HowThe settle strike with the smallest total payout to option holders for the 2026-12-04 expiration, over 18 strikes carrying 106 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, 8:54 PM ET
How65 put contracts / 41 call contracts = 1.59 for the 2026-12-04 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, 8:54 PM ET
HowOver every strike with open interest for the 2026-12-04 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 — 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 — 32 — is the max pain price.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)HOG open contracts per strike for Fri, Dec 4.
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 4
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 39.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
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 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.02
27
0.0258
0.01
-0.02
-0.08
0.91
-0.02
28
0.0325
0.01
-0.02
-0.10
0.88
-0.02
29
0.0414
0.02
-0.02
-0.12
0.85
-0.02
30
0.0532
0.02
-0.02
-0.15
0.80
-0.03
31
0.0686
0.02
-0.02
-0.20
0.74
-0.03
32
0.0875
0.03
-0.03
-0.27
0.65
-0.03
33
0.1065
0.03
-0.03
-0.35
0.53
-0.03
34
0.1182
0.04
-0.03
-0.47
0.42
-0.03
35
0.1156
0.03
-0.03
-0.58
0.32
-0.03
36
0.1018
0.03
-0.03
-0.68
0.24
-0.02
37
0.0846
0.03
-0.02
-0.75
0.19
-0.02
38
0.0687
0.02
-0.02
-0.81
0.15
-0.02
39
0.0556
0.02
-0.02
-0.85
0.12
-0.02
40
0.0452
0.02
-0.02
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 18 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.