Event risk before this expiration:Jobs report Fri, Aug 7 · CPI release Wed, Aug 12 — 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 — 225 — is the max pain price.
Open interest by strike · Fri, Aug 21
■ calls (up)■ puts (down)ADBE open contracts per strike for Fri, Aug 21.
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, Aug 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Aug 21
— call IV— put IVATM ≈ 50.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Aug 21
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, Aug 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.08
215
0.0031
0.05
-0.08
-0.04
0.94
-0.10
220
0.0042
0.07
-0.11
-0.06
0.91
-0.13
225
0.0055
0.09
-0.14
-0.09
0.88
-0.17
230
0.0071
0.11
-0.17
-0.12
0.84
-0.21
235
0.0088
0.13
-0.21
-0.16
0.79
-0.25
240
0.0105
0.16
-0.25
-0.21
0.73
-0.28
245
0.0121
0.18
-0.29
-0.27
0.66
-0.31
250
0.0134
0.20
-0.32
-0.34
0.59
-0.33
255
0.0142
0.21
-0.34
-0.41
0.52
-0.34
260
0.0146
0.22
-0.34
-0.48
0.45
-0.34
265
0.0144
0.21
-0.34
-0.56
0.38
-0.33
270
0.0138
0.21
-0.33
-0.63
0.32
-0.31
275
0.0129
0.19
-0.31
-0.69
0.26
-0.28
280
0.0117
0.18
-0.28
-0.74
0.21
-0.25
285
0.0103
0.16
-0.25
-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 60 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.
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.