SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 9, 10:27 PM ET
How4 put contracts / 26 call contracts = 0.15 for the 2026-11-20 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 30 open contracts across 19 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Event risk before this expiration:CPI release Tue, Nov 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
Too thin to read: 30 open contracts across 19 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)NEU open contracts per strike for Fri, Nov 20.
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 20
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 33.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Nov 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.51
-0.72
695
0.0102
0.48
-0.74
-0.51
0.41
-0.73
705
0.0096
0.47
-0.75
-0.60
0.37
-0.72
710
0.0091
0.46
-0.74
-0.65
0.24
-0.68
730
0.0066
0.38
-0.70
-0.77
0.17
-0.61
750
0.0047
0.31
-0.64
-0.85
0.14
-0.56
765
0.0037
0.26
-0.59
-0.88
0.10
-0.51
785
0.0028
0.22
-0.53
-0.92
0.05
-0.34
855
0.0012
0.12
-0.35
-0.97
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 8 strikes around the money — all 19 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.