HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 26 strikes carrying 4,815 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 5, 5:17 PM ET
How1,585 put contracts / 3,230 call contracts = 0.49 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 5, 5:17 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: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 — 47 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)BP 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 ≈ 33.4% · 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
0.99
not quoted
34
0.0029
0.00
-0.01
-0.01
0.97
-0.01
40
0.0239
0.00
-0.02
-0.05
0.95
-0.02
41
0.0440
0.01
-0.03
-0.09
0.89
-0.03
42
0.0788
0.01
-0.04
-0.16
0.80
-0.04
43
0.1266
0.02
-0.05
-0.28
0.73
-0.05
43.5
0.1502
0.02
-0.06
-0.36
0.65
-0.06
44
0.1690
0.02
-0.06
-0.44
0.56
-0.06
44.5
0.1797
0.03
-0.06
-0.53
0.47
-0.06
45
0.1808
0.03
-0.06
-0.61
0.38
-0.06
45.5
0.1723
0.02
-0.05
-0.69
0.30
-0.05
46
0.1562
0.02
-0.04
-0.76
0.23
-0.05
46.5
0.1355
0.02
-0.04
-0.82
0.18
-0.04
47
0.1135
0.02
-0.03
-0.86
0.14
-0.04
47.5
0.0929
0.01
-0.03
-0.89
0.11
-0.03
48
0.0755
0.01
-0.02
-0.91
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 26 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.