HowThe settle strike with the smallest total payout to option holders for the 2026-12-18 expiration, over 130 strikes carrying 259,125 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, 7:43 PM ET
How109,271 put contracts / 149,854 call contracts = 0.73 for the 2026-12-18 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, 7:43 PM ET
HowOver every strike with open interest for the 2026-12-18 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, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 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 — 135 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)XBI open contracts per strike for Fri, Dec 18. Showing the 55 largest of 130 strikes by open interest, 94.1% 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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 34.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.80
-0.07
142
0.0155
0.14
-0.07
-0.20
0.77
-0.07
144
0.0171
0.15
-0.07
-0.23
0.75
-0.07
145
0.0179
0.16
-0.07
-0.25
0.71
-0.08
147
0.0194
0.17
-0.08
-0.29
0.69
-0.08
148
0.0201
0.18
-0.08
-0.31
0.65
-0.08
150
0.0214
0.19
-0.09
-0.35
0.60
-0.09
152
0.0223
0.19
-0.09
-0.40
0.53
-0.09
155
0.0233
0.20
-0.09
-0.47
0.51
-0.09
156
0.0234
0.20
-0.09
-0.49
0.49
-0.09
157
0.0235
0.20
-0.09
-0.52
0.44
-0.09
159
0.0234
0.20
-0.09
-0.56
0.42
-0.09
160
0.0232
0.20
-0.09
-0.59
0.31
-0.08
165
0.0212
0.18
-0.08
-0.70
0.27
-0.07
167
0.0200
0.17
-0.07
-0.74
0.22
-0.06
170
0.0178
0.15
-0.06
-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 55 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.