HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 68 strikes carrying 962 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, 6:07 AM ET
How523 put contracts / 439 call contracts = 1.19 for the 2026-11-13 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, 6:07 AM ET
HowOver every strike with open interest for the 2026-11-13 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 — 227.5 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)LABU open contracts per strike for Fri, Nov 13. Showing the 58 largest of 68 strikes by open interest, 99% of the total.
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 13
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 118.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 13
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 13
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.71
-0.74
207.5
0.0071
0.14
-0.74
-0.28
0.69
-0.76
210
0.0074
0.14
-0.76
-0.30
0.68
-0.78
212.5
0.0076
0.14
-0.78
-0.32
0.65
-0.80
215
0.0078
0.15
-0.80
-0.34
0.63
-0.81
217.5
0.0080
0.15
-0.81
-0.36
0.61
-0.82
220
0.0082
0.15
-0.82
-0.39
0.59
-0.83
222.5
0.0084
0.15
-0.83
-0.41
0.57
-0.84
225
0.0085
0.16
-0.84
-0.43
0.55
-0.84
227.5
0.0086
0.16
-0.84
-0.45
0.53
-0.84
230
0.0087
0.16
-0.84
-0.47
0.51
-0.84
232.5
0.0087
0.16
-0.84
-0.49
0.48
-0.84
235
0.0088
0.16
-0.84
-0.52
0.46
-0.83
237.5
0.0087
0.16
-0.83
-0.54
0.44
-0.82
240
0.0087
0.16
-0.82
-0.56
0.42
-0.81
242.5
0.0086
0.15
-0.81
-0.58
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 58 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.