HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 368 strikes carrying 124,585 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, 8:04 PM ET
How52,614 put contracts / 71,971 call contracts = 0.73 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 10, 8:04 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.
■ 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 — 1130 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)SNDK open contracts per strike for Fri, Nov 20. Showing the 60 largest of 368 strikes by open interest, 63.5% 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 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 60 largest of 220 strikes by volume, 83.3% of the total.
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 103.0% · 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
0.91
-1.34
680
0.0010
0.24
-1.37
-0.09
0.88
-1.58
700
0.0012
0.28
-1.60
-0.12
0.80
-2.19
750
0.0018
0.40
-2.21
-0.20
0.69
-2.71
800
0.0023
0.50
-2.73
-0.31
0.64
-2.85
820
0.0025
0.53
-2.87
-0.36
0.56
-2.98
850
0.0026
0.56
-2.99
-0.44
0.54
-2.99
860
0.0027
0.57
-3.00
-0.46
0.51
-2.99
870
0.0027
0.57
-3.00
-0.49
0.46
-2.95
890
0.0027
0.56
-2.95
-0.54
0.43
-2.91
900
0.0027
0.56
-2.91
-0.57
0.41
-2.85
910
0.0027
0.55
-2.86
-0.60
0.38
-2.79
920
0.0026
0.54
-2.79
-0.62
0.31
-2.54
950
0.0024
0.50
-2.54
-0.69
0.27
-2.35
970
0.0023
0.47
-2.35
-0.74
0.21
-2.04
1000
0.0020
0.41
-2.03
-0.79
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.