HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 115 strikes carrying 65,597 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, 7:47 PM ET
How31,757 put contracts / 33,840 call contracts = 0.94 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 10, 7:47 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.
■ 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 20
■ calls (up)■ puts (down)DIA open contracts per strike for Fri, Nov 20. Showing the 60 largest of 115 strikes by open interest, 92.5% 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 36 largest of 85 strikes by volume, 96.7% of the total.
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 14.8% · 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
0.69
-0.25
516
0.0254
0.30
-0.25
-0.32
0.67
-0.26
517
0.0265
0.32
-0.26
-0.34
0.64
-0.26
518
0.0276
0.32
-0.26
-0.37
0.61
-0.27
519
0.0286
0.33
-0.26
-0.40
0.59
-0.27
520
0.0296
0.34
-0.27
-0.43
0.56
-0.27
521
0.0303
0.34
-0.27
-0.46
0.53
-0.27
522
0.0310
0.34
-0.26
-0.48
0.50
-0.26
523
0.0314
0.34
-0.26
-0.52
0.46
-0.26
524
0.0316
0.34
-0.26
-0.55
0.43
-0.25
525
0.0316
0.34
-0.25
-0.58
0.40
-0.25
526
0.0314
0.33
-0.24
-0.61
0.37
-0.24
527
0.0309
0.33
-0.23
-0.64
0.34
-0.23
528
0.0302
0.32
-0.22
-0.67
0.30
-0.22
529
0.0292
0.30
-0.21
-0.70
0.28
-0.20
530
0.0281
0.29
-0.20
-0.73
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.