HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 152 strikes carrying 2,703 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, 12:11 PM ET
How1,649 put contracts / 1,054 call contracts = 1.56 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 10, 12:11 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.
■ 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 — 750 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)BWET open contracts per strike for Fri, Nov 20. Showing the 60 largest of 152 strikes by open interest, 85.7% of the total.
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 ≈ 123.7% · 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
0.90
-1.44
400
0.0016
0.15
-1.30
-0.12
0.82
-1.76
440
0.0023
0.22
-1.65
-0.19
0.80
-1.83
450
0.0025
0.24
-1.73
-0.21
0.77
-1.91
460
0.0028
0.26
-1.81
-0.24
0.74
-1.97
470
0.0030
0.28
-1.89
-0.27
0.71
-2.04
480
0.0032
0.30
-1.95
-0.30
0.64
-2.13
500
0.0035
0.33
-2.06
-0.36
0.53
-2.17
530
0.0038
0.35
-2.10
-0.47
0.45
-2.13
550
0.0038
0.35
-2.06
-0.55
0.38
-2.03
570
0.0036
0.33
-1.97
-0.61
0.35
-1.97
580
0.0035
0.33
-1.91
-0.65
0.32
-1.90
590
0.0034
0.32
-1.84
-0.68
0.29
-1.82
600
0.0032
0.30
-1.76
-0.70
0.24
-1.66
620
0.0029
0.27
-1.61
-0.75
0.22
-1.58
630
0.0027
0.26
-1.53
-0.77
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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.