For gold options (GC futures on COMEX/CME), a table by strike is published every day: how many call and put contracts are open, how that number changed during the day, and how many trades took place. All option levels are built from this table. Below is how to read it strike by strike, with a live example for gold on October 19, 2026 (futures at 4,170).
What open interest at a strike means
Open interest is the number of open, not yet closed contracts. Each strike has two: the call and the put. The larger it is, the more participants hold a position at that price and the more visible the level is in the market. High open interest does not say which way price will go; it shows where positions are concentrated.
Step 1. Pick the series
Gold has monthly and weekly series. For the general background, take the nearest monthly series: its walls and Max Pain are the clearest. In the example this is the October 27 series, about a week away, so its levels are the closest to price.
Step 2. Find the walls
Walls are the strikes with the largest open interest. In the October 27 series the largest call wall is far from price, at 4,900 (7,250 contracts), while the largest put near price is at 4,000 (2,709 contracts). Around the 4,170 price there are also a call and a put at 4,300 (2,574 and 2,248 contracts). Far strikes such as 4,900 matter for the overall picture but have little to do with the coming week: read them as the edges of positioning.
Step 3. Compare calls and puts
PCR is the ratio of put open interest to call open interest. For the October 27 series it is 0.63: there are noticeably more calls than puts. That describes positioning, it is not a forecast: a put can be a hedge, a call can be sold, and open interest cannot tell who the buyer and the seller are.
Step 4. Look at the inflow
The table includes the daily change. Strikes where open interest grew noticeably are called inflows: new positions arrived there during the day. An inflow close to price is more interesting than a distant one: it shows where the market has just built protection or a bet.
Step 5. Add Max Pain and the expected move
Max Pain for the October 27 series is 4,300, 3% above price. The expected ±1σ move (the range the market prices into options) runs from 4,085 to 4,255. Together: price inside the corridor, large put positions at 4,000 below and call positions at 4,300 above, Max Pain above price. This is a map of where positions sit on the current day.
What open interest does not tell you
- It does not show who is the buyer and who is the seller.
- It updates once a day, after CME publishes its report.
- It does not promise a reaction at a strike: it is a place where positions are gathered, not a guaranteed support or resistance.
Questions and answers
What should I look at first on gold?
The nearest monthly series: walls, Max Pain, the ±1σ expected move and PCR. Then the inflows over the last day.
Why is the biggest wall so far from price?
Far strikes are often held as insurance or for long-term ideas. They matter for the overall picture but have little to do with the coming week.
Where can I see current numbers?
On the gold analytics page; the OLIMP indicator draws the same levels right on the MetaTrader 5 chart, free on a live account — download.
This article describes open positions based on exchange data and is not investment advice.