HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 77 strikes carrying 45,888 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 8, 6:58 PM ET
How21,694 put contracts / 24,194 call contracts = 0.90 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 8, 6:58 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 — 315 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)HD open contracts per strike for Fri, Nov 20. Showing the 53 largest of 77 strikes by open interest, 98.1% 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 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 46 largest of 66 strikes by volume, 98.2% of the total.
Implied volatility by strike · Fri, Nov 20
— call IV— put IVQuoted 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
0.76
-0.32
325
0.0106
0.21
-0.33
-0.24
0.73
-0.34
327.5
0.0113
0.22
-0.34
-0.27
0.70
-0.36
330
0.0120
0.23
-0.36
-0.30
0.67
-0.37
332.5
0.0126
0.24
-0.37
-0.33
0.64
-0.38
335
0.0131
0.25
-0.39
-0.36
0.61
-0.39
337.5
0.0136
0.26
-0.40
-0.40
0.57
-0.40
340
0.0139
0.26
-0.40
-0.43
0.50
-0.40
345
0.0143
0.27
-0.40
-0.50
0.43
-0.39
350
0.0142
0.27
-0.39
-0.57
0.36
-0.37
355
0.0137
0.25
-0.37
-0.64
0.29
-0.33
360
0.0128
0.23
-0.34
-0.71
0.23
-0.29
365
0.0115
0.21
-0.30
-0.77
0.18
-0.25
370
0.0100
0.18
-0.25
-0.82
0.14
-0.20
375
0.0084
0.15
-0.21
-0.87
0.10
-0.17
380
0.0069
0.12
-0.17
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 53 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.