HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 26 strikes carrying 10,457 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, 7:51 PM ET
How4,299 put contracts / 6,158 call contracts = 0.70 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, 7:51 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 — 7 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)RDW 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 ≈ 102.7% · 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
1.00
-0.00
4
0.0061
0.00
-0.00
-0.01
0.99
-0.00
5
0.0156
0.00
-0.00
-0.01
0.98
-0.01
5.5
0.0263
0.00
-0.01
-0.02
0.97
-0.01
6
0.0470
0.00
-0.01
-0.03
0.95
-0.01
6.5
0.0887
0.00
-0.01
-0.05
0.91
-0.02
7
0.1752
0.00
-0.02
-0.10
0.80
-0.03
7.5
0.3418
0.00
-0.03
-0.20
0.58
-0.04
8
0.5278
0.00
-0.04
-0.41
0.33
-0.04
8.5
0.4826
0.00
-0.04
-0.67
0.17
-0.03
9
0.3058
0.00
-0.03
-0.83
0.09
-0.02
9.5
0.1764
0.00
-0.02
-0.91
0.05
-0.01
10
0.1025
0.00
-0.01
-0.95
0.03
-0.01
10.5
0.0614
0.00
-0.01
-0.97
0.02
-0.00
11
0.0381
0.00
-0.00
-0.98
0.01
-0.00
11.5
0.0244
0.00
-0.00
-0.99
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.