HowThe settle strike with the smallest total payout to option holders for the 2026-11-18 expiration, over 75 strikes carrying 19,536 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, 9:47 PM ET
How7,546 put contracts / 11,990 call contracts = 0.63 for the 2026-11-18 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, 9:47 PM ET
HowOver every strike with open interest for the 2026-11-18 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 — 148 — is the max pain price.
Open interest by strike · Wed, Nov 18
■ calls (up)■ puts (down)USO open contracts per strike for Wed, Nov 18. Showing the 56 largest of 75 strikes by open interest, 98.9% 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 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 44 largest of 66 strikes by volume, 98.3% of the total.
Implied volatility by strike · Wed, Nov 18
— call IV— put IVATM ≈ 45.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Nov 18
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 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.79
-0.18
134
0.0290
0.06
-0.18
-0.21
0.76
-0.19
135
0.0315
0.07
-0.19
-0.24
0.72
-0.21
136
0.0340
0.07
-0.21
-0.27
0.69
-0.22
137
0.0362
0.07
-0.22
-0.31
0.65
-0.23
138
0.0381
0.08
-0.23
-0.35
0.61
-0.24
139
0.0396
0.08
-0.24
-0.39
0.57
-0.24
140
0.0406
0.08
-0.24
-0.43
0.53
-0.25
141
0.0411
0.08
-0.25
-0.47
0.49
-0.25
142
0.0410
0.08
-0.25
-0.51
0.45
-0.25
143
0.0405
0.08
-0.25
-0.55
0.41
-0.24
144
0.0394
0.08
-0.24
-0.59
0.38
-0.24
145
0.0380
0.08
-0.24
-0.62
0.34
-0.24
146
0.0363
0.08
-0.24
-0.66
0.31
-0.23
147
0.0344
0.07
-0.23
-0.69
0.28
-0.22
148
0.0323
0.07
-0.22
-0.72
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.