HowThe settle strike with the smallest total payout to option holders for the 2026-11-27 expiration, over 35 strikes carrying 940 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 3, 2:09 PM ET
How413 put contracts / 527 call contracts = 0.78 for the 2026-11-27 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 3, 2:09 PM ET
HowOver every strike with open interest for the 2026-11-27 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, Nov 6 · 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 — 75 — is the max pain price.
Open interest by strike · Fri, Nov 27
■ calls (up)■ puts (down)IAU open contracts per strike for Fri, Nov 27.
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 27
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 27
— call IV— put IVATM ≈ 23.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 27
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 27
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.01
65
0.0185
0.02
-0.01
-0.06
0.81
-0.03
70
0.0546
0.05
-0.03
-0.20
0.72
-0.03
71.5
0.0708
0.06
-0.03
-0.29
0.69
-0.03
72
0.0761
0.07
-0.04
-0.32
0.65
-0.04
72.5
0.0809
0.07
-0.04
-0.36
0.61
-0.04
73
0.0850
0.07
-0.04
-0.40
0.56
-0.04
73.5
0.0881
0.07
-0.04
-0.45
0.52
-0.04
74
0.0901
0.07
-0.04
-0.49
0.47
-0.04
74.5
0.0907
0.07
-0.04
-0.54
0.43
-0.04
75
0.0899
0.07
-0.04
-0.58
0.39
-0.04
75.5
0.0878
0.07
-0.04
-0.63
0.34
-0.03
76
0.0844
0.07
-0.04
-0.67
0.30
-0.03
76.5
0.0800
0.07
-0.03
-0.71
0.27
-0.03
77
0.0750
0.06
-0.03
-0.75
0.24
-0.03
77.5
0.0695
0.06
-0.03
-0.79
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 35 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.