HowThe settle strike with the smallest total payout to option holders for the 2026-11-09 expiration, over 118 strikes carrying 59,568 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, 7:39 PM ET
How20,765 put contracts / 38,803 call contracts = 0.54 for the 2026-11-09 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, 7:39 PM ET
HowOver every strike with open interest for the 2026-11-09 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 — 750 — is the max pain price.
Open interest by strike · Mon, Nov 9
■ calls (up)■ puts (down)MU open contracts per strike for Mon, Nov 9. Showing the 60 largest of 118 strikes by open interest, 85.7% 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 · Mon, Nov 9
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 60 largest of 213 strikes by volume, 88.9% of the total.
Implied volatility by strike · Mon, Nov 9
— call IV— put IVATM ≈ 76.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Mon, Nov 9
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 · Mon, Nov 9
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-1.04
610
0.0022
0.08
-1.04
-0.07
0.88
-1.67
630
0.0037
0.12
-1.67
-0.12
0.84
-2.06
640
0.0046
0.15
-2.07
-0.16
0.79
-2.49
650
0.0055
0.18
-2.49
-0.21
0.73
-2.90
660
0.0065
0.21
-2.90
-0.27
0.67
-3.23
670
0.0073
0.23
-3.24
-0.33
0.59
-3.45
680
0.0079
0.24
-3.46
-0.41
0.51
-3.51
690
0.0082
0.25
-3.52
-0.49
0.43
-3.39
700
0.0082
0.25
-3.40
-0.57
0.37
-3.20
707.5
0.0079
0.24
-3.21
-0.63
0.35
-3.11
710
0.0078
0.23
-3.12
-0.65
0.33
-3.02
712.5
0.0076
0.23
-3.03
-0.67
0.31
-2.92
715
0.0074
0.22
-2.93
-0.69
0.27
-2.71
720
0.0071
0.21
-2.72
-0.73
0.24
-2.48
725
0.0066
0.20
-2.48
-0.76
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.