HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 95 strikes carrying 46,167 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 8, 8:26 PM ET
How26,272 put contracts / 19,895 call contracts = 1.32 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 8, 8:26 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.
Event risk before this expiration: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 — 975 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)COST open contracts per strike for Fri, Nov 20. Showing the 60 largest of 95 strikes by open interest, 90.4% 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). Showing the 60 largest of 86 strikes by volume, 97.6% of the total.
Implied volatility by strike · Fri, Nov 20
— call IV— put IVQuoted 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
0.85
-0.43
1005
0.0046
0.49
-0.43
-0.15
0.82
-0.47
1010
0.0051
0.54
-0.47
-0.18
0.77
-0.55
1020
0.0060
0.63
-0.55
-0.23
0.74
-0.58
1025
0.0065
0.68
-0.59
-0.26
0.70
-0.61
1030
0.0070
0.72
-0.62
-0.30
0.67
-0.64
1035
0.0073
0.75
-0.65
-0.33
0.63
-0.67
1040
0.0077
0.78
-0.68
-0.37
0.47
-0.69
1060
0.0082
0.82
-0.70
-0.54
0.31
-0.60
1080
0.0075
0.73
-0.61
-0.70
0.18
-0.43
1100
0.0056
0.55
-0.45
-0.83
0.10
-0.28
1120
0.0036
0.36
-0.29
-0.92
0.05
-0.18
1140
0.0022
0.23
-0.18
-0.96
0.03
-0.13
1160
0.0013
0.15
-0.10
-0.98
0.01
-0.07
1200
0.0006
0.08
-0.03
-1.00
0.01
-0.03
1260
0.0002
0.03
-0.01
-1.00
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.