HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 40 strikes carrying 1,703 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, 9:58 PM ET
How915 put contracts / 788 call contracts = 1.16 for the 2026-11-20 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, 9:58 PM ET
HowOver every strike with open interest for the 2026-11-20 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 — 1370 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)GWW 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
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 25.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.90
-0.50
1370
0.0027
0.45
-0.51
-0.10
0.87
-0.59
1380
0.0032
0.54
-0.61
-0.13
0.84
-0.69
1390
0.0039
0.63
-0.71
-0.16
0.80
-0.79
1400
0.0045
0.72
-0.81
-0.20
0.75
-0.89
1410
0.0051
0.80
-0.91
-0.25
0.70
-0.97
1420
0.0057
0.88
-0.99
-0.31
0.58
-1.08
1440
0.0066
0.99
-1.10
-0.43
0.51
-1.09
1450
0.0067
1.00
-1.11
-0.50
0.44
-1.07
1460
0.0067
0.99
-1.09
-0.57
0.31
-0.94
1480
0.0061
0.90
-0.97
-0.70
0.26
-0.85
1490
0.0056
0.82
-0.88
-0.76
0.20
-0.74
1500
0.0049
0.72
-0.78
-0.81
0.16
-0.63
1510
0.0042
0.62
-0.67
-0.86
0.12
-0.52
1520
0.0035
0.53
-0.56
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 40 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.