SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 9, 6:58 PM ET
How11 put contracts / 4 call contracts = 2.75 for the 2026-11-20 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 15 open contracts across 10 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)GCPU 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
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 100.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Nov 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.82
-0.05
19
0.0617
0.01
-0.05
-0.18
0.67
-0.06
21
0.0995
0.01
-0.06
-0.34
0.45
-0.07
23
0.1089
0.01
-0.07
-0.55
0.36
-0.07
24
0.0979
0.01
-0.07
-0.64
0.29
-0.06
25
0.0845
0.01
-0.06
-0.71
0.24
-0.06
26
0.0720
0.01
-0.06
-0.76
0.21
-0.06
27
0.0615
0.01
-0.06
-0.80
0.18
-0.06
28
0.0529
0.01
-0.06
-0.83
0.14
-0.05
30
0.0403
0.01
-0.05
-0.87
0.06
-0.04
40
0.0157
0.01
-0.04
-0.95
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.