HowThe settle strike with the smallest total payout to option holders for the 2026-12-18 expiration, over 71 strikes carrying 5,916 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 10, 4:26 PM ET
How1,659 put contracts / 4,257 call contracts = 0.39 for the 2026-12-18 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 10, 4:26 PM ET
HowOver every strike with open interest for the 2026-12-18 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, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 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 — 1100 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)GWW open contracts per strike for Fri, Dec 18. Showing the 52 largest of 71 strikes by open interest, 98.3% 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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 22.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.79
-0.45
1390
0.0024
1.39
-0.47
-0.21
0.77
-0.47
1400
0.0026
1.47
-0.49
-0.24
0.74
-0.49
1410
0.0027
1.55
-0.51
-0.26
0.71
-0.52
1420
0.0029
1.63
-0.53
-0.29
0.65
-0.55
1440
0.0032
1.76
-0.56
-0.35
0.62
-0.56
1450
0.0034
1.81
-0.57
-0.39
0.59
-0.56
1460
0.0035
1.85
-0.58
-0.42
0.52
-0.57
1480
0.0037
1.90
-0.59
-0.49
0.44
-0.55
1500
0.0037
1.88
-0.57
-0.57
0.37
-0.52
1520
0.0036
1.80
-0.54
-0.65
0.30
-0.48
1540
0.0033
1.67
-0.50
-0.72
0.24
-0.42
1560
0.0030
1.50
-0.45
-0.78
0.15
-0.31
1600
0.0022
1.11
-0.34
-0.89
0.08
-0.21
1640
0.0014
0.76
-0.26
-0.96
0.06
-0.17
1660
0.0012
0.61
-0.22
-0.98
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 52 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.