HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 55 strikes carrying 1,022 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 3, 9:46 AM ET
How644 put contracts / 378 call contracts = 1.70 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 3, 9:46 AM 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: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 — 420 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)AXON 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
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 111.7% · 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
0.66
-1.42
395
0.0047
0.26
-1.43
-0.34
0.65
-1.44
397.5
0.0048
0.26
-1.45
-0.36
0.63
-1.46
400
0.0048
0.27
-1.47
-0.37
0.61
-1.49
405
0.0049
0.27
-1.50
-0.39
0.60
-1.50
407.5
0.0050
0.27
-1.51
-0.41
0.58
-1.51
410
0.0050
0.27
-1.52
-0.42
0.56
-1.53
415
0.0050
0.28
-1.54
-0.45
0.53
-1.54
420
0.0051
0.28
-1.55
-0.47
0.51
-1.55
425
0.0051
0.28
-1.56
-0.49
0.48
-1.55
430
0.0051
0.28
-1.55
-0.52
0.46
-1.54
435
0.0051
0.28
-1.54
-0.55
0.43
-1.52
440
0.0050
0.28
-1.53
-0.57
0.42
-1.52
442.5
0.0050
0.28
-1.52
-0.58
0.41
-1.51
445
0.0050
0.27
-1.51
-0.59
0.39
-1.48
450
0.0049
0.27
-1.49
-0.62
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 55 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.