■ 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 — 240 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)ADBE open contracts per strike for Fri, Sep 18.
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, Sep 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 18
— call IV— put IVATM ≈ 54.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 18
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, Sep 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.86
-0.12
215
0.0044
0.20
-0.13
-0.14
0.83
-0.13
220
0.0050
0.23
-0.14
-0.17
0.80
-0.15
225
0.0055
0.25
-0.16
-0.20
0.77
-0.16
230
0.0060
0.27
-0.17
-0.23
0.74
-0.18
235
0.0065
0.29
-0.18
-0.26
0.70
-0.19
240
0.0070
0.31
-0.20
-0.30
0.66
-0.20
245
0.0074
0.33
-0.21
-0.34
0.62
-0.21
250
0.0076
0.34
-0.21
-0.38
0.58
-0.22
255
0.0078
0.35
-0.22
-0.42
0.54
-0.22
260
0.0080
0.36
-0.22
-0.46
0.50
-0.22
265
0.0080
0.36
-0.22
-0.50
0.47
-0.22
270
0.0080
0.36
-0.22
-0.54
0.43
-0.22
275
0.0079
0.35
-0.22
-0.58
0.39
-0.21
280
0.0077
0.35
-0.21
-0.61
0.32
-0.20
290
0.0072
0.32
-0.20
-0.68
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.