HowThe settle strike with the smallest total payout to option holders for the 2026-11-27 expiration, over 43 strikes carrying 1,769 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, 7:03 PM ET
How1,013 put contracts / 756 call contracts = 1.34 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 10, 7:03 PM 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.
■ 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 — 140 — is the max pain price.
Open interest by strike · Fri, Nov 27
■ calls (up)■ puts (down)RH 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 ≈ 59.9% · 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
0.79
-0.17
121
0.0144
0.08
-0.17
-0.21
0.77
-0.18
122
0.0150
0.09
-0.18
-0.23
0.72
-0.20
125
0.0170
0.10
-0.20
-0.28
0.70
-0.20
126
0.0176
0.10
-0.20
-0.29
0.67
-0.21
128
0.0187
0.10
-0.21
-0.33
0.63
-0.22
130
0.0196
0.11
-0.22
-0.37
0.59
-0.22
132
0.0203
0.11
-0.22
-0.41
0.52
-0.23
135
0.0209
0.12
-0.23
-0.47
0.50
-0.23
136
0.0209
0.12
-0.23
-0.49
0.48
-0.23
137
0.0209
0.12
-0.23
-0.52
0.46
-0.23
138
0.0208
0.12
-0.23
-0.54
0.44
-0.22
139
0.0207
0.11
-0.22
-0.56
0.42
-0.22
140
0.0205
0.11
-0.22
-0.58
0.38
-0.22
142
0.0200
0.11
-0.22
-0.61
0.33
-0.21
145
0.0188
0.10
-0.20
-0.67
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 43 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.