VIX max pain, gamma exposure (GEX) & options open interest
As of close · updated after each US trading day's close · rank #4 by open interest · 1,423 sessions of history since Dec 1, 2020
VIX max pain · nearest expiration
19.00 for
1.6% below the 19.30 close
All-expiration max pain 20.00
Net GEX 99.28M (positive 2 sessions) Put/call OI 0.44
Over the last 60 sessions to Nov 13, 2026, VIX closed between 14.21 and 28.18; nearest-expiration max pain ranged from 18.50 to 19.50. Latest max pain 19.00 for the Wed, Nov 18, 2026 expiration. 0 of 2 expirations in view closed nearer the prior-session max pain than the prior close.
- Close
- Max pain (nearest expiration)
- All-expiration max pain
- Expiry close nearer max pain
- nearer prior close
Markers sit on expiration sessions and compare that close with the prior session's max pain and close. Bars show net GEX, calls positive and puts negative. Descriptive history, not a forecast.
Over the past 252 sessions, VIX's expiration-day close was nearer the prior session's max pain than the prior close on 8 of 29 expirations (28%). Expiration record
VIX's nearest-expiration max pain is 19.00 for the Wed, Nov 18, 2026 expiration, 1.6% below the 19.30 close; all-expiration max pain is 20.00; net GEX is 99.28M (modeled dollar-delta change per $1 move); the put/call open-interest ratio is 0.44. These are whole-chain derived aggregates as of Nov 13, 2026 close.
VIX max pain and GEX snapshot
End-of-day snapshot for . Nearest-expiration max pain uses the expiry shown on its card; GEX uses the whole chain. Missing values are unavailable, not zero.
Prices are in US dollars per share. Net GEX is modeled dollar-delta change per $1 underlying move. Max pain minimizes aggregate intrinsic payout for that expiration; it is not a closing-price forecast. Signed GEX uses calls positive and puts negative, a model convention rather than observed dealer inventory. The flip is a confirmed zero crossing; walls locate side-specific concentrations, not guaranteed support or resistance.
Learn how to read the max pain payout example, GEX chart, gamma flip and walls, and open interest versus trading volume.
Does VIX close at max pain? Expiration record
Over the past 252 sessions, VIX's expiration-day close was nearer the prior session's max pain than the prior close on 8 of 29 expirations (28%). The median distance from the expiration close was 9.75% for max pain and 4.33% for an unchanged prior close; 1 of 29 closes finished within 1% of max pain.
| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
|---|---|---|---|---|---|
| 18.50 | 17.44 | 16.74 | -10.09% | Prior close | |
| 18.50 | 17.20 | 17.71 | -4.59% | Prior close | |
| 19.00 | 15.84 | 14.89 | -25.95% | Prior close | |
| 20.00 | 17.05 | 16.64 | -19.71% | Prior close | |
| 20.00 | 16.41 | 18.44 | -9.51% | Max pain | |
| 21.50 | 17.82 | 18.06 | -19.30% | Prior close | |
| 19.00 | 20.57 | 18.92 | -0.39% | Max pain | |
| 22.50 | 18.38 | 18.13 | -23.78% | Prior close | |
| 24.00 | 25.84 | 21.04 | -11.46% | Max pain | |
| 27.00 | 25.25 | 24.54 | -9.74% | Prior close |
Each expiration compares the last session before it, when it was the nearest expiration, with the close of the expiration session. Distances are percentages of that prior close. Underlying closes are not official option settlement values. The archive was reconstructed in September 2026, so it does not show what was published at the time. This is descriptive history, not a forecast. The site-wide 2025 max-pain study uses the same comparison on Thursday snapshots.
Advanced options analysis
Public aggregate analysis from the dated chain, normalized where possible for comparison across tickers. Catalyst intensity measures unusual pricing and activity; it does not identify an event, predict direction, or establish that an investment is attractive.
