HowThe settle strike with the smallest total payout to option holders for the 2026-11-27 expiration, over 32 strikes carrying 3,539 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 8, 7:37 PM ET
How1,615 put contracts / 1,924 call contracts = 0.84 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 8, 7:37 PM 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.
Event risk before this expiration: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 — 255 — is the max pain price.
Open interest by strike · Fri, Nov 27
■ calls (up)■ puts (down)MCD 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
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 27
— call IV— put IVQuoted 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
0.97
-0.03
240
0.0030
0.04
-0.03
-0.03
0.96
-0.03
245
0.0041
0.05
-0.03
-0.04
0.95
-0.04
250
0.0058
0.07
-0.04
-0.05
0.92
-0.05
255
0.0087
0.10
-0.06
-0.08
0.88
-0.07
260
0.0131
0.14
-0.07
-0.12
0.80
-0.10
265
0.0186
0.19
-0.10
-0.20
0.70
-0.12
270
0.0239
0.23
-0.12
-0.31
0.57
-0.14
275
0.0271
0.26
-0.14
-0.44
0.43
-0.14
280
0.0273
0.26
-0.14
-0.58
0.30
-0.12
285
0.0244
0.23
-0.12
-0.71
0.20
-0.09
290
0.0194
0.18
-0.10
-0.82
0.12
-0.07
295
0.0139
0.14
-0.07
-0.90
0.08
-0.05
300
0.0096
0.10
-0.06
-0.94
0.06
-0.04
305
0.0068
0.08
-0.04
-0.97
0.04
-0.04
310
0.0051
0.06
-0.04
-0.98
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 32 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.