HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 60 strikes carrying 590 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, 11:45 AM ET
How195 put contracts / 395 call contracts = 0.49 for the 2026-11-20 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, 11:45 AM ET
HowOver every strike with open interest for the 2026-11-20 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.
■ 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 — 125 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)MRNX open contracts per strike for Fri, Nov 20.
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 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 187.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.76
-1.04
175
0.0045
0.11
-1.04
-0.23
0.74
-1.10
180
0.0048
0.11
-1.10
-0.26
0.71
-1.16
185
0.0051
0.12
-1.15
-0.29
0.68
-1.21
190
0.0053
0.13
-1.20
-0.32
0.65
-1.25
195
0.0055
0.13
-1.24
-0.35
0.62
-1.28
200
0.0056
0.13
-1.27
-0.38
0.59
-1.30
205
0.0058
0.14
-1.30
-0.41
0.56
-1.32
210
0.0059
0.14
-1.31
-0.44
0.53
-1.33
215
0.0059
0.14
-1.32
-0.47
0.50
-1.33
220
0.0060
0.14
-1.32
-0.49
0.47
-1.32
225
0.0060
0.14
-1.31
-0.52
0.45
-1.31
230
0.0059
0.14
-1.30
-0.55
0.42
-1.29
235
0.0059
0.14
-1.28
-0.58
0.39
-1.26
240
0.0058
0.14
-1.26
-0.60
0.34
-1.20
250
0.0056
0.13
-1.19
-0.65
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.