HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 105 strikes carrying 47,933 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 10, 12:48 PM ET
How26,266 put contracts / 21,667 call contracts = 1.21 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 10, 12:48 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 — 520 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)DIA open contracts per strike for Fri, Nov 13. Showing the 60 largest of 105 strikes by open interest, 95.6% 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 13
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 53 largest of 63 strikes by volume, 99.5% of the total.
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 17.2% · 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
0.74
-0.49
515
0.0352
0.16
-0.50
-0.26
0.71
-0.52
516
0.0380
0.17
-0.53
-0.30
0.67
-0.54
517
0.0407
0.18
-0.55
-0.33
0.65
-0.55
517.5
0.0419
0.18
-0.56
-0.35
0.63
-0.56
518
0.0431
0.18
-0.57
-0.37
0.59
-0.57
519
0.0452
0.19
-0.58
-0.42
0.54
-0.58
520
0.0468
0.19
-0.59
-0.46
0.49
-0.57
521
0.0478
0.19
-0.58
-0.51
0.45
-0.56
522
0.0482
0.19
-0.56
-0.56
0.42
-0.55
522.5
0.0481
0.19
-0.55
-0.58
0.40
-0.53
523
0.0477
0.19
-0.54
-0.61
0.35
-0.50
524
0.0464
0.18
-0.51
-0.66
0.30
-0.46
525
0.0444
0.17
-0.46
-0.71
0.26
-0.41
526
0.0415
0.16
-0.41
-0.75
0.21
-0.36
527
0.0380
0.14
-0.36
-0.80
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.