■ 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 — 320 — is the max pain price.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)AIT open contracts per strike for Fri, Feb 19.
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, Feb 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 27.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Feb 19
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, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.98
—
230
0.0005
0.12
-0.01
-0.02
0.97
—
240
0.0007
0.16
-0.01
-0.03
0.95
-0.01
260
0.0013
0.27
-0.02
-0.05
0.78
-0.05
320
0.0041
0.77
-0.06
-0.23
0.73
-0.06
330
0.0045
0.85
-0.07
-0.28
0.68
-0.06
340
0.0050
0.91
-0.07
-0.33
0.63
-0.07
350
0.0053
0.96
-0.07
-0.38
0.57
-0.07
360
0.0056
1.00
-0.08
-0.44
0.36
-0.07
400
0.0055
0.96
-0.07
-0.68
0.23
-0.05
430
0.0045
0.77
-0.06
-0.84
0.19
-0.05
440
0.0040
0.70
-0.06
-0.89
0.16
-0.04
450
0.0036
0.62
-0.05
-0.93
0.13
-0.04
460
0.0032
0.54
-0.05
-0.97
0.10
-0.03
470
0.0027
0.47
-0.04
-0.99
0.08
-0.03
480
0.0024
0.41
-0.04
-1.00
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 18 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.