HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 87 strikes carrying 8,090 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, 11:26 AM ET
How2,071 put contracts / 6,019 call contracts = 0.34 for the 2026-11-13 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, 11:26 AM ET
HowOver every strike with open interest for the 2026-11-13 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 — 682.5 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)VOO open contracts per strike for Fri, Nov 13. Showing the 57 largest of 87 strikes by open interest, 97.6% 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 13
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 49 largest of 63 strikes by volume, 98.9% of the total.
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 19.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 13
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 13
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.87
-0.50
670
0.0132
0.14
-0.50
-0.13
0.84
-0.56
672.5
0.0157
0.16
-0.57
-0.16
0.81
-0.63
675
0.0184
0.18
-0.64
-0.19
0.77
-0.70
677.5
0.0215
0.20
-0.70
-0.23
0.71
-0.76
680
0.0248
0.22
-0.76
-0.29
0.66
-0.80
682.5
0.0281
0.24
-0.81
-0.35
0.59
-0.82
685
0.0310
0.25
-0.83
-0.42
0.51
-0.81
687.5
0.0331
0.26
-0.82
-0.49
0.42
-0.76
690
0.0338
0.25
-0.77
-0.58
0.33
-0.67
692.5
0.0327
0.24
-0.67
-0.67
0.25
-0.55
695
0.0296
0.21
-0.55
-0.76
0.18
-0.41
697.5
0.0248
0.17
-0.42
-0.83
0.12
-0.29
700
0.0192
0.13
-0.29
-0.89
0.07
-0.19
702.5
0.0137
0.09
-0.18
-0.94
0.04
-0.12
705
0.0092
0.06
-0.11
-0.96
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.