HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 45 strikes carrying 8,336 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 8, 6:57 PM ET
How4,745 put contracts / 3,591 call contracts = 1.32 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 8, 6:57 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.
Event risk before this expiration:CPI release Tue, Nov 10 — 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 — 300 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)FDX 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 ≈ 28.3% · 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
0.82
-0.18
292.5
0.0140
0.16
-0.18
-0.18
0.78
-0.20
295
0.0158
0.18
-0.20
-0.22
0.74
-0.21
297.5
0.0175
0.20
-0.22
-0.26
0.69
-0.23
300
0.0192
0.21
-0.23
-0.31
0.65
-0.24
302.5
0.0206
0.23
-0.24
-0.36
0.59
-0.25
305
0.0216
0.23
-0.25
-0.41
0.54
-0.26
307.5
0.0223
0.24
-0.26
-0.47
0.48
-0.26
310
0.0225
0.24
-0.26
-0.52
0.43
-0.25
312.5
0.0222
0.24
-0.25
-0.58
0.37
-0.24
315
0.0215
0.23
-0.24
-0.63
0.32
-0.23
317.5
0.0204
0.22
-0.23
-0.69
0.27
-0.21
320
0.0190
0.20
-0.21
-0.74
0.23
-0.19
322.5
0.0174
0.18
-0.19
-0.78
0.18
-0.16
325
0.0156
0.16
-0.17
-0.83
0.12
-0.11
330
0.0116
0.12
-0.12
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 45 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.