HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 139 strikes carrying 6,942 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
How4,275 put contracts / 2,667 call contracts = 1.60 for the 2026-11-13 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 2026-11-13 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 — 897.5 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)GEV open contracts per strike for Fri, Nov 13. Showing the 60 largest of 139 strikes by open interest, 89.8% 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 13
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 60 largest of 99 strikes by volume, 95.5% of the total.
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 62.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 13
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 13
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.62
-1.67
840
0.0040
0.57
-1.68
-0.38
0.60
-1.69
845
0.0041
0.58
-1.70
-0.40
0.58
-1.70
850
0.0041
0.59
-1.72
-0.42
0.56
-1.72
855
0.0042
0.59
-1.73
-0.44
0.54
-1.72
860
0.0042
0.59
-1.74
-0.46
0.52
-1.73
865
0.0042
0.60
-1.74
-0.48
0.50
-1.72
870
0.0043
0.60
-1.73
-0.51
0.48
-1.72
875
0.0043
0.60
-1.73
-0.53
0.46
-1.71
880
0.0042
0.59
-1.72
-0.55
0.43
-1.69
885
0.0042
0.59
-1.70
-0.57
0.41
-1.67
890
0.0042
0.58
-1.68
-0.59
0.40
-1.66
892.5
0.0042
0.58
-1.67
-0.60
0.39
-1.64
895
0.0041
0.58
-1.65
-0.61
0.37
-1.62
900
0.0041
0.57
-1.62
-0.63
0.36
-1.60
902.5
0.0040
0.56
-1.61
-0.64
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.