HowThe settle strike with the smallest total payout to option holders for the 2026-11-27 expiration, over 36 strikes carrying 241 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
How152 put contracts / 89 call contracts = 1.71 for the 2026-11-27 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 2026-11-27 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 — 119 — is the max pain price.
Open interest by strike · Fri, Nov 27
■ calls (up)■ puts (down)XLY open contracts per strike for Fri, Nov 27.
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 27
Implied volatility by strike · Fri, Nov 27
— call IV— put IVATM ≈ 22.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 27
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 27
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.79
-0.07
114.5
0.0328
0.07
-0.07
-0.21
0.78
-0.07
115
0.0347
0.08
-0.07
-0.22
0.75
-0.08
116
0.0390
0.08
-0.08
-0.25
0.71
-0.08
117
0.0436
0.09
-0.08
-0.29
0.67
-0.08
118
0.0484
0.09
-0.08
-0.33
0.63
-0.08
119
0.0531
0.10
-0.08
-0.37
0.57
-0.08
120
0.0570
0.10
-0.08
-0.43
0.52
-0.08
121
0.0597
0.10
-0.08
-0.48
0.46
-0.08
122
0.0603
0.10
-0.08
-0.55
0.40
-0.07
123
0.0587
0.10
-0.08
-0.60
0.34
-0.07
124
0.0553
0.10
-0.07
-0.66
0.30
-0.07
125
0.0509
0.09
-0.07
-0.71
0.26
-0.07
126
0.0460
0.08
-0.07
-0.75
0.15
-0.06
130
0.0292
0.06
-0.06
-0.85
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 36 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.