Event risk before this expiration:Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — 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 — 155 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)ALGN open contracts per strike for Fri, Dec 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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 41.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.03
115
0.0044
0.07
-0.03
-0.06
0.92
-0.04
120
0.0059
0.09
-0.04
-0.08
0.88
-0.05
125
0.0078
0.11
-0.05
-0.12
0.84
-0.06
130
0.0102
0.13
-0.06
-0.16
0.78
-0.07
135
0.0128
0.16
-0.07
-0.22
0.71
-0.08
140
0.0154
0.19
-0.08
-0.29
0.63
-0.08
145
0.0175
0.21
-0.08
-0.38
0.54
-0.09
150
0.0186
0.22
-0.09
-0.47
0.44
-0.09
155
0.0186
0.22
-0.09
-0.56
0.36
-0.08
160
0.0175
0.20
-0.08
-0.65
0.28
-0.07
165
0.0158
0.19
-0.07
-0.72
0.22
-0.06
170
0.0136
0.16
-0.07
-0.79
0.17
-0.06
175
0.0115
0.14
-0.06
-0.84
0.13
-0.05
180
0.0094
0.12
-0.05
-0.89
0.10
-0.04
185
0.0076
0.10
-0.04
-0.92
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 46 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.