HowThe settle strike with the smallest total payout to option holders for the 2026-12-31 expiration, over 18 strikes carrying 18,455 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
How1,832 put contracts / 16,623 call contracts = 0.11 for the 2026-12-31 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 2026-12-31 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 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 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 — 35 — is the max pain price.
Open interest by strike · Thu, Dec 31
■ calls (up)■ puts (down)FXI open contracts per strike for Thu, Dec 31.
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 · Thu, Dec 31
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Thu, Dec 31
— call IV— put IVATM ≈ 26.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Thu, Dec 31
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 · Thu, Dec 31
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.98
-0.00
25
0.0103
0.01
-0.00
-0.04
0.88
-0.01
30
0.0645
0.03
-0.01
-0.16
0.81
-0.01
31
0.0938
0.04
-0.01
-0.24
0.71
-0.01
32
0.1258
0.04
-0.01
-0.35
0.57
-0.01
33
0.1483
0.05
-0.01
-0.48
0.42
-0.01
34
0.1486
0.05
-0.01
-0.62
0.29
-0.01
35
0.1278
0.04
-0.01
-0.74
0.19
-0.01
36
0.0982
0.04
-0.01
-0.84
0.11
-0.01
37
0.0687
0.03
-0.00
-0.90
0.06
-0.00
38
0.0445
0.02
-0.00
-0.95
0.04
-0.00
39
0.0287
0.01
-0.00
-0.97
0.03
-0.00
40
0.0202
0.01
0.00
-0.98
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 18 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.