HowThe settle strike with the smallest total payout to option holders for the 2026-12-11 expiration, over 18 strikes carrying 159 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
How122 put contracts / 37 call contracts = 3.30 for the 2026-12-11 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 2026-12-11 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 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 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 — 63 — is the max pain price.
Open interest by strike · Fri, Dec 11
■ calls (up)■ puts (down)KR open contracts per strike for Fri, Dec 11.
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 11
Implied volatility by strike · Fri, Dec 11
— call IV— put IVATM ≈ 32.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 11
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 11
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.92
-0.02
58
0.0194
0.03
-0.02
-0.09
0.91
-0.02
59
0.0228
0.04
-0.02
-0.11
0.83
-0.03
62
0.0354
0.06
-0.03
-0.18
0.79
-0.03
63
0.0399
0.06
-0.03
-0.22
0.75
-0.03
64
0.0444
0.07
-0.03
-0.26
0.66
-0.04
66
0.0522
0.08
-0.04
-0.35
0.60
-0.04
67
0.0551
0.08
-0.04
-0.41
0.55
-0.04
68
0.0568
0.09
-0.04
-0.46
0.49
-0.04
69
0.0573
0.09
-0.04
-0.52
0.43
-0.04
70
0.0564
0.09
-0.04
-0.58
0.38
-0.04
71
0.0542
0.08
-0.04
-0.63
0.33
-0.03
72
0.0512
0.08
-0.04
-0.68
0.13
-0.02
78
0.0280
0.05
-0.02
-0.89
0.09
-0.02
80
0.0214
0.04
-0.01
-0.92
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.