HowThe settle strike with the smallest total payout to option holders for the 2026-11-06 expiration, over 48 strikes carrying 60,370 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 4, 2:40 PM ET
How19,195 put contracts / 41,175 call contracts = 0.47 for the 2026-11-06 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 4, 2:40 PM ET
HowOver every strike with open interest for the 2026-11-06 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, Nov 6 — 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 — 177.5 — is the max pain price.
Open interest by strike · Fri, Nov 6
■ calls (up)■ puts (down)XOM open contracts per strike for Fri, Nov 6.
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 6
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 6
— call IV— put IVATM ≈ 43.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 6
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 6
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.99
-0.04
152.5
0.0045
0.01
-0.04
-0.01
0.98
-0.06
155
0.0074
0.01
-0.06
-0.02
0.96
-0.10
157.5
0.0127
0.01
-0.10
-0.04
0.93
-0.18
160
0.0216
0.02
-0.18
-0.07
0.86
-0.30
162.5
0.0352
0.03
-0.31
-0.14
0.76
-0.47
165
0.0519
0.04
-0.47
-0.24
0.61
-0.60
167.5
0.0661
0.05
-0.61
-0.39
0.44
-0.61
170
0.0702
0.05
-0.62
-0.56
0.28
-0.47
172.5
0.0606
0.04
-0.48
-0.73
0.15
-0.28
175
0.0422
0.03
-0.29
-0.86
0.07
-0.14
177.5
0.0248
0.02
-0.14
-0.93
0.04
-0.07
180
0.0136
0.01
-0.07
-0.97
0.02
-0.04
182.5
0.0077
0.01
-0.04
-0.98
0.01
-0.03
185
0.0047
0.00
-0.03
-0.99
0.01
-0.02
187.5
0.0031
0.00
-0.02
-0.99
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.