HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 67 strikes carrying 555,549 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, 8:04 PM ET
How276,219 put contracts / 279,330 call contracts = 0.99 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 10, 8:04 PM 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.
■ 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 — 65 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)XLE open contracts per strike for Fri, Nov 20. Showing the 37 largest of 67 strikes by open interest, 98.1% 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, Nov 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 28.9% · 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
0.93
-0.02
57
0.0343
0.01
-0.02
-0.07
0.90
-0.03
58
0.0487
0.02
-0.03
-0.10
0.86
-0.04
59
0.0692
0.02
-0.04
-0.14
0.78
-0.04
60
0.0950
0.03
-0.04
-0.22
0.68
-0.05
61
0.1206
0.04
-0.05
-0.32
0.62
-0.06
61.5
0.1306
0.04
-0.06
-0.38
0.55
-0.06
62
0.1374
0.04
-0.06
-0.45
0.48
-0.06
62.5
0.1402
0.04
-0.06
-0.52
0.41
-0.06
63
0.1382
0.04
-0.06
-0.59
0.35
-0.05
63.5
0.1317
0.04
-0.05
-0.66
0.28
-0.05
64
0.1212
0.04
-0.05
-0.72
0.23
-0.04
64.5
0.1080
0.03
-0.04
-0.78
0.18
-0.04
65
0.0936
0.03
-0.04
-0.82
0.15
-0.03
65.5
0.0795
0.02
-0.03
-0.86
0.12
-0.03
66
0.0666
0.02
-0.03
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 37 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.