealer Gamma Exposure · GEX by Strike
IV Term Structure
IV Skew · 25Δ Risk Reversal
PCR History · 24h
OI by Expiry
Expiry Summary
| Expiry | Call OI | Put OI | PCR | Max Pain | Total Contracts |
|---|---|---|---|---|---|
| Loading expiry data... | |||||
The figures shown are illustrative sample data, not real options data. Get an API key to access real-time Deribit options chains, live PCR, and full OI analytics.
How options data works & how to read it
Data source
Analytics are drawn from Deribit, the largest crypto options venue by open interest, refreshed every 5 minutes. Strike prices, OI, PCR, and max pain are derived from live order books and settlement data.
Put/Call ratio
A PCR below 0.7 = call buying dominant (bullish crowd); below 0.5 turns contrarian (everyone already long). Above 1.0 = put dominance (bearish or heavy hedging); above 1.5 can be contrarian bullish as fear-driven hedging often marks bottoms. Sharp moves between extremes are more reliable than a static level.
Max pain theory
Market makers (usually net sellers) are incentivised to let price drift toward the strike where the fewest options expire in-the-money, minimising their payout. Price often gravitates there in the final days before a major monthly expiry, strongest when OI is concentrated near the money.
OI by strike = support/resistance
Heavy call OI creates resistance (makers who sold those calls sell spot/futures to hedge as price rises); heavy put OI creates support (they buy as price falls). The highest total-OI strikes are the strongest magnets; price between two clusters often consolidates until a catalyst breaks it.
What the ribbon shows
Spot = underlying price. PCR OI / Volume = the two sentiment gauges. Total OI = call vs put split. Nearest max pain = the mathematical pin for the closest expiry, with its distance from spot.
Data Accuracy: Options data is sourced through Smart Money's aggregation infrastructure and refreshed every 5 minutes. OI and PCR figures can shift rapidly as large orders are placed or expired contracts roll off. The max pain calculation is a mathematical estimate based on current open interest distribution — it is not a guaranteed price target and can change significantly with each new options trade or expiry event.
Theory vs Reality: Max pain and options-based support/resistance are theoretical constructs. Market makers do not always delta-hedge perfectly, and external macro events, news catalysts, or large spot market flows can easily override the gravitational pull of the options market. These concepts work best as context, not as precise price targets.
Not Financial Advice: All data and analysis presented on this platform is for informational purposes only. Nothing here constitutes investment advice, a solicitation to buy or sell any asset, or a guarantee of future performance. Options trading carries substantial risk and is not suitable for all investors. You may lose some or all of your capital. Conduct your own research and consult a qualified financial advisor before making any investment decisions.