HowThe settle strike with the smallest total payout to option holders for the 2026-11-11 expiration, over 126 strikes carrying 31,264 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
How9,411 put contracts / 21,853 call contracts = 0.43 for the 2026-11-11 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 2026-11-11 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: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 — 720 — is the max pain price.
Open interest by strike · Wed, Nov 11
■ calls (up)■ puts (down)MU open contracts per strike for Wed, Nov 11. Showing the 60 largest of 126 strikes by open interest, 81.3% 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 · Wed, Nov 11
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 60 largest of 196 strikes by volume, 86.7% of the total.
Implied volatility by strike · Wed, Nov 11
— call IV— put IVATM ≈ 95.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Nov 11
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 · Wed, Nov 11
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.67
-3.01
660
0.0045
0.29
-3.01
-0.33
0.62
-3.13
670
0.0048
0.31
-3.13
-0.38
0.57
-3.19
680
0.0050
0.32
-3.20
-0.43
0.56
-3.20
682.5
0.0051
0.32
-3.21
-0.44
0.55
-3.21
685
0.0051
0.32
-3.21
-0.46
0.53
-3.21
687.5
0.0051
0.32
-3.21
-0.47
0.52
-3.20
690
0.0052
0.32
-3.21
-0.48
0.49
-3.19
695
0.0052
0.32
-3.19
-0.51
0.48
-3.17
697.5
0.0052
0.32
-3.18
-0.52
0.47
-3.15
700
0.0052
0.32
-3.16
-0.53
0.44
-3.11
705
0.0052
0.32
-3.12
-0.56
0.43
-3.08
707.5
0.0052
0.32
-3.09
-0.57
0.42
-3.05
710
0.0052
0.32
-3.06
-0.58
0.39
-2.98
715
0.0051
0.31
-2.98
-0.61
0.38
-2.94
717.5
0.0051
0.31
-2.94
-0.62
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.