HowThe settle strike with the smallest total payout to option holders for the 2026-11-27 expiration, over 23 strikes carrying 1,734 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, 9:59 AM ET
How365 put contracts / 1,369 call contracts = 0.27 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 10, 9:59 AM 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.
■ 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 — 22 — is the max pain price.
Open interest by strike · Fri, Nov 27
■ calls (up)■ puts (down)KSS 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
Implied volatility by strike · Fri, Nov 27
— call IV— put IVATM ≈ 93.6% · 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
0.90
-0.03
19
0.0335
0.01
-0.03
-0.10
0.86
-0.03
20
0.0446
0.01
-0.03
-0.14
0.80
-0.04
21
0.0568
0.01
-0.04
-0.20
0.74
-0.04
22
0.0685
0.02
-0.04
-0.26
0.66
-0.05
23
0.0782
0.02
-0.05
-0.34
0.62
-0.05
23.5
0.0817
0.02
-0.05
-0.38
0.57
-0.05
24
0.0842
0.02
-0.05
-0.43
0.53
-0.05
24.5
0.0857
0.02
-0.05
-0.47
0.49
-0.05
25
0.0860
0.02
-0.05
-0.51
0.45
-0.05
25.5
0.0853
0.02
-0.05
-0.55
0.41
-0.05
26
0.0837
0.02
-0.05
-0.59
0.33
-0.05
27
0.0781
0.02
-0.05
-0.67
0.27
-0.04
28
0.0704
0.02
-0.04
-0.73
0.24
-0.04
28.5
0.0662
0.02
-0.04
-0.76
0.22
-0.04
29
0.0618
0.02
-0.04
-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 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.