HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 59 strikes carrying 57,568 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
How10,396 put contracts / 47,172 call contracts = 0.22 for the 2026-11-20 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 2026-11-20 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 — 390 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)ETN open contracts per strike for Fri, Nov 20.
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 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 50.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.92
-0.26
310
0.0043
0.09
-0.26
-0.08
0.87
-0.35
320
0.0063
0.13
-0.36
-0.13
0.82
-0.43
327.5
0.0081
0.16
-0.43
-0.18
0.80
-0.45
330
0.0087
0.17
-0.46
-0.20
0.70
-0.54
340
0.0112
0.20
-0.55
-0.30
0.64
-0.57
345
0.0123
0.22
-0.58
-0.36
0.58
-0.59
350
0.0131
0.23
-0.59
-0.42
0.51
-0.59
355
0.0136
0.23
-0.60
-0.49
0.48
-0.59
357.5
0.0137
0.23
-0.59
-0.52
0.44
-0.58
360
0.0136
0.23
-0.58
-0.56
0.38
-0.55
365
0.0133
0.22
-0.55
-0.63
0.31
-0.50
370
0.0125
0.21
-0.50
-0.69
0.28
-0.48
372.5
0.0120
0.20
-0.48
-0.72
0.25
-0.45
375
0.0114
0.19
-0.45
-0.75
0.23
-0.42
377.5
0.0107
0.18
-0.42
-0.78
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 59 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.