HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 70 strikes carrying 5,422 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, 12:00 PM ET
How1,664 put contracts / 3,758 call contracts = 0.44 for the 2026-11-13 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, 12:00 PM ET
HowOver every strike with open interest for the 2026-11-13 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 — 33 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)NAIL open contracts per strike for Fri, Nov 13. Showing the 54 largest of 70 strikes by open interest, 98.9% 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 · Fri, Nov 13
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 118.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 13
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 13
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.82
-0.17
32
0.0620
0.01
-0.17
-0.18
0.79
-0.19
32.5
0.0697
0.01
-0.19
-0.21
0.75
-0.21
33
0.0772
0.01
-0.21
-0.25
0.71
-0.23
33.5
0.0840
0.01
-0.23
-0.29
0.66
-0.25
34
0.0900
0.01
-0.25
-0.34
0.62
-0.26
34.5
0.0948
0.01
-0.26
-0.38
0.57
-0.27
35
0.0982
0.01
-0.27
-0.43
0.52
-0.27
35.5
0.1000
0.01
-0.27
-0.48
0.47
-0.27
36
0.1002
0.01
-0.27
-0.53
0.42
-0.26
36.5
0.0987
0.01
-0.26
-0.58
0.37
-0.25
37
0.0957
0.01
-0.25
-0.63
0.33
-0.24
37.5
0.0915
0.01
-0.24
-0.67
0.29
-0.22
38
0.0861
0.01
-0.22
-0.71
0.25
-0.20
38.5
0.0800
0.01
-0.20
-0.75
0.21
-0.18
39
0.0734
0.01
-0.18
-0.79
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 54 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.