HowThe settle strike with the smallest total payout to option holders for the 2026-12-11 expiration, over 20 strikes carrying 1,158 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 8, 7:00 PM ET
How63 put contracts / 1,095 call contracts = 0.06 for the 2026-12-11 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 8, 7:00 PM ET
HowOver every strike with open interest for the 2026-12-11 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.
Event risk before this expiration:CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ 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 — 113 — is the max pain price.
Open interest by strike · Fri, Dec 11
■ calls (up)■ puts (down)ABT open contracts per strike for Fri, Dec 11.
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, Dec 11
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 11
— call IV— put IVATM ≈ 28.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 11
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, Dec 11
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.82
-0.04
102
0.0262
0.09
-0.04
-0.18
0.79
-0.04
103
0.0289
0.10
-0.04
-0.21
0.73
-0.05
105
0.0340
0.11
-0.05
-0.27
0.69
-0.05
106
0.0364
0.12
-0.05
-0.31
0.66
-0.05
107
0.0385
0.13
-0.05
-0.35
0.62
-0.05
108
0.0402
0.13
-0.05
-0.39
0.58
-0.05
109
0.0415
0.13
-0.05
-0.43
0.54
-0.05
110
0.0424
0.14
-0.06
-0.47
0.49
-0.05
111
0.0427
0.14
-0.06
-0.52
0.45
-0.05
112
0.0426
0.14
-0.05
-0.56
0.41
-0.05
113
0.0419
0.13
-0.05
-0.60
0.33
-0.05
115
0.0392
0.12
-0.05
-0.68
0.29
-0.04
116
0.0374
0.12
-0.05
-0.72
0.26
-0.04
117
0.0352
0.11
-0.04
-0.76
0.17
-0.03
120
0.0276
0.09
-0.04
-0.86
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 20 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.