HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 90 strikes carrying 19,428 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 9, 8:41 PM ET
How9,716 put contracts / 9,712 call contracts = 1.00 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 9, 8:41 PM 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: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 — 124 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)GLW open contracts per strike for Fri, Nov 13. Showing the 60 largest of 90 strikes by open interest, 97.2% 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 54 largest of 79 strikes by volume, 98.5% of the total.
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 83.3% · 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
0.79
-0.41
108
0.0267
0.04
-0.41
-0.22
0.77
-0.43
109
0.0290
0.04
-0.43
-0.24
0.74
-0.46
110
0.0312
0.04
-0.46
-0.27
0.70
-0.48
111
0.0334
0.04
-0.48
-0.30
0.67
-0.50
112
0.0354
0.04
-0.50
-0.34
0.64
-0.52
113
0.0372
0.04
-0.51
-0.37
0.60
-0.53
114
0.0387
0.05
-0.52
-0.41
0.56
-0.54
115
0.0398
0.05
-0.53
-0.45
0.52
-0.54
116
0.0406
0.05
-0.53
-0.49
0.48
-0.53
117
0.0409
0.05
-0.52
-0.53
0.44
-0.52
118
0.0407
0.05
-0.51
-0.57
0.40
-0.50
119
0.0401
0.05
-0.49
-0.61
0.36
-0.48
120
0.0390
0.04
-0.47
-0.65
0.32
-0.45
121
0.0375
0.04
-0.44
-0.69
0.28
-0.42
122
0.0357
0.04
-0.41
-0.72
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.