HowThe settle strike with the smallest total payout to option holders for the 2026-11-06 expiration, over 94 strikes carrying 10,341 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 4, 4:25 PM ET
How5,340 put contracts / 5,001 call contracts = 1.07 for the 2026-11-06 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 4, 4:25 PM ET
HowOver every strike with open interest for the 2026-11-06 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.
Event risk before this expiration:Jobs report Fri, Nov 6 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ 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 — 390 — is the max pain price.
Open interest by strike · Fri, Nov 6
■ calls (up)■ puts (down)VLO open contracts per strike for Fri, Nov 6. Showing the 53 largest of 94 strikes by open interest, 97.9% 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 6
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 39 largest of 68 strikes by volume, 98.1% of the total.
Implied volatility by strike · Fri, Nov 6
— call IV— put IVATM ≈ 74.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 6
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 6
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.88
-0.98
340
0.0086
0.05
-0.98
-0.12
0.84
-1.31
345
0.0112
0.07
-1.32
-0.16
0.81
-1.49
347.5
0.0125
0.07
-1.50
-0.19
0.78
-1.68
350
0.0138
0.08
-1.68
-0.23
0.70
-2.01
355
0.0164
0.09
-2.02
-0.30
0.66
-2.15
357.5
0.0174
0.10
-2.16
-0.34
0.61
-2.26
360
0.0183
0.10
-2.27
-0.39
0.52
-2.36
365
0.0194
0.11
-2.37
-0.48
0.47
-2.34
367.5
0.0194
0.11
-2.35
-0.53
0.42
-2.28
370
0.0192
0.11
-2.29
-0.58
0.38
-2.17
372.5
0.0186
0.10
-2.19
-0.63
0.33
-2.04
375
0.0178
0.10
-2.06
-0.67
0.29
-1.87
377.5
0.0168
0.09
-1.89
-0.71
0.25
-1.69
380
0.0156
0.09
-1.71
-0.75
0.22
-1.50
382.5
0.0143
0.08
-1.52
-0.79
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 53 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.