HowThe settle strike with the smallest total payout to option holders for the 2026-11-16 expiration, over 48 strikes carrying 2,025 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, 8:04 PM ET
How551 put contracts / 1,474 call contracts = 0.37 for the 2026-11-16 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, 8:04 PM ET
HowOver every strike with open interest for the 2026-11-16 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 — 42.5 — is the max pain price.
Open interest by strike · Mon, Nov 16
■ calls (up)■ puts (down)DRAM open contracts per strike for Mon, Nov 16.
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 · Mon, Nov 16
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Mon, Nov 16
— call IV— put IVATM ≈ 68.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Mon, Nov 16
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 · Mon, Nov 16
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.77
-0.10
38
0.0757
0.02
-0.10
-0.23
0.73
-0.11
38.5
0.0837
0.02
-0.11
-0.27
0.69
-0.12
39
0.0913
0.02
-0.12
-0.31
0.64
-0.12
39.5
0.0981
0.02
-0.12
-0.36
0.59
-0.13
40
0.1037
0.02
-0.13
-0.41
0.54
-0.13
40.5
0.1076
0.02
-0.13
-0.46
0.48
-0.13
41
0.1096
0.02
-0.13
-0.52
0.43
-0.12
41.5
0.1093
0.02
-0.12
-0.57
0.37
-0.12
42
0.1068
0.02
-0.12
-0.63
0.32
-0.11
42.5
0.1021
0.02
-0.11
-0.68
0.27
-0.10
43
0.0955
0.02
-0.10
-0.73
0.23
-0.09
43.5
0.0874
0.02
-0.09
-0.77
0.19
-0.08
44
0.0784
0.01
-0.08
-0.81
0.15
-0.07
44.5
0.0689
0.01
-0.07
-0.85
0.12
-0.06
45
0.0594
0.01
-0.06
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 48 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.