HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 181 strikes carrying 94,146 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 7, 9:06 PM ET
How50,328 put contracts / 43,818 call contracts = 1.15 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 7, 9:06 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 — 425 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)DELL open contracts per strike for Fri, Nov 20. Showing the 60 largest of 181 strikes by open interest, 82.6% 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 150 strikes by volume, 89.6% of the total.
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 94.9% · 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
-0.44
255
0.0025
0.11
-0.44
-0.10
0.85
-0.57
270
0.0033
0.15
-0.57
-0.15
0.81
-0.66
280
0.0040
0.17
-0.66
-0.19
0.77
-0.73
290
0.0046
0.20
-0.74
-0.23
0.71
-0.80
300
0.0052
0.22
-0.80
-0.29
0.66
-0.85
310
0.0057
0.24
-0.85
-0.34
0.60
-0.88
320
0.0062
0.25
-0.88
-0.41
0.53
-0.89
330
0.0064
0.26
-0.89
-0.47
0.47
-0.87
340
0.0066
0.26
-0.87
-0.54
0.43
-0.85
345
0.0065
0.25
-0.86
-0.57
0.40
-0.83
350
0.0065
0.25
-0.84
-0.60
0.34
-0.77
360
0.0062
0.24
-0.78
-0.66
0.30
-0.72
367.5
0.0059
0.22
-0.73
-0.70
0.28
-0.70
370
0.0058
0.22
-0.71
-0.72
0.23
-0.62
380
0.0053
0.20
-0.63
-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.