HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 89 strikes carrying 6,358 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, 7:35 PM ET
How3,165 put contracts / 3,193 call contracts = 0.99 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 9, 7:35 PM 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.
Event risk before this expiration:CPI release Tue, Nov 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ 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 — 950 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)PH open contracts per strike for Fri, Nov 20. Showing the 52 largest of 89 strikes by open interest, 97.8% 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 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 32.6% · 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
0.87
-0.66
890
0.0036
0.35
-0.63
-0.14
0.83
-0.77
900
0.0042
0.42
-0.74
-0.17
0.79
-0.86
910
0.0048
0.49
-0.85
-0.22
0.73
-0.95
920
0.0053
0.55
-0.95
-0.27
0.68
-1.03
930
0.0058
0.59
-1.03
-0.32
0.62
-1.08
940
0.0063
0.63
-1.08
-0.38
0.56
-1.10
950
0.0066
0.66
-1.11
-0.45
0.49
-1.10
960
0.0067
0.66
-1.10
-0.51
0.42
-1.06
970
0.0067
0.65
-1.06
-0.58
0.35
-0.98
980
0.0065
0.62
-0.99
-0.65
0.29
-0.88
990
0.0061
0.57
-0.88
-0.71
0.23
-0.75
1000
0.0055
0.50
-0.75
-0.78
0.17
-0.62
1010
0.0048
0.43
-0.61
-0.83
0.13
-0.49
1020
0.0040
0.35
-0.48
-0.88
0.09
-0.37
1030
0.0032
0.28
-0.36
-0.91
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 52 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.