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 — 480 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)MSFT open contracts per strike for Fri, Nov 20.
Open-interest change · 2026-10-28 → 2026-10-29
Net contracts opened (up, green) or closed (down, red) per strike since the previous snapshot: where the walls are building and where they’re unwinding. Only strikes observed on both days are compared; 2 strikes were in only one day’s snapshot (each keeps its largest strikes) and are left out. Biggest moves: 525 +2K · 435 −2K · 520 +2K · 530 +2K
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 ≈ 26.1% · 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
0.82
-0.20
500
0.0072
0.34
-0.22
-0.19
0.78
-0.23
505
0.0082
0.39
-0.24
-0.23
0.74
-0.25
510
0.0092
0.42
-0.26
-0.27
0.69
-0.27
515
0.0101
0.46
-0.28
-0.32
0.64
-0.29
520
0.0108
0.49
-0.29
-0.37
0.59
-0.30
525
0.0114
0.51
-0.30
-0.42
0.56
-0.30
527.5
0.0116
0.51
-0.30
-0.45
0.53
-0.31
530
0.0118
0.52
-0.30
-0.48
0.47
-0.30
535
0.0118
0.52
-0.30
-0.54
0.41
-0.30
540
0.0116
0.51
-0.29
-0.60
0.35
-0.28
545
0.0112
0.48
-0.27
-0.65
0.30
-0.26
550
0.0105
0.45
-0.25
-0.71
0.25
-0.24
555
0.0097
0.41
-0.22
-0.76
0.21
-0.21
560
0.0087
0.38
-0.20
-0.80
0.17
-0.19
565
0.0076
0.33
-0.17
-0.84
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 history — nearest expiry vs price
— max pain (nearest expiry)- - delayed closeOne point per snapshot day since 2026-07-28; unobserved days are gaps, not guesses.
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.
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.