HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 53 strikes carrying 3,815 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, 6:06 PM ET
How1,791 put contracts / 2,024 call contracts = 0.88 for the 2026-11-13 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, 6:06 PM ET
HowOver every strike with open interest for the 2026-11-13 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 — 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 — 98 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)ALB open contracts per strike for Fri, Nov 13.
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 13
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 62.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 13
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 13
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.87
-0.18
92
0.0311
0.02
-0.18
-0.13
0.83
-0.21
93
0.0366
0.03
-0.21
-0.17
0.79
-0.24
94
0.0422
0.03
-0.24
-0.21
0.75
-0.27
95
0.0476
0.03
-0.27
-0.25
0.70
-0.30
96
0.0526
0.04
-0.30
-0.30
0.64
-0.32
97
0.0568
0.04
-0.32
-0.36
0.58
-0.34
98
0.0599
0.04
-0.34
-0.42
0.52
-0.34
99
0.0617
0.04
-0.34
-0.48
0.46
-0.34
100
0.0620
0.04
-0.34
-0.54
0.40
-0.33
101
0.0607
0.04
-0.33
-0.60
0.34
-0.30
102
0.0580
0.04
-0.31
-0.66
0.29
-0.28
103
0.0540
0.04
-0.28
-0.71
0.24
-0.25
104
0.0491
0.03
-0.25
-0.77
0.19
-0.21
105
0.0436
0.03
-0.21
-0.81
0.15
-0.18
106
0.0379
0.03
-0.18
-0.85
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 53 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.