■ 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 — 6 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)ADTN 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 ≈ 70.8% · 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
0.99
-0.00
1
0.0028
0.00
-0.00
-0.01
0.87
-0.01
6
0.0847
0.01
-0.01
-0.13
0.76
-0.01
7
0.1539
0.01
-0.01
-0.24
0.57
-0.01
8
0.2148
0.01
-0.01
-0.43
0.39
-0.01
9
0.1876
0.01
-0.01
-0.62
0.28
-0.01
10
0.1443
0.01
-0.01
-0.72
0.22
-0.01
11
0.1126
0.01
-0.01
-0.79
0.18
-0.01
12
0.0907
0.01
-0.01
-0.83
0.15
-0.01
13
0.0750
0.01
-0.01
-0.86
0.13
-0.01
14
0.0635
0.01
-0.01
-0.88
0.11
-0.01
15
0.0546
0.01
-0.01
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 11 strikes around the money — all 13 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.