HowThe settle strike with the smallest total payout to option holders for the 2026-11-27 expiration, over 57 strikes carrying 1,927 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
How1,076 put contracts / 851 call contracts = 1.26 for the 2026-11-27 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 2026-11-27 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 · CPI release Tue, Nov 10 — 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 — 415 — is the max pain price.
Open interest by strike · Fri, Nov 27
■ calls (up)■ puts (down)VLO open contracts per strike for Fri, Nov 27.
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 27
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 27
— call IV— put IVATM ≈ 56.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 27
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 27
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.79
-0.33
330
0.0056
0.26
-0.34
-0.22
0.76
-0.36
335
0.0061
0.28
-0.36
-0.25
0.72
-0.38
340
0.0065
0.30
-0.39
-0.28
0.69
-0.40
345
0.0069
0.32
-0.41
-0.32
0.65
-0.42
350
0.0073
0.34
-0.42
-0.36
0.61
-0.44
355
0.0075
0.35
-0.43
-0.40
0.57
-0.45
360
0.0077
0.36
-0.44
-0.43
0.54
-0.45
365
0.0078
0.36
-0.45
-0.47
0.50
-0.45
370
0.0079
0.36
-0.45
-0.51
0.46
-0.45
375
0.0078
0.36
-0.44
-0.55
0.42
-0.44
380
0.0077
0.36
-0.43
-0.59
0.38
-0.43
385
0.0076
0.35
-0.42
-0.62
0.35
-0.41
390
0.0073
0.34
-0.41
-0.66
0.31
-0.39
395
0.0070
0.32
-0.39
-0.69
0.28
-0.37
400
0.0067
0.31
-0.37
-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 57 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.