SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 9, 8:47 PM ET
How59 put contracts / 160 call contracts = 0.37 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, 8:47 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 10.2% 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 10.2% 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)SPCQ 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 ≈ 136.8% · 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
1.00
-0.02
5
0.0121
0.00
-0.01
-0.01
1.00
-0.02
6
0.0272
0.00
-0.01
-0.03
0.99
-0.02
7
0.0353
0.00
-0.01
-0.07
0.86
-0.03
8
0.1600
0.00
-0.03
-0.18
0.65
-0.04
9
0.1778
0.01
-0.04
-0.36
0.48
-0.05
10
0.1594
0.01
-0.05
-0.51
0.36
-0.05
11
0.1333
0.01
-0.05
-0.62
0.28
-0.05
12
0.1097
0.01
-0.04
-0.70
0.22
-0.04
13
0.0905
0.01
-0.04
-0.76
0.18
-0.04
14
0.0753
0.00
-0.04
-0.80
0.15
-0.04
15
0.0632
0.00
-0.04
-0.83
0.12
-0.03
16
0.0536
0.00
-0.03
-0.85
0.05
-0.02
22
0.0233
0.00
-0.02
-0.92
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.