Max pain is not shown: without its single heaviest strike it moves 10.7% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
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.
Max pain is not shown: without its single heaviest strike it moves 10.7% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)BBWI open contracts per strike for Fri, Nov 20.
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 ≈ 73.3% · 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
0.87
-0.02
19.5
0.0524
0.01
-0.03
-0.14
0.84
-0.03
20
0.0616
0.01
-0.03
-0.17
0.81
-0.03
20.5
0.0715
0.01
-0.03
-0.21
0.77
-0.03
21
0.0817
0.01
-0.03
-0.25
0.73
-0.03
21.5
0.0915
0.02
-0.04
-0.29
0.68
-0.04
22
0.1002
0.02
-0.04
-0.34
0.63
-0.04
22.5
0.1071
0.02
-0.04
-0.40
0.57
-0.04
23
0.1116
0.02
-0.04
-0.45
0.46
-0.04
24
0.1125
0.02
-0.04
-0.56
0.36
-0.04
25
0.1045
0.02
-0.04
-0.66
0.27
-0.03
26
0.0911
0.02
-0.03
-0.74
0.18
-0.03
27.5
0.0690
0.01
-0.03
-0.83
0.09
-0.02
30
0.0394
0.01
-0.02
-0.92
0.04
-0.01
32.5
0.0216
0.01
-0.01
-0.96
0.02
-0.01
35
0.0118
0.00
-0.00
-0.98
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 25 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.