HowThe settle strike with the smallest total payout to option holders for the 2026-11-06 expiration, over 40 strikes carrying 6,018 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 3, 6:02 AM ET
How4,079 put contracts / 1,939 call contracts = 2.10 for the 2026-11-06 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 3, 6:02 AM ET
HowOver every strike with open interest for the 2026-11-06 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.
Event risk before this expiration:Jobs report Fri, Nov 6 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ 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 — 26 — is the max pain price.
Open interest by strike · Fri, Nov 6
■ calls (up)■ puts (down)ETHU open contracts per strike for Fri, Nov 6.
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 6
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 6
— call IV— put IVATM ≈ 110.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 6
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 6
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.88
-0.08
17.5
0.0648
0.00
-0.08
-0.12
0.84
-0.09
18
0.0794
0.01
-0.09
-0.16
0.80
-0.10
18.5
0.0962
0.01
-0.10
-0.20
0.76
-0.11
19
0.1145
0.01
-0.11
-0.24
0.69
-0.12
19.5
0.1328
0.01
-0.12
-0.30
0.63
-0.13
20
0.1490
0.01
-0.13
-0.38
0.55
-0.13
20.5
0.1604
0.01
-0.13
-0.45
0.47
-0.13
21
0.1645
0.01
-0.13
-0.54
0.39
-0.12
21.5
0.1603
0.01
-0.12
-0.62
0.31
-0.11
22
0.1487
0.01
-0.11
-0.69
0.25
-0.10
22.5
0.1323
0.01
-0.10
-0.76
0.19
-0.08
23
0.1139
0.01
-0.08
-0.81
0.15
-0.07
23.5
0.0957
0.01
-0.07
-0.85
0.12
-0.06
24
0.0792
0.00
-0.06
-0.88
0.09
-0.05
24.5
0.0649
0.00
-0.05
-0.91
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 40 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.