HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 35 strikes carrying 360,545 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 3, 6:06 AM ET
How209,182 put contracts / 151,363 call contracts = 1.38 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 3, 6:06 AM 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:Jobs report Fri, Nov 6 · 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 — 34 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)FXI 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 ≈ 23.8% · 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
0.94
-0.01
30
0.0515
0.01
-0.01
-0.06
0.92
-0.01
30.5
0.0698
0.01
-0.01
-0.08
0.89
-0.01
31
0.0952
0.01
-0.01
-0.12
0.84
-0.01
31.5
0.1269
0.02
-0.01
-0.16
0.77
-0.01
32
0.1634
0.02
-0.02
-0.23
0.69
-0.02
32.5
0.2006
0.03
-0.02
-0.32
0.58
-0.02
33
0.2303
0.03
-0.02
-0.42
0.46
-0.02
33.5
0.2412
0.03
-0.02
-0.55
0.34
-0.02
34
0.2274
0.03
-0.02
-0.67
0.24
-0.01
34.5
0.1937
0.02
-0.01
-0.77
0.16
-0.01
35
0.1505
0.02
-0.01
-0.86
0.10
-0.01
35.5
0.1076
0.01
-0.01
-0.93
0.06
-0.01
36
0.0718
0.01
-0.01
-0.97
0.02
-0.00
37
0.0300
0.00
-0.01
-1.00
0.01
-0.00
38
0.0156
0.00
-0.01
-1.00
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 35 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.