HowThe settle strike with the smallest total payout to option holders for the 2026-11-27 expiration, over 26 strikes carrying 3,044 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 3, 6:01 AM ET
How1,385 put contracts / 1,659 call contracts = 0.83 for the 2026-11-27 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 3, 6:01 AM ET
HowOver every strike with open interest for the 2026-11-27 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:Jobs report Fri, Nov 6 · 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 — 11 — is the max pain price.
Open interest by strike · Fri, Nov 27
■ calls (up)■ puts (down)PURR open contracts per strike for Fri, Nov 27.
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 27
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 27
— call IV— put IVATM ≈ 113.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 27
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 27
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
-0.00
2
0.0025
0.00
-0.00
-0.01
0.88
-0.01
7
0.0622
0.01
-0.01
-0.12
0.84
-0.01
7.5
0.0790
0.01
-0.01
-0.16
0.79
-0.02
8
0.0965
0.01
-0.02
-0.21
0.73
-0.02
8.5
0.1128
0.01
-0.02
-0.27
0.67
-0.02
9
0.1254
0.01
-0.02
-0.34
0.60
-0.02
9.5
0.1329
0.01
-0.02
-0.40
0.53
-0.02
10
0.1352
0.01
-0.02
-0.47
0.47
-0.02
10.5
0.1332
0.01
-0.02
-0.53
0.42
-0.02
11
0.1282
0.01
-0.02
-0.59
0.37
-0.02
11.5
0.1212
0.01
-0.02
-0.64
0.32
-0.02
12
0.1133
0.01
-0.02
-0.68
0.29
-0.02
12.5
0.1051
0.01
-0.02
-0.72
0.25
-0.02
13
0.0970
0.01
-0.02
-0.75
0.23
-0.02
13.5
0.0893
0.01
-0.02
-0.78
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 26 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.