HowThe settle strike with the smallest total payout to option holders for the 2026-12-04 expiration, over 238 strikes carrying 12,517 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
How5,375 put contracts / 7,142 call contracts = 0.75 for the 2026-12-04 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 2026-12-04 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.
Event risk before this expiration:Jobs report Fri, Dec 4 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ 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 — 1010 — is the max pain price.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)SNDK open contracts per strike for Fri, Dec 4. Showing the 60 largest of 238 strikes by open interest, 68.5% 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, Dec 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 60 largest of 135 strikes by volume, 92% of the total.
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 91.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
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, Dec 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.67
-1.60
800
0.0017
0.80
-1.61
-0.33
0.65
-1.62
810
0.0018
0.82
-1.63
-0.35
0.63
-1.64
820
0.0018
0.83
-1.66
-0.37
0.61
-1.66
830
0.0018
0.85
-1.67
-0.39
0.59
-1.68
840
0.0019
0.86
-1.69
-0.41
0.57
-1.69
850
0.0019
0.87
-1.70
-0.43
0.55
-1.70
860
0.0019
0.87
-1.70
-0.45
0.51
-1.70
880
0.0020
0.88
-1.70
-0.49
0.38
-1.58
950
0.0019
0.84
-1.58
-0.62
0.33
-1.49
980
0.0018
0.80
-1.49
-0.67
0.30
-1.42
1000
0.0018
0.77
-1.42
-0.70
0.26
-1.30
1030
0.0016
0.71
-1.30
-0.75
0.24
-1.26
1040
0.0016
0.69
-1.26
-0.76
0.20
-1.15
1070
0.0014
0.62
-1.14
-0.80
0.19
-1.11
1080
0.0014
0.60
-1.10
-0.81
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.