HowThe settle strike with the smallest total payout to option holders for the 2026-11-06 expiration, over 26 strikes carrying 993 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 2, 6:24 PM ET
How729 put contracts / 264 call contracts = 2.76 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 2, 6:24 PM 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 — 96 — is the max pain price.
Open interest by strike · Fri, Nov 6
■ calls (up)■ puts (down)EWJ 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 ≈ 32.6% · 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
0.82
-0.14
89
0.0587
0.03
-0.14
-0.18
0.78
-0.15
90
0.0747
0.03
-0.15
-0.23
0.75
-0.16
90.5
0.0844
0.03
-0.16
-0.26
0.71
-0.16
91
0.0951
0.03
-0.16
-0.29
0.67
-0.16
91.5
0.1064
0.04
-0.16
-0.33
0.62
-0.16
92
0.1174
0.04
-0.17
-0.39
0.56
-0.16
92.5
0.1264
0.04
-0.17
-0.45
0.49
-0.16
93
0.1312
0.04
-0.16
-0.51
0.43
-0.16
93.5
0.1302
0.04
-0.16
-0.58
0.37
-0.15
94
0.1237
0.04
-0.15
-0.64
0.31
-0.14
94.5
0.1134
0.04
-0.15
-0.69
0.27
-0.14
95
0.1017
0.03
-0.14
-0.74
0.23
-0.13
95.5
0.0902
0.03
-0.13
-0.78
0.20
-0.12
96
0.0795
0.03
-0.13
-0.81
0.18
-0.12
96.5
0.0701
0.03
-0.12
-0.83
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 26 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.