HowThe settle strike with the smallest total payout to option holders for the 2026-11-11 expiration, over 51 strikes carrying 26,320 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, 12:37 PM ET
How8,382 put contracts / 17,938 call contracts = 0.47 for the 2026-11-11 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, 12:37 PM ET
HowOver every strike with open interest for the 2026-11-11 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 — 41 — is the max pain price.
Open interest by strike · Wed, Nov 11
■ calls (up)■ puts (down)DRAM open contracts per strike for Wed, Nov 11.
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 · Wed, Nov 11
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Nov 11
— call IV— put IVATM ≈ 87.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Nov 11
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 · Wed, Nov 11
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.07
36.5
0.0502
0.00
-0.07
-0.06
0.91
-0.10
37
0.0667
0.00
-0.10
-0.09
0.88
-0.14
37.5
0.0873
0.01
-0.14
-0.12
0.83
-0.20
38
0.1119
0.01
-0.20
-0.17
0.78
-0.27
38.5
0.1393
0.01
-0.27
-0.22
0.70
-0.36
39
0.1670
0.01
-0.36
-0.29
0.62
-0.44
39.5
0.1904
0.01
-0.44
-0.38
0.52
-0.47
40
0.2041
0.01
-0.47
-0.48
0.42
-0.44
40.5
0.2038
0.01
-0.44
-0.58
0.32
-0.34
41
0.1886
0.01
-0.34
-0.68
0.23
-0.24
41.5
0.1620
0.01
-0.24
-0.77
0.16
-0.16
42
0.1302
0.01
-0.16
-0.84
0.11
-0.10
42.5
0.0993
0.00
-0.10
-0.89
0.07
-0.06
43
0.0728
0.00
-0.06
-0.93
0.05
-0.04
43.5
0.0521
0.00
-0.04
-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 51 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.