HowThe settle strike with the smallest total payout to option holders for the 2026-11-06 expiration, over 83 strikes carrying 86,439 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 5, 4:27 PM ET
How33,391 put contracts / 53,048 call contracts = 0.63 for the 2026-11-06 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 5, 4:27 PM ET
HowOver every strike with open interest for the 2026-11-06 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 — 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 — 225 — is the max pain price.
Open interest by strike · Fri, Nov 6
■ calls (up)■ puts (down)MRNA open contracts per strike for Fri, Nov 6. Showing the 60 largest of 83 strikes by open interest, 98.1% 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 6
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 60 largest of 83 strikes by volume, 96.8% of the total.
Implied volatility by strike · Fri, Nov 6
— call IV— put IVATM ≈ 198.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 6
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 6
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.77
-3.94
222.5
0.0107
0.04
-3.95
-0.23
0.75
-4.47
225
0.0115
0.04
-4.47
-0.25
0.72
-5.07
227.5
0.0124
0.04
-5.07
-0.28
0.69
-5.75
230
0.0132
0.04
-5.76
-0.31
0.65
-6.52
232.5
0.0140
0.05
-6.52
-0.35
0.62
-7.32
235
0.0147
0.05
-7.32
-0.38
0.58
-8.00
237.5
0.0153
0.05
-8.00
-0.42
0.54
-8.40
240
0.0157
0.05
-8.40
-0.46
0.50
-8.33
242.5
0.0160
0.05
-8.33
-0.50
0.46
-7.80
245
0.0161
0.05
-7.80
-0.54
0.42
-6.98
247.5
0.0160
0.05
-6.97
-0.58
0.38
-6.04
250
0.0157
0.05
-6.04
-0.62
0.34
-5.17
252.5
0.0153
0.05
-5.17
-0.66
0.30
-4.39
255
0.0147
0.04
-4.39
-0.69
0.27
-3.72
257.5
0.0139
0.04
-3.71
-0.73
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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.