SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 3, 1:09 AM ET
How808 put contracts / 899 call contracts = 0.90 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 3, 1:09 AM 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.
Max pain is not shown: without its single heaviest strike it moves 5.4% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
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.
Max pain is not shown: without its single heaviest strike it moves 5.4% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)WEX open contracts per strike for Fri, Nov 20.
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
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 37.8% · 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
0.98
-0.03
150
0.0027
0.02
-0.03
-0.02
0.96
-0.04
155
0.0042
0.03
-0.04
-0.04
0.94
-0.05
160
0.0065
0.05
-0.06
-0.06
0.91
-0.07
165
0.0098
0.07
-0.08
-0.09
0.85
-0.10
170
0.0142
0.10
-0.10
-0.15
0.77
-0.13
175
0.0195
0.13
-0.13
-0.23
0.67
-0.15
180
0.0243
0.15
-0.16
-0.34
0.54
-0.16
185
0.0269
0.16
-0.17
-0.47
0.40
-0.16
190
0.0261
0.16
-0.17
-0.61
0.29
-0.14
195
0.0226
0.14
-0.15
-0.73
0.20
-0.12
200
0.0180
0.12
-0.13
-0.82
0.10
-0.08
210
0.0101
0.07
-0.08
-0.93
0.05
-0.05
220
0.0053
0.04
-0.06
-0.99
0.02
-0.03
230
0.0028
0.02
-0.05
-1.00
0.01
-0.02
240
0.0016
0.01
-0.05
-1.00
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 25 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.