HowThe settle strike with the smallest total payout to option holders for the 2026-11-04 expiration, over 33 strikes carrying 23,308 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 3, 9:02 AM ET
How16,299 put contracts / 7,009 call contracts = 2.33 for the 2026-11-04 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, 9:02 AM ET
HowOver every strike with open interest for the 2026-11-04 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 — 57 — is the max pain price.
Open interest by strike · Wed, Nov 4
■ calls (up)■ puts (down)XLF open contracts per strike for Wed, Nov 4.
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 · Wed, Nov 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Nov 4
— call IV— put IVATM ≈ 95.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Nov 4
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 · Wed, Nov 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.95
-0.04
54
0.0457
0.00
-0.04
-0.05
0.92
-0.08
54.5
0.0701
0.01
-0.08
-0.08
0.87
-0.15
55
0.0959
0.01
-0.15
-0.13
0.81
-0.23
55.5
0.1201
0.01
-0.23
-0.19
0.74
-0.31
56
0.1421
0.01
-0.31
-0.26
0.66
-0.38
56.5
0.1623
0.01
-0.38
-0.34
0.58
-0.42
57
0.1783
0.01
-0.42
-0.42
0.49
-0.43
57.5
0.1841
0.01
-0.43
-0.51
0.40
-0.41
58
0.1769
0.01
-0.41
-0.60
0.32
-0.35
58.5
0.1616
0.01
-0.35
-0.68
0.24
-0.27
59
0.1426
0.01
-0.27
-0.76
0.17
-0.18
59.5
0.1196
0.01
-0.18
-0.83
0.10
-0.09
60
0.0900
0.01
-0.09
-0.90
0.05
-0.04
60.5
0.0559
0.00
-0.04
-0.95
0.02
-0.01
61
0.0272
0.00
-0.01
-0.98
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 33 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.