HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 23 strikes carrying 199 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, 7:28 PM ET
How111 put contracts / 88 call contracts = 1.26 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, 7:28 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.
■ 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 — 15 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)IREZ 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
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 278.2% · 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
0.89
-0.09
13
0.0217
0.01
-0.09
-0.12
0.85
-0.10
14
0.0258
0.01
-0.10
-0.15
0.82
-0.12
15
0.0297
0.01
-0.11
-0.18
0.78
-0.13
16
0.0332
0.01
-0.13
-0.22
0.73
-0.14
17
0.0363
0.01
-0.14
-0.26
0.69
-0.15
18
0.0386
0.01
-0.15
-0.30
0.65
-0.16
19
0.0400
0.01
-0.16
-0.35
0.60
-0.17
20
0.0409
0.01
-0.17
-0.39
0.56
-0.17
21
0.0411
0.01
-0.17
-0.43
0.53
-0.18
22
0.0409
0.01
-0.17
-0.46
0.49
-0.18
23
0.0403
0.01
-0.18
-0.50
0.46
-0.18
24
0.0395
0.01
-0.18
-0.53
0.43
-0.18
25
0.0385
0.01
-0.18
-0.56
0.40
-0.18
26
0.0374
0.01
-0.18
-0.58
0.38
-0.18
27
0.0362
0.01
-0.18
-0.61
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 23 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.