HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 98 strikes carrying 91,241 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, 2:15 PM ET
How28,365 put contracts / 62,876 call contracts = 0.45 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 4, 2:15 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.
Event risk before this expiration:Jobs report Fri, Nov 6 · CPI release Tue, Nov 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 — 250 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)ADBE open contracts per strike for Fri, Nov 20. Showing the 60 largest of 98 strikes by open interest, 86.9% 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 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 46.6% · 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
0.93
-0.10
215
0.0050
0.07
-0.10
-0.07
0.90
-0.13
220
0.0067
0.09
-0.14
-0.10
0.86
-0.17
225
0.0086
0.12
-0.17
-0.14
0.81
-0.21
230
0.0107
0.14
-0.21
-0.19
0.75
-0.25
235
0.0127
0.17
-0.25
-0.25
0.68
-0.28
240
0.0144
0.19
-0.28
-0.32
0.60
-0.30
245
0.0155
0.20
-0.30
-0.40
0.52
-0.31
250
0.0162
0.21
-0.31
-0.48
0.44
-0.30
255
0.0161
0.21
-0.30
-0.56
0.40
-0.29
257.5
0.0159
0.20
-0.30
-0.60
0.36
-0.28
260
0.0155
0.20
-0.29
-0.64
0.29
-0.26
265
0.0143
0.18
-0.26
-0.71
0.23
-0.22
270
0.0126
0.16
-0.23
-0.78
0.17
-0.19
275
0.0108
0.14
-0.19
-0.83
0.13
-0.15
280
0.0089
0.11
-0.15
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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.