HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 80 strikes carrying 7,924 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, 6:03 AM ET
How3,088 put contracts / 4,836 call contracts = 0.64 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 10, 6:03 AM 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 — 135 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)UPRO open contracts per strike for Fri, Nov 13. Showing the 56 largest of 80 strikes by open interest, 98.1% 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).
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 59.3% · 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
0.79
-0.35
131
0.0313
0.04
-0.35
-0.21
0.76
-0.37
132
0.0345
0.04
-0.37
-0.24
0.72
-0.39
133
0.0378
0.05
-0.38
-0.28
0.69
-0.40
134
0.0412
0.05
-0.40
-0.31
0.65
-0.41
135
0.0445
0.05
-0.41
-0.35
0.61
-0.41
136
0.0475
0.06
-0.41
-0.40
0.56
-0.41
137
0.0502
0.06
-0.41
-0.44
0.51
-0.41
138
0.0522
0.06
-0.41
-0.49
0.45
-0.39
139
0.0533
0.06
-0.39
-0.55
0.40
-0.37
140
0.0533
0.06
-0.37
-0.60
0.34
-0.34
141
0.0521
0.05
-0.34
-0.66
0.29
-0.30
142
0.0496
0.05
-0.30
-0.71
0.24
-0.27
143
0.0458
0.04
-0.26
-0.76
0.19
-0.22
144
0.0411
0.04
-0.22
-0.81
0.15
-0.18
145
0.0358
0.03
-0.18
-0.85
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 56 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.