HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 56 strikes carrying 70,386 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 10, 10:11 AM ET
How31,084 put contracts / 39,302 call contracts = 0.79 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 10, 10:11 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.
■ 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 — 105 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)BABA 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 ≈ 50.8% · 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
0.92
-0.10
97
0.0280
0.01
-0.10
-0.08
0.89
-0.13
98
0.0366
0.02
-0.13
-0.11
0.85
-0.17
99
0.0463
0.02
-0.17
-0.15
0.80
-0.22
100
0.0564
0.03
-0.22
-0.20
0.73
-0.26
101
0.0656
0.03
-0.26
-0.27
0.66
-0.30
102
0.0730
0.04
-0.30
-0.34
0.59
-0.32
103
0.0777
0.04
-0.32
-0.41
0.51
-0.33
104
0.0792
0.04
-0.34
-0.49
0.43
-0.33
105
0.0776
0.04
-0.33
-0.57
0.36
-0.31
106
0.0731
0.04
-0.31
-0.65
0.29
-0.28
107
0.0666
0.03
-0.28
-0.71
0.23
-0.25
108
0.0587
0.03
-0.25
-0.77
0.18
-0.21
109
0.0504
0.03
-0.21
-0.82
0.14
-0.18
110
0.0422
0.02
-0.18
-0.86
0.11
-0.14
111
0.0348
0.02
-0.14
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 56 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.