HowThe settle strike with the smallest total payout to option holders for the 2026-12-04 expiration, over 23 strikes carrying 240 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 4, 10:56 AM ET
How129 put contracts / 111 call contracts = 1.16 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 4, 10:56 AM 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, Nov 6 · CPI release Tue, Nov 10 · 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 — 65 — is the max pain price.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)KR 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
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 32.0% · 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
0.89
-0.03
61
0.0301
0.04
-0.03
-0.13
0.86
-0.03
62
0.0359
0.04
-0.03
-0.16
0.83
-0.03
63
0.0422
0.05
-0.03
-0.19
0.78
-0.03
64
0.0487
0.06
-0.03
-0.23
0.73
-0.04
65
0.0549
0.06
-0.04
-0.28
0.68
-0.04
66
0.0602
0.07
-0.04
-0.33
0.62
-0.04
67
0.0643
0.07
-0.04
-0.39
0.48
-0.04
69
0.0666
0.08
-0.04
-0.53
0.42
-0.04
70
0.0647
0.08
-0.04
-0.59
0.36
-0.04
71
0.0611
0.07
-0.04
-0.65
0.31
-0.04
72
0.0564
0.07
-0.04
-0.70
0.26
-0.03
73
0.0512
0.06
-0.03
-0.75
0.15
-0.03
76
0.0355
0.05
-0.03
-0.86
0.13
-0.02
77
0.0309
0.04
-0.02
-0.88
0.11
-0.02
78
0.0268
0.04
-0.02
-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 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.