HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 84 strikes carrying 88,716 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, 7:33 PM ET
How53,316 put contracts / 35,400 call contracts = 1.51 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, 7:33 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 — 185 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)XLK open contracts per strike for Fri, Nov 20. Showing the 47 largest of 84 strikes by open interest, 98% 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 ≈ 35.4% · 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
0.96
-0.06
145
0.0054
0.02
-0.06
-0.04
0.95
-0.06
147
0.0066
0.03
-0.07
-0.05
0.94
-0.08
150
0.0089
0.04
-0.08
-0.06
0.89
-0.11
155
0.0148
0.05
-0.12
-0.11
0.81
-0.15
160
0.0236
0.08
-0.16
-0.19
0.71
-0.19
164
0.0320
0.10
-0.19
-0.29
0.67
-0.19
165
0.0340
0.10
-0.19
-0.33
0.49
-0.20
170
0.0408
0.11
-0.20
-0.51
0.45
-0.19
171
0.0410
0.11
-0.20
-0.56
0.41
-0.19
172
0.0407
0.11
-0.19
-0.60
0.36
-0.18
173
0.0399
0.10
-0.18
-0.64
0.32
-0.17
174
0.0386
0.10
-0.17
-0.68
0.28
-0.16
175
0.0369
0.10
-0.16
-0.72
0.25
-0.14
176
0.0348
0.09
-0.14
-0.76
0.21
-0.13
177
0.0323
0.08
-0.13
-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 47 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.