HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 107 strikes carrying 19,659 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 9, 8:37 PM ET
How8,859 put contracts / 10,800 call contracts = 0.82 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 9, 8:37 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.
■ 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 — 200 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)COHR open contracts per strike for Fri, Nov 13. Showing the 60 largest of 107 strikes by open interest, 97% 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 13
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 44 largest of 86 strikes by volume, 97.8% of the total.
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 111.2% · 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
0.77
-1.10
207.5
0.0110
0.07
-1.10
-0.23
0.74
-1.17
210
0.0118
0.08
-1.17
-0.26
0.71
-1.23
212.5
0.0125
0.08
-1.24
-0.29
0.67
-1.29
215
0.0132
0.09
-1.29
-0.33
0.64
-1.33
217.5
0.0139
0.09
-1.34
-0.36
0.60
-1.37
220
0.0144
0.09
-1.37
-0.40
0.57
-1.39
222.5
0.0148
0.09
-1.39
-0.43
0.53
-1.39
225
0.0151
0.09
-1.40
-0.47
0.45
-1.37
230
0.0152
0.09
-1.37
-0.55
0.38
-1.29
235
0.0148
0.09
-1.29
-0.62
0.34
-1.23
237.5
0.0143
0.09
-1.24
-0.66
0.31
-1.17
240
0.0138
0.08
-1.17
-0.69
0.25
-1.02
245
0.0124
0.07
-1.02
-0.75
0.19
-0.86
250
0.0108
0.07
-0.86
-0.81
0.15
-0.70
255
0.0092
0.06
-0.70
-0.85
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.