What is Put Open Interest? This is the total number of puts outstanding as of the close of business yesterday. Why does Put Open Interest matter? The number of puts indicates how much investors believe in the market. This is not a proprietary SpotGamma metric and should be compared to the CP Gam Tilt and other SpotGamma Key Levels such as the Put Wall. How to use Put Open Interest This is simple a tracked metric that lets you know how many puts are outstanding, and therefore, how much protection exists in the market. We would advise learning to use the Put Wall, Vol Trigger, and daily range. Related articles What is a Gamma Profile? What is Call Open Interest? What is a Call Wall? What is Call Volume? What is Put Volume?