Recipe · Key levels
Run the pure OI ladder recipe
A paid Cookbook of the standing book by strike: call OI vs put OI on the chain snapshot. SPX/NDX fold weekly roots. It is not GEX-weighted walls and not max pain.
Official template: Pure OI Ladder · Updated 2026-09-12
The job
See where open interest actually sits by strike before you treat a GEX wall as the book.
What this recipe computes
- Call OI and put OI by strike in a reader-tunable DTE window and spot band.
- Heaviest call-OI strike and heaviest put-OI strike in that band.
- SPX/NDX weekly-root fold (SPXW/NDXP) so near-dated OI is not dropped.
What it does not claim
- OI concentration is not a GEX wall. Walls weight gamma.
- A high-OI strike is not max pain (max pain minimizes holder payout).
- It is not support, a pin, or a live dealer book.
How to read it
Step 1
Run the ladder
Open Pure OI Ladder in Cookbooks and set the symbol (SPY default). Widen DTE for single names.
Step 2
Compare OI walls to GEX walls
If the heaviest call OI strike disagrees with Gamma Structure Map’s call wall, you are looking at two different constructions.
Step 3
Do not fade OI as a magnet
Use Max Pain if you want the OI-payout strike. Use the tape if you trade the level.
Frequently asked questions
- Is the call OI wall the same as the GEX call wall?
- Usually not. This ladder is raw OI. Gamma Structure Map weights gamma × OI. That is why both recipes exist.
- Is the heaviest OI strike max pain?
- No. Max pain minimizes aggregate holder payout across the chain. A pile of OI at one strike is a different number.
Related glossary
- Open interest (OI)Open interest is how many options contracts remain open. Unlike volume, it does not reset each morning and usually updates after the session.
- Call wallA call wall is the strike above spot with the densest call open interest or call-side gamma. Traders often treat it as resistance when dealers hedge.
- Put wallA put wall is the strike below spot with the densest put open interest or put-side gamma. Traders often treat it as support when dealers hedge.
- Max painMax pain is the underlying price that theoretically minimizes total option-holder payoff at expiration.
Related personas
- GEX and Option Flow for Index TradersIndex traders care about session character: where call/put walls sit, whether gamma is dampening or amplifying, and whether premium is chasing or fading the move.
- Options Flow for Options SellersSelling premium works until you short the strike the tape is attacking. Flow and walls help you see where demand is concentrated before you choose short strikes.
Related recipes
Open Pure OI Ladder in TradingFlow
This public page describes the job. The recipe runs in the app and requires a subscription. It is not a free live report.