SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 7, 9:06 PM ET
How3,900 put contracts / 7,755 call contracts = 0.50 for the 2026-11-27 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 2026-11-27 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.
Max pain is not shown: without its single heaviest strike it moves 6% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Event risk before this expiration:CPI release Tue, Nov 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
Max pain is not shown: without its single heaviest strike it moves 6% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Nov 27
■ calls (up)■ puts (down)DELL open contracts per strike for Fri, Nov 27. Showing the 60 largest of 91 strikes by open interest, 96.2% 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 27
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 58 largest of 78 strikes by volume, 97.6% of the total.
Implied volatility by strike · Fri, Nov 27
— call IV— put IVATM ≈ 105.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 27
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 27
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.73
-0.69
290
0.0038
0.26
-0.69
-0.27
0.69
-0.73
300
0.0041
0.28
-0.73
-0.31
0.64
-0.76
310
0.0044
0.29
-0.76
-0.36
0.60
-0.78
320
0.0046
0.30
-0.79
-0.41
0.57
-0.79
325
0.0047
0.31
-0.79
-0.43
0.55
-0.79
330
0.0048
0.31
-0.79
-0.45
0.52
-0.79
335
0.0048
0.31
-0.79
-0.48
0.50
-0.79
340
0.0049
0.31
-0.79
-0.50
0.48
-0.78
345
0.0049
0.31
-0.78
-0.53
0.45
-0.77
350
0.0049
0.31
-0.77
-0.55
0.43
-0.76
355
0.0049
0.31
-0.76
-0.57
0.40
-0.74
360
0.0049
0.30
-0.75
-0.60
0.38
-0.72
365
0.0048
0.30
-0.73
-0.62
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 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.