HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 128 strikes carrying 226,019 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
How89,076 put contracts / 136,943 call contracts = 0.65 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 10, 9:47 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.
■ 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 — 150 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)USO open contracts per strike for Fri, Nov 20. Showing the 60 largest of 128 strikes by open interest, 92.9% 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 · Fri, Nov 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 56 largest of 106 strikes by volume, 97.2% of the total.
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 47.5% · 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
0.92
-0.09
126
0.0126
0.04
-0.09
-0.08
0.86
-0.13
130
0.0194
0.05
-0.13
-0.14
0.79
-0.16
133
0.0253
0.07
-0.16
-0.21
0.76
-0.17
134
0.0273
0.07
-0.17
-0.24
0.73
-0.18
135
0.0291
0.08
-0.18
-0.27
0.70
-0.19
136
0.0308
0.08
-0.20
-0.30
0.67
-0.20
137
0.0324
0.09
-0.20
-0.33
0.57
-0.22
140
0.0353
0.09
-0.22
-0.43
0.46
-0.23
143
0.0353
0.09
-0.23
-0.54
0.40
-0.22
145
0.0337
0.09
-0.22
-0.60
0.36
-0.22
146
0.0326
0.09
-0.22
-0.64
0.34
-0.21
147
0.0313
0.09
-0.21
-0.67
0.31
-0.21
148
0.0299
0.08
-0.21
-0.69
0.28
-0.20
149
0.0284
0.08
-0.20
-0.72
0.26
-0.20
150
0.0268
0.08
-0.20
-0.74
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.