HowThe settle strike with the smallest total payout to option holders for the 2026-11-06 expiration, over 143 strikes carrying 18,275 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, 6:01 AM ET
How9,305 put contracts / 8,970 call contracts = 1.04 for the 2026-11-06 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, 6:01 AM ET
HowOver every strike with open interest for the 2026-11-06 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 — 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 — 880 — is the max pain price.
Open interest by strike · Fri, Nov 6
■ calls (up)■ puts (down)GEV open contracts per strike for Fri, Nov 6. Showing the 60 largest of 143 strikes by open interest, 88.5% 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 6
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 60 largest of 107 strikes by volume, 94.7% of the total.
Implied volatility by strike · Fri, Nov 6
— call IV— put IVATM ≈ 73.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 6
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 6
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.62
-3.42
845
0.0056
0.34
-3.43
-0.38
0.59
-3.48
850
0.0057
0.35
-3.49
-0.41
0.56
-3.52
855
0.0058
0.36
-3.53
-0.44
0.53
-3.54
860
0.0059
0.36
-3.55
-0.47
0.52
-3.54
862.5
0.0060
0.36
-3.55
-0.48
0.50
-3.54
865
0.0060
0.36
-3.55
-0.50
0.47
-3.52
870
0.0060
0.36
-3.53
-0.53
0.44
-3.47
875
0.0060
0.36
-3.48
-0.56
0.41
-3.41
880
0.0059
0.35
-3.42
-0.59
0.39
-3.32
885
0.0058
0.35
-3.33
-0.62
0.37
-3.27
887.5
0.0057
0.34
-3.29
-0.63
0.36
-3.22
890
0.0057
0.34
-3.23
-0.64
0.34
-3.17
892.5
0.0056
0.33
-3.18
-0.66
0.33
-3.11
895
0.0055
0.33
-3.12
-0.67
0.30
-2.98
900
0.0053
0.32
-2.99
-0.70
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.