SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 8, 7:39 PM ET
How13,747 put contracts / 12,959 call contracts = 1.06 for the 2026-11-16 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 2026-11-16 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.
Max pain is not shown: without its single heaviest strike it moves 5.8% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Event risk before this expiration:CPI release Tue, Nov 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
Max pain is not shown: without its single heaviest strike it moves 5.8% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Mon, Nov 16
■ calls (up)■ puts (down)MU open contracts per strike for Mon, Nov 16. Showing the 60 largest of 115 strikes by open interest, 89.2% 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 16
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 60 largest of 149 strikes by volume, 94.8% of the total.
Implied volatility by strike · Mon, Nov 16
— call IV— put IVATM ≈ 88.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Mon, Nov 16
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 16
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.60
-2.02
672.5
0.0038
0.44
-2.03
-0.40
0.58
-2.04
677.5
0.0038
0.45
-2.04
-0.42
0.57
-2.04
680
0.0038
0.45
-2.04
-0.43
0.55
-2.04
685
0.0039
0.45
-2.05
-0.45
0.54
-2.04
687.5
0.0039
0.45
-2.05
-0.46
0.53
-2.04
690
0.0040
0.46
-2.05
-0.47
0.52
-2.04
692.5
0.0040
0.46
-2.04
-0.48
0.51
-2.03
695
0.0040
0.46
-2.04
-0.49
0.50
-2.03
697.5
0.0040
0.46
-2.04
-0.50
0.49
-2.02
700
0.0040
0.46
-2.03
-0.51
0.48
-2.01
702.5
0.0040
0.46
-2.02
-0.52
0.47
-2.00
705
0.0040
0.45
-2.01
-0.53
0.46
-1.99
707.5
0.0040
0.45
-2.00
-0.54
0.45
-1.98
710
0.0040
0.45
-1.99
-0.55
0.44
-1.97
712.5
0.0040
0.45
-1.98
-0.56
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.