HowThe settle strike with the smallest total payout to option holders for the 2026-12-18 expiration, over 78 strikes carrying 18,458 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, 6:37 PM ET
How5,512 put contracts / 12,946 call contracts = 0.43 for the 2026-12-18 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, 6:37 PM ET
HowOver every strike with open interest for the 2026-12-18 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, 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 — 39 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)LPG open contracts per strike for Fri, Dec 18. Showing the 43 largest of 78 strikes by open interest, 98.2% 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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVQuoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
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 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.81
-0.03
41.75
0.0421
0.04
-0.03
-0.22
0.77
-0.03
42.75
0.0482
0.05
-0.03
-0.26
not quoted
not quoted
43
not quoted
not quoted
not quoted
not quoted
not quoted
not quoted
44
not quoted
not quoted
not quoted
not quoted
0.69
-0.03
44.25
0.0565
0.05
-0.03
-0.35
0.63
-0.03
45.25
0.0602
0.06
-0.04
-0.41
not quoted
not quoted
45.5
not quoted
not quoted
not quoted
not quoted
not quoted
not quoted
46.5
not quoted
not quoted
not quoted
not quoted
0.54
-0.04
46.75
0.0621
0.06
-0.04
-0.51
0.48
-0.04
47.75
0.0610
0.06
-0.04
-0.57
not quoted
not quoted
48
not quoted
not quoted
not quoted
not quoted
0.42
-0.04
48.75
0.0585
0.06
-0.04
-0.63
not quoted
not quoted
49
not quoted
not quoted
not quoted
not quoted
0.35
-0.04
50.25
0.0532
0.06
-0.04
-0.71
not quoted
not quoted
51.5
not quoted
not quoted
not quoted
not quoted
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 43 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.