HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 49 strikes carrying 6,991 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 9, 6:55 PM ET
How2,010 put contracts / 4,981 call contracts = 0.40 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 9, 6:55 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 — 31 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)OSCR open contracts per strike for Fri, Nov 13.
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 ≈ 66.0% · 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
0.94
-0.04
28.5
0.0532
0.00
-0.04
-0.07
0.91
-0.05
29
0.0689
0.01
-0.05
-0.10
0.88
-0.07
29.5
0.0877
0.01
-0.07
-0.14
0.82
-0.08
30
0.1091
0.01
-0.08
-0.18
0.77
-0.10
30.5
0.1305
0.01
-0.10
-0.24
0.69
-0.11
31
0.1492
0.01
-0.11
-0.31
0.61
-0.12
31.5
0.1626
0.01
-0.12
-0.39
0.53
-0.13
32
0.1689
0.01
-0.13
-0.47
0.45
-0.13
32.5
0.1673
0.01
-0.12
-0.56
0.37
-0.12
33
0.1584
0.01
-0.12
-0.63
0.29
-0.11
33.5
0.1440
0.01
-0.11
-0.70
0.23
-0.09
34
0.1263
0.01
-0.09
-0.77
0.18
-0.08
34.5
0.1073
0.01
-0.08
-0.82
0.14
-0.07
35
0.0888
0.01
-0.06
-0.86
0.10
-0.05
35.5
0.0719
0.01
-0.05
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 49 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.