HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 396 strikes carrying 60,874 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, 8:04 PM ET
How24,714 put contracts / 36,160 call contracts = 0.68 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, 8:04 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 — 940 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)SNDK open contracts per strike for Fri, Nov 13. Showing the 60 largest of 396 strikes by open interest, 63.3% 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 13
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 60 largest of 268 strikes by volume, 85.2% of the total.
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 120.9% · 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
0.70
-5.33
835
0.0030
0.32
-5.35
-0.30
0.69
-5.44
840
0.0030
0.33
-5.46
-0.32
0.67
-5.54
845
0.0031
0.34
-5.56
-0.33
0.65
-5.64
850
0.0032
0.34
-5.65
-0.35
0.62
-5.79
860
0.0033
0.35
-5.81
-0.38
0.59
-5.90
870
0.0034
0.36
-5.91
-0.41
0.55
-5.96
880
0.0035
0.37
-5.97
-0.45
0.52
-5.96
890
0.0035
0.37
-5.98
-0.48
0.48
-5.92
900
0.0036
0.37
-5.94
-0.52
0.45
-5.83
910
0.0036
0.37
-5.84
-0.56
0.41
-5.69
920
0.0035
0.36
-5.70
-0.59
0.38
-5.51
930
0.0034
0.35
-5.52
-0.62
0.34
-5.29
940
0.0033
0.34
-5.30
-0.66
0.31
-5.05
950
0.0032
0.33
-5.06
-0.69
0.24
-4.34
975
0.0028
0.29
-4.35
-0.76
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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.