HowThe settle strike with the smallest total payout to option holders for the 2026-11-20 expiration, over 19 strikes carrying 3,965 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, 9:03 PM ET
How1,651 put contracts / 2,314 call contracts = 0.71 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, 9:03 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 — 28 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)ZIM open contracts per strike for Fri, Nov 20.
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 ≈ 46.6% · 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
0.98
-0.01
21
0.0171
0.00
-0.01
-0.03
0.89
-0.03
25
0.0754
0.01
-0.03
-0.13
0.81
-0.04
26
0.1112
0.01
-0.04
-0.20
0.76
-0.04
26.5
0.1323
0.01
-0.04
-0.25
0.69
-0.04
27
0.1533
0.02
-0.04
-0.32
0.61
-0.05
27.5
0.1703
0.02
-0.04
-0.40
0.52
-0.05
28
0.1792
0.02
-0.04
-0.48
0.43
-0.04
28.5
0.1771
0.02
-0.04
-0.57
0.35
-0.04
29
0.1650
0.02
-0.04
-0.65
0.28
-0.04
29.5
0.1467
0.02
-0.04
-0.72
0.22
-0.04
30
0.1260
0.01
-0.03
-0.78
0.17
-0.03
30.5
0.1059
0.01
-0.03
-0.82
0.14
-0.03
31
0.0879
0.01
-0.03
-0.86
0.11
-0.02
31.5
0.0724
0.01
-0.02
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 19 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.