HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 179 strikes carrying 13,082 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, 7:09 PM ET
How6,395 put contracts / 6,687 call contracts = 0.96 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, 7:09 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 — 740 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)FICO open contracts per strike for Fri, Nov 20. Showing the 60 largest of 179 strikes by open interest, 83.2% 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 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 48 largest of 65 strikes by volume, 97.8% of the total.
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 61.9% · 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
-1.09
660
0.0031
0.31
-1.09
-0.18
0.79
-1.18
670
0.0035
0.34
-1.18
-0.21
0.76
-1.28
680
0.0039
0.38
-1.27
-0.24
0.72
-1.36
690
0.0043
0.41
-1.36
-0.28
0.67
-1.43
700
0.0046
0.44
-1.43
-0.33
0.62
-1.48
710
0.0050
0.46
-1.48
-0.38
0.57
-1.52
720
0.0052
0.47
-1.51
-0.43
0.52
-1.52
730
0.0053
0.48
-1.52
-0.48
0.47
-1.51
740
0.0053
0.48
-1.50
-0.53
0.41
-1.47
750
0.0052
0.47
-1.46
-0.58
0.36
-1.41
760
0.0051
0.45
-1.40
-0.64
0.32
-1.33
770
0.0048
0.43
-1.32
-0.68
0.27
-1.24
780
0.0045
0.40
-1.23
-0.72
0.23
-1.15
790
0.0041
0.37
-1.13
-0.76
0.20
-1.05
800
0.0037
0.34
-1.03
-0.80
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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.