HowThe settle strike with the smallest total payout to option holders for the 2026-11-27 expiration, over 40 strikes carrying 3,208 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
How1,562 put contracts / 1,646 call contracts = 0.95 for the 2026-11-27 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 2026-11-27 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 27
■ calls (up)■ puts (down)ADBE open contracts per strike for Fri, Nov 27.
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 27
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 27
— call IV— put IVATM ≈ 44.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 27
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 27
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
-0.10
215
0.0054
0.10
-0.10
-0.09
0.88
-0.12
220
0.0069
0.13
-0.13
-0.12
0.84
-0.15
225
0.0086
0.15
-0.15
-0.16
0.79
-0.18
230
0.0102
0.18
-0.18
-0.21
0.73
-0.20
235
0.0116
0.21
-0.20
-0.27
0.67
-0.22
240
0.0129
0.23
-0.23
-0.34
0.60
-0.24
245
0.0138
0.24
-0.24
-0.40
0.53
-0.24
250
0.0142
0.25
-0.24
-0.47
0.46
-0.24
255
0.0143
0.25
-0.24
-0.55
0.39
-0.23
260
0.0139
0.24
-0.23
-0.62
0.32
-0.21
265
0.0131
0.23
-0.22
-0.68
0.26
-0.19
270
0.0120
0.20
-0.19
-0.74
0.21
-0.17
275
0.0106
0.18
-0.17
-0.80
0.17
-0.14
280
0.0092
0.16
-0.15
-0.84
0.13
-0.12
285
0.0077
0.13
-0.12
-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 40 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.