SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 9, 8:22 PM ET
How2,357 put contracts / 8,142 call contracts = 0.29 for the 2026-11-20 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, 8:22 PM ET
HowOver every strike with open interest for the 2026-11-20 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.
Max pain is not shown: without its single heaviest strike it moves 6.5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Max pain is not shown: without its single heaviest strike it moves 6.5% 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)BIRK 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 ≈ 55.2% · 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
1.00
not quoted
15
not quoted
not quoted
not quoted
not quoted
1.00
not quoted
22.5
0.0001
not quoted
0.00
0.00
1.00
not quoted
25
0.0004
0.00
0.00
0.00
1.00
not quoted
27.5
0.0016
0.00
-0.00
-0.00
0.99
-0.00
30
0.0062
0.00
-0.01
-0.01
0.96
-0.01
32.5
0.0216
0.01
-0.01
-0.04
0.86
-0.04
35
0.0573
0.01
-0.04
-0.14
0.66
-0.06
37.5
0.1010
0.03
-0.06
-0.34
0.39
-0.06
40
0.1080
0.03
-0.06
-0.61
0.17
-0.04
42.5
0.0718
0.02
-0.04
-0.83
0.06
-0.02
45
0.0338
0.01
-0.02
-0.94
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.