HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 82 strikes carrying 5,777 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 9, 8:56 PM ET
How3,555 put contracts / 2,222 call contracts = 1.60 for the 2026-11-13 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 9, 8:56 PM ET
HowOver every strike with open interest for the 2026-11-13 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 — 375 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)ETN open contracts per strike for Fri, Nov 13. Showing the 43 largest of 82 strikes by open interest, 97.5% 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 13
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 58.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 13
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 13
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.80
-0.85
340
0.0117
0.10
-0.85
-0.20
0.77
-0.91
342.5
0.0128
0.11
-0.92
-0.23
0.74
-0.97
345
0.0139
0.12
-0.98
-0.26
0.67
-1.07
350
0.0161
0.14
-1.09
-0.33
0.63
-1.11
352.5
0.0170
0.14
-1.12
-0.38
0.58
-1.14
355
0.0177
0.15
-1.15
-0.42
0.54
-1.15
357.5
0.0183
0.15
-1.16
-0.46
0.49
-1.14
360
0.0186
0.15
-1.15
-0.51
0.40
-1.08
365
0.0183
0.15
-1.09
-0.60
0.36
-1.02
367.5
0.0178
0.14
-1.04
-0.65
0.31
-0.96
370
0.0170
0.13
-0.97
-0.69
0.27
-0.88
372.5
0.0160
0.13
-0.89
-0.74
0.23
-0.80
375
0.0149
0.12
-0.81
-0.77
0.17
-0.64
380
0.0122
0.10
-0.64
-0.84
0.14
-0.56
382.5
0.0109
0.09
-0.56
-0.87
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 43 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.