HowThe settle strike with the smallest total payout to option holders for the 2026-11-11 expiration, over 74 strikes carrying 72,987 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, 11:17 AM ET
How27,486 put contracts / 45,501 call contracts = 0.60 for the 2026-11-11 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, 11:17 AM ET
HowOver every strike with open interest for the 2026-11-11 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 — 146 — is the max pain price.
Open interest by strike · Wed, Nov 11
■ calls (up)■ puts (down)USO open contracts per strike for Wed, Nov 11. Showing the 56 largest of 74 strikes by open interest, 98.7% 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 · Wed, Nov 11
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Nov 11
— call IV— put IVATM ≈ 54.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Nov 11
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 · Wed, Nov 11
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.17
133
0.0262
0.01
-0.17
-0.07
0.90
-0.24
134
0.0339
0.01
-0.24
-0.10
0.87
-0.33
135
0.0430
0.02
-0.33
-0.13
0.82
-0.45
136
0.0533
0.02
-0.45
-0.18
0.77
-0.60
137
0.0643
0.03
-0.60
-0.23
0.70
-0.76
138
0.0751
0.03
-0.76
-0.30
0.63
-0.91
139
0.0842
0.03
-0.91
-0.37
0.54
-0.99
140
0.0894
0.03
-0.99
-0.46
0.45
-0.98
141
0.0894
0.03
-0.98
-0.55
0.36
-0.87
142
0.0843
0.03
-0.87
-0.64
0.29
-0.71
143
0.0755
0.03
-0.71
-0.71
0.22
-0.55
144
0.0649
0.02
-0.55
-0.78
0.17
-0.42
145
0.0540
0.02
-0.42
-0.83
0.13
-0.32
146
0.0441
0.02
-0.32
-0.87
0.10
-0.24
147
0.0356
0.01
-0.24
-0.90
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.