HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 27 strikes carrying 909 open contracts. Open interest is published once a day, before the open, so it describes the previous session.
SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 9, 7:28 PM ET
How155 put contracts / 754 call contracts = 0.21 for the 2026-11-20 expiration. Open interest is published once a day, before the open, so it describes the previous session.
SourceNet gamma exposure from Cboe greeks and open interest
As ofCboe delayed snapshot Nov 9, 7:28 PM ET
HowOver every strike with open interest for the 2026-11-20 expiration: (call gamma × call OI minus put gamma × put OI) × 100 × spot² × 1%, summed. Calls count as positive and puts as negative, a convention about who holds the other side, not a measurement.
■ put-side pain■ call-side painTotal payout option writers would owe at each settle price (both sides, all open interest, ×100 shares) — low settles hurt put writers, high settles hurt call writers. The minimum — 20 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)AAOZ open contracts per strike for Fri, Nov 20.
Open-interest change: building vs unwinding
Needs two observed snapshot days for this expiration; the comparison appears automatically once the next weekday snapshot lands. We diff real observations only; nothing is estimated.
Volume by strike · Fri, Nov 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 252.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
Net dealer gamma per strike, in dollars per 1% move, assuming the standard convention (dealers long calls, short puts) — an assumption, not an observation. Above the amber flip level hedging tends to dampen moves; below it, to amplify them.
Greeks by strike · Fri, Nov 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.85
-0.14
21
0.0184
0.01
-0.14
-0.15
0.82
-0.16
22
0.0203
0.01
-0.15
-0.18
0.79
-0.17
23
0.0222
0.01
-0.17
-0.21
0.76
-0.18
24
0.0238
0.02
-0.18
-0.23
0.73
-0.20
25
0.0253
0.02
-0.20
-0.27
0.70
-0.21
26
0.0265
0.02
-0.21
-0.29
0.64
-0.23
28
0.0284
0.02
-0.23
-0.35
0.61
-0.23
29
0.0290
0.02
-0.23
-0.39
0.58
-0.24
30
0.0293
0.02
-0.24
-0.41
0.53
-0.25
32
0.0296
0.02
-0.24
-0.47
0.50
-0.25
33
0.0295
0.02
-0.25
-0.49
0.45
-0.25
35
0.0289
0.02
-0.25
-0.54
0.43
-0.25
36
0.0285
0.02
-0.24
-0.57
0.41
-0.25
37
0.0280
0.02
-0.24
-0.59
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 27 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.
Stacked — layer the expirations
Call open interest per strike, stacked across the checked expirations — each color is one expiry. Strikes are pruned to the liquid center of each chain.
Max pain is arithmetic, not prophecy: the settle price that would minimize what option writers pay out at expiration, computed from open interest alone. Prices sometimes gravitate toward heavy strikes into expiry — dealer hedging is a real flow — but the evidence that max pain predicts settlement better than chance is mixed, and we are not going to pretend otherwise. Use it as a map of where positioning is stacked, next to the fundamentals and the earnings calendar, not as a target.
Max pain, walls and gamma print only when an expiration holds at least 100 open contracts across 5 strikes, and max pain also needs to stay within 5% of spot when its single heaviest strike is removed. Below that the expiration reads as thin rather than printing a level one trade could move.
Data: Cboe delayed public feed (~15 minutes), refreshed here about every 15 minutes. Open interest itself updates once daily, before the open. Educational information, not investment advice.