HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 14 strikes carrying 512 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, 4:17 AM ET
How293 put contracts / 219 call contracts = 1.34 for the 2026-11-20 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, 4:17 AM ET
HowOver every strike with open interest for the 2026-11-20 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 — 385 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)OEF 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 ≈ 18.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.95
-0.09
335
0.0041
0.06
-0.09
-0.04
0.94
-0.10
340
0.0056
0.08
-0.11
-0.06
0.92
-0.12
345
0.0075
0.10
-0.13
-0.08
0.85
-0.17
355
0.0142
0.15
-0.17
-0.15
0.79
-0.19
360
0.0197
0.19
-0.20
-0.21
0.69
-0.21
365
0.0269
0.23
-0.21
-0.31
0.55
-0.21
370
0.0342
0.26
-0.21
-0.45
0.36
-0.18
375
0.0364
0.24
-0.18
-0.64
0.19
-0.12
380
0.0280
0.18
-0.12
-0.82
0.09
-0.07
385
0.0162
0.11
-0.07
-0.92
0.04
-0.04
390
0.0086
0.06
-0.04
-0.97
0.01
-0.01
400
0.0026
0.02
-0.02
-1.00
0.01
-0.01
405
0.0015
0.01
-0.02
-1.00
0.00
-0.00
420
0.0004
0.01
-0.02
-1.00
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.