HowThe settle strike with the smallest total payout to option holders for the 2026-11-27 expiration, over 51 strikes carrying 719 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, 6:39 PM ET
How294 put contracts / 425 call contracts = 0.69 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 10, 6:39 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.
■ 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 — 113 — is the max pain price.
Open interest by strike · Fri, Nov 27
■ calls (up)■ puts (down)ELF open contracts per strike for Fri, Nov 27.
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).
Implied volatility by strike · Fri, Nov 27
— call IV— put IVATM ≈ 47.8% · 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
0.75
-0.12
111
0.0252
0.08
-0.12
-0.25
0.73
-0.12
112
0.0267
0.09
-0.12
-0.28
0.70
-0.13
113
0.0280
0.09
-0.13
-0.30
0.67
-0.13
114
0.0292
0.09
-0.14
-0.33
0.64
-0.14
115
0.0303
0.10
-0.14
-0.36
0.61
-0.14
116
0.0311
0.10
-0.14
-0.40
0.57
-0.14
117
0.0318
0.10
-0.14
-0.43
0.54
-0.14
118
0.0322
0.10
-0.15
-0.46
0.51
-0.15
119
0.0324
0.10
-0.15
-0.49
0.48
-0.15
120
0.0324
0.10
-0.15
-0.52
0.45
-0.14
121
0.0322
0.10
-0.14
-0.56
0.41
-0.14
122
0.0318
0.10
-0.14
-0.59
0.38
-0.14
123
0.0312
0.10
-0.14
-0.62
0.35
-0.14
124
0.0305
0.10
-0.14
-0.65
0.33
-0.13
125
0.0295
0.09
-0.13
-0.68
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.