HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 80 strikes carrying 17,937 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
How12,251 put contracts / 5,686 call contracts = 2.15 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 5, 4:27 PM 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 — 220 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)MRNA open contracts per strike for Fri, Nov 13. Showing the 60 largest of 80 strikes by open interest, 97.8% 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). Showing the 52 largest of 75 strikes by volume, 98% of the total.
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 122.9% · 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
0.70
-1.02
222.5
0.0075
0.13
-1.03
-0.30
0.68
-1.04
225
0.0078
0.13
-1.05
-0.32
0.66
-1.07
227.5
0.0080
0.13
-1.07
-0.34
0.64
-1.09
230
0.0082
0.13
-1.09
-0.36
0.62
-1.10
232.5
0.0084
0.14
-1.11
-0.39
0.59
-1.11
235
0.0086
0.14
-1.12
-0.41
0.57
-1.12
237.5
0.0087
0.14
-1.13
-0.43
0.55
-1.13
240
0.0089
0.14
-1.13
-0.45
0.53
-1.13
242.5
0.0090
0.14
-1.13
-0.47
0.51
-1.13
245
0.0090
0.14
-1.13
-0.50
0.48
-1.12
247.5
0.0090
0.14
-1.12
-0.52
0.46
-1.11
250
0.0090
0.14
-1.11
-0.54
0.44
-1.10
252.5
0.0090
0.14
-1.10
-0.56
0.42
-1.08
255
0.0090
0.14
-1.08
-0.58
0.37
-1.04
260
0.0088
0.14
-1.04
-0.63
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.