HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 74 strikes carrying 1,117 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, 9:07 PM ET
How590 put contracts / 527 call contracts = 1.12 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, 9:07 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.
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 — 690 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)FICO open contracts per strike for Fri, Nov 13. Showing the 40 largest of 74 strikes by open interest, 96% 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 ≈ 72.0% · 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
0.79
-2.17
680
0.0049
0.22
-2.17
-0.21
0.75
-2.37
687.5
0.0054
0.24
-2.37
-0.25
0.74
-2.43
690
0.0056
0.25
-2.43
-0.26
0.71
-2.55
695
0.0060
0.26
-2.55
-0.29
0.68
-2.66
700
0.0063
0.27
-2.66
-0.32
0.66
-2.71
702.5
0.0064
0.28
-2.71
-0.34
0.61
-2.82
710
0.0068
0.29
-2.82
-0.39
0.54
-2.90
720
0.0072
0.30
-2.90
-0.46
0.47
-2.88
730
0.0073
0.30
-2.88
-0.53
0.27
-2.33
760
0.0061
0.25
-2.33
-0.73
0.22
-2.05
770
0.0054
0.23
-2.05
-0.78
0.20
-1.91
775
0.0050
0.21
-1.91
-0.80
0.18
-1.77
780
0.0046
0.20
-1.76
-0.82
0.11
-1.26
800
0.0033
0.14
-1.25
-0.89
0.09
-1.04
810
0.0027
0.12
-1.04
-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.