Strongest relative signals: OI change 0.23σ · front IV premium 32.8 pp · volume/OI 0.08
VIX closed 25.5% below its gamma max of 24.21. It is 4.5% above the delta neutral price of 18.43. Total open interest is 14,360,787, +1.8% versus the previous session. Its options catalyst-intensity score is 64.9 out of 100, led by OI change 0.23σ, front IV premium 32.8 pp, volume/OI 0.08. What gamma max means · What delta neutral means
Call versus put open interest changes
Growth compares outstanding contracts on each side. A positive growth gap favors calls; a negative gap favors puts. Standardized surprises compare each measure with its own prior history. These describe the OI balance, not IV skew or buying direction.
| Measure | Value |
|---|---|
| Call OI change, 1 session | +250,534 contracts · +2.6% |
| Put OI change, 1 session | +7,113 contracts · +0.2% |
| Call minus put OI growth, 1 session | +2.4 pp |
| Call OI change, 5 sessions | +511,353 contracts · +5.4% |
| Put OI change, 5 sessions | +345,547 contracts · +8.5% |
| Call minus put OI growth, 5 sessions | -3.1 pp |
| Daily call OI change surprise | +0.33σ (252 prior changes) |
| Daily put OI change surprise | +0.02σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.82σ (252 prior changes) |
History
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Analysis visualizations
Daily ticker aggregates through 2026-11-13. This analysis view omits individual contract fields.
To see all-expiration max pain over time, open the History chart and select “All-expiration max pain” under More series.
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Aggregate IV history
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Last 252 sessions
| Sessions closed above gamma max | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 28 |
| Prior-year sessions closer to gamma max | 21.8% of 252 |
| Prior-year sessions closer to delta neutral | 44.8% of 252 |
| Open interest percentile (1y) | 92th |
| Daily open interest change versus prior year | +0.23σ (257,647 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.3% |
| Open interest change, 21 sessions | -5.7% |
| History available | Dec 1, 2020 → Nov 13, 2026 |
Recent crosses
- closed above delta neutral at 18.70 vs 18.14 (+3.0%)
- closed below delta neutral at 17.49 vs 17.58 (-0.5%)
- closed above delta neutral at 15.72 vs 15.49 (+1.4%)
- closed below delta neutral at 14.32 vs 14.42 (-0.7%)
- closed above delta neutral at 14.89 vs 14.20 (+4.6%)
- closed below delta neutral at 15.28 vs 15.31 (-0.2%)
- closed above delta neutral at 14.90 vs 14.82 (+0.6%)
- closed below delta neutral at 15.15 vs 15.18 (-0.2%)
- closed above delta neutral at 16.64 vs 15.40 (+7.5%)
- closed below delta neutral at 17.05 vs 17.14 (-0.5%)
In today's screens
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Questions people ask about VIX
What is VIX's max pain for the nearest expiration?
As of Nov 13, 2026 close, nearest-expiration max pain is 19.00 for the Wed, Nov 18, 2026 expiration. It is a payout-minimizing strike for one expiration. An all-expiration pooled value is a different comparison, and neither establishes where the underlying will close. Max pain definition and worked payout example.
Our 2025 max-pain study compares historical Thursday levels with Friday underlying closes and an unchanged-price baseline. Its scope and results are separate from this current ticker snapshot.
Is VIX max pain a reliable closing-price forecast?
Over the past 252 sessions, VIX's expiration-day close was nearer the prior session's max pain than the prior close on 8 of 29 expirations (28%). The median distance from the expiration close was 9.75% for max pain and 4.33% for an unchanged prior close. Past expirations do not predict the next one. See the expiration record.
What do VIX's gamma exposure and gamma flip show?
Signed net GEX is 99,283,287 as of Nov 13, 2026 close. No confirmed GEX flip is available; this does not imply a zero exposure level. Net GEX has been positive for the last 2 sessions and negative on 44 of the past 252. These aggregate model outputs use calls positive and puts negative. Their sign does not identify dealers' actual positions or predict the next move. How to interpret GEX, gamma flip and walls.
Where is VIX's gamma max today?
As of Nov 13, 2026, the gamma max for VIX is 24.21, +25.5% from the 19.30 close. Gamma max is the underlying price at which the summed gamma of every open contract is largest; how it is computed and why it matters.
Is VIX above or below its delta neutral price?
VIX closed above delta neutral: 19.30 against a delta neutral price of 18.43. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does VIX have?
14,360,787 contracts of open interest across 806 listed contracts on Nov 13, 2026, +1.8% versus the previous session. What open interest measures.
Levels are recomputed after every trading day from licensed end-of-day options data; only derived aggregates are published. Methodology · Data and licence · Not investment advice.