HowThe settle strike with the smallest total payout to option holders for the 2026-11-06 expiration, over 62 strikes carrying 16,485 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 4, 1:26 PM ET
How8,396 put contracts / 8,089 call contracts = 1.04 for the 2026-11-06 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 4, 1:26 PM ET
HowOver every strike with open interest for the 2026-11-06 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:Jobs report Fri, Nov 6 — 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 — 250 — is the max pain price.
Open interest by strike · Fri, Nov 6
■ calls (up)■ puts (down)ADBE open contracts per strike for Fri, Nov 6. Showing the 44 largest of 62 strikes by open interest, 98.8% of the total.
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 6
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 6
— call IV— put IVATM ≈ 58.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 6
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 6
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.30
232.5
0.0108
0.03
-0.30
-0.07
0.90
-0.41
235
0.0145
0.03
-0.41
-0.10
0.86
-0.56
237.5
0.0188
0.04
-0.56
-0.14
0.81
-0.72
240
0.0235
0.05
-0.72
-0.19
0.75
-0.89
242.5
0.0283
0.06
-0.90
-0.25
0.67
-1.04
245
0.0324
0.07
-1.05
-0.33
0.59
-1.14
247.5
0.0353
0.07
-1.15
-0.41
0.50
-1.17
250
0.0365
0.08
-1.18
-0.50
0.41
-1.12
252.5
0.0357
0.07
-1.13
-0.59
0.32
-1.00
255
0.0331
0.07
-1.01
-0.68
0.25
-0.84
257.5
0.0291
0.06
-0.85
-0.76
0.18
-0.66
260
0.0244
0.05
-0.67
-0.82
0.13
-0.50
262.5
0.0196
0.04
-0.50
-0.87
0.09
-0.36
265
0.0152
0.03
-0.36
-0.91
0.07
-0.26
267.5
0.0114
0.03
-0.25
-0.94
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 44 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.