What it shows
Options Analytics is a Premium page for the Bitcoin and Ethereum options market. A BTC and ETH switch sets the asset. The top of the page shows summary cards for total open interest, volume, near-term max pain, gamma regime, implied volatility and the put/call ratio. A smart analysis block turns these readings into short written notes. Charts show open interest by expiry, a max pain map, a gamma exposure profile and strike walls. Further charts show an implied volatility smile with skew and a volatility gauge based on the Deribit DVOL index. A table shows each exchange’s share. A guide explains every section.
How to read it
Choose the asset first, then check which expiry each chart uses. Read the put/call ratio against its own recent range, because options open interest is usually call-heavy. Use max pain only as a reference point next to the current price. In the gamma profile, check which side of zero the total sits on. Then look at the strike walls to see where open interest clusters. In the skew chart, compare puts and calls at a similar distance from price. Read DVOL as the expected size of moves, not as direction.
- Select BTC or ETH, then confirm the expiry that each chart uses.
- Compare the put/call ratio with its own recent range.
- Open the strike walls and gamma profile to see where positions cluster.
What to keep in mind
Max pain is a calculation and not a price target. Gamma exposure depends on model assumptions and does not show every dealer hedge. Strike walls show open interest, not guaranteed support or resistance. Venue coverage and contract definitions affect comparisons. Smart analysis notes are written from the displayed data and are not advice. Contracts near expiry can change the picture quickly.
A missing value is not zero. Check the source and time under each data block before you compare numbers.
Questions
What is max pain in crypto options?
Max pain is the strike price at which option holders would lose the most value at expiry, and sellers would pay out the least. It comes from the open interest at each strike. It is a reference calculation and not a forecast of settlement.
What does gamma exposure (GEX) show?
GEX estimates how much option market makers may need to trade in the underlying asset when price moves. The page shows it by strike and as a total with a positive or negative regime label. The estimate depends on model assumptions.
Is the options analytics page part of Premium?
Yes. Options Analytics is a Premium page. You must sign in, and the account must have Premium access. The summary cards, charts and smart analysis notes are all inside that Premium page. The app shows which plans include it.