HowThe settle strike with the smallest total payout to option holders for the 2026-11-27 expiration, over 304 strikes carrying 25,760 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
How9,187 put contracts / 16,573 call contracts = 0.55 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, 8:04 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 — 1150 — is the max pain price.
Open interest by strike · Fri, Nov 27
■ calls (up)■ puts (down)SNDK open contracts per strike for Fri, Nov 27. Showing the 60 largest of 304 strikes by open interest, 74.3% 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 27
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 60 largest of 167 strikes by volume, 85.3% of the total.
Implied volatility by strike · Fri, Nov 27
— call IV— put IVATM ≈ 94.5% · 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
0.72
-1.84
780
0.0018
0.63
-1.86
-0.28
0.68
-1.94
800
0.0020
0.67
-1.95
-0.32
0.66
-1.98
810
0.0020
0.68
-1.99
-0.34
0.61
-2.04
830
0.0021
0.71
-2.05
-0.39
0.59
-2.06
840
0.0022
0.72
-2.07
-0.41
0.57
-2.08
850
0.0022
0.73
-2.08
-0.43
0.55
-2.08
860
0.0022
0.73
-2.09
-0.46
0.52
-2.08
870
0.0023
0.74
-2.09
-0.48
0.50
-2.08
880
0.0023
0.74
-2.08
-0.50
0.46
-2.05
900
0.0023
0.73
-2.05
-0.55
0.43
-2.02
910
0.0023
0.73
-2.03
-0.57
0.41
-1.99
920
0.0023
0.72
-2.00
-0.59
0.39
-1.96
930
0.0022
0.71
-1.96
-0.61
0.35
-1.87
950
0.0022
0.68
-1.88
-0.65
0.26
-1.61
1000
0.0019
0.60
-1.61
-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 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.