HowThe settle strike with the smallest total payout to option holders for the 2026-12-18 expiration, over 48 strikes carrying 20,629 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
How7,600 put contracts / 13,029 call contracts = 0.58 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 — 100 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)XHB open contracts per strike for Fri, Dec 18.
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 ≈ 32.9% · 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
0.79
-0.04
96
0.0251
0.10
-0.04
-0.21
0.76
-0.04
97
0.0271
0.10
-0.05
-0.24
0.74
-0.05
98
0.0291
0.11
-0.05
-0.27
0.71
-0.05
99
0.0310
0.12
-0.05
-0.30
0.67
-0.05
100
0.0327
0.12
-0.05
-0.33
0.64
-0.05
101
0.0342
0.13
-0.06
-0.37
0.61
-0.06
102
0.0355
0.13
-0.06
-0.40
0.57
-0.06
103
0.0365
0.13
-0.06
-0.44
0.53
-0.06
104
0.0372
0.13
-0.06
-0.48
0.49
-0.06
105
0.0375
0.13
-0.06
-0.51
0.46
-0.06
106
0.0374
0.13
-0.06
-0.55
0.42
-0.05
107
0.0370
0.13
-0.06
-0.59
0.39
-0.05
108
0.0362
0.13
-0.06
-0.63
0.35
-0.05
109
0.0352
0.13
-0.05
-0.66
0.32
-0.05
110
0.0339
0.12
-0.05
-0.70
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 48 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.