HowThe settle strike with the smallest total payout to option holders for the 2026-11-06 expiration, over 29 strikes carrying 7,968 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 3, 6:01 AM ET
How2,498 put contracts / 5,470 call contracts = 0.46 for the 2026-11-06 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 3, 6:01 AM ET
HowOver every strike with open interest for the 2026-11-06 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 — 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 — 14 — is the max pain price.
Open interest by strike · Fri, Nov 6
■ calls (up)■ puts (down)CPNG open contracts per strike for Fri, Nov 6.
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 6
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 6
— call IV— put IVATM ≈ 114.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 6
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 6
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.98
-0.01
11
0.0251
0.00
-0.01
-0.02
0.96
-0.02
11.5
0.0398
0.00
-0.02
-0.04
0.94
-0.03
12
0.0614
0.00
-0.03
-0.06
0.90
-0.04
12.5
0.0907
0.00
-0.04
-0.10
0.84
-0.06
13
0.1268
0.00
-0.06
-0.16
0.77
-0.07
13.5
0.1657
0.01
-0.07
-0.23
0.68
-0.09
14
0.2009
0.01
-0.09
-0.33
0.57
-0.09
14.5
0.2240
0.01
-0.09
-0.43
0.45
-0.09
15
0.2292
0.01
-0.09
-0.55
0.34
-0.08
15.5
0.2151
0.01
-0.08
-0.66
0.25
-0.07
16
0.1863
0.01
-0.07
-0.75
0.17
-0.05
16.5
0.1499
0.00
-0.05
-0.83
0.11
-0.04
17
0.1132
0.00
-0.04
-0.89
0.07
-0.03
17.5
0.0809
0.00
-0.03
-0.93
0.04
-0.02
18
0.0554
0.00
-0.02
-0.95
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 29 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.