SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 9, 6:25 PM ET
How5,918 put contracts / 37,253 call contracts = 0.16 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, 6:25 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.
Max pain is not shown: without its single heaviest strike it moves 16.7% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Max pain is not shown: without its single heaviest strike it moves 16.7% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)SHAZ open contracts per strike for Fri, Nov 20.
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 ≈ 171.9% · 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
0.92
-0.05
16
0.0188
0.01
-0.05
-0.08
0.90
-0.06
17
0.0241
0.01
-0.06
-0.11
0.86
-0.08
18
0.0297
0.01
-0.08
-0.14
0.82
-0.09
19
0.0353
0.01
-0.09
-0.18
0.77
-0.10
20
0.0407
0.01
-0.10
-0.23
0.72
-0.11
21
0.0454
0.01
-0.11
-0.28
0.65
-0.13
22.5
0.0509
0.02
-0.13
-0.36
0.56
-0.13
24
0.0541
0.02
-0.13
-0.44
0.51
-0.13
25
0.0548
0.02
-0.14
-0.49
0.46
-0.13
26
0.0546
0.02
-0.13
-0.54
0.41
-0.13
27
0.0535
0.02
-0.13
-0.59
0.36
-0.13
28
0.0516
0.02
-0.13
-0.64
0.32
-0.12
29
0.0492
0.01
-0.12
-0.68
0.28
-0.11
30
0.0464
0.01
-0.11
-0.72
0.25
-0.10
31
0.0434
0.01
-0.10
-0.75
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 48 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.