■ 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 — 9 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)ADTN 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 ≈ 80.9% · 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
0.94
-0.00
3
0.0180
0.01
-0.00
-0.06
0.91
-0.00
4
0.0302
0.01
-0.00
-0.09
0.87
-0.00
5
0.0489
0.01
-0.00
-0.13
0.80
-0.01
6
0.0768
0.01
-0.01
-0.19
0.70
-0.01
7
0.1104
0.01
-0.01
-0.29
0.57
-0.01
8
0.1277
0.02
-0.01
-0.41
0.46
-0.01
9
0.1206
0.02
-0.01
-0.52
0.39
-0.01
10
0.1067
0.02
-0.01
-0.60
0.33
-0.01
11
0.0938
0.01
-0.01
-0.65
0.29
-0.01
12
0.0831
0.01
-0.01
-0.69
0.26
-0.01
13
0.0745
0.01
-0.01
-0.73
0.24
-0.01
14
0.0675
0.01
-0.01
-0.75
0.22
-0.01
15
0.0616
0.01
-0.01
-0.77
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 24 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